NASDAQ OMX Europe (NEURO) is the first Multilateral Trading Facility (MTF) to offer a unique order routing service which, in addition to providing market participants with access to the NEURO order book, enables participants to access multiple pools of "lit" (displayed) and "dark" (non-displayed) liquidity across Europe, including NEURO Dark.

Markets covered by NASDAQ OMX Europe's order routing functionality include:

The Routing Engine

Combining industry leading technology with smart strategies you can access multiple markets with NEURO.  A variety of strategies are offered to allow you to trade the way you want, but essentially the order routing is very simple.

Your order will be checked aganst the NEURO Order book (and NEURO Dark if desired) for best execution before being routed out to an external market.  If a portion of the order can be matched on the NEURO book it will be traded before the remaining unmatched portion or the entire order is routed to the external market, providing best execution.  

For more information view the Order Routing brochure here

Get the edge in trading with NEURO's unique Order Routing service.  NEURO provides the ability to trade with visible and non-visible destinations, primary markets and other providers through just one high-speed connection.  

Consult the matrix below to see what strategies will work for your trading style and how you can get the edge in achieving best execution when trading European securities.

* Display Code (tag 9140) - Y = Order will be routed to both dark and lit venues. y = Order will only be routed to lit venues
 

BOOK

Orders post on the NEURO Book. 

DIVE

Orders route to all Dark Venues and post on NEURO Dark.

STGY 

First checks the NEURO Book then will route to both lit and dark venues. A “hyper-reactive” strategy that will continue to seek out the best price in the market. Any remaining shares will post on the NEURO Book. 
 

SCAN

First checks the NEURO Book then will route to both lit and dark destinations. A reactive strategy that will scan the market once upon order entry, routing to marketable destinations then post to the NEURO Book.

Flavours of STGY and SCAN

STGY and SCAN both have related strategies that interact with various external venues in different ways.