Nasdaq BX Routing

Members can now send routable orders to BX. This additional functionality provides members greater flexibility to access liquidity on both the BX book and away markets.

There are currently five strategies available on BX, modeled after routing strategies which are also available on NASDAQ & PSX. Routable orders can be submitted to BX via the FIX or Rashport protocols.

 

BX Routing Strategies

BDRK
Simultaneously accesses BX and low cost liquidity venues.
BCST
Behaves similar to BDRK, but additionally accesses the EDGA and BATS-Y exchanges.
BSCN
First attempts to execute against orders available on the BX book at a price equal to or better than the NBBO. If shares remain unexecuted after routing they are posted on the BX book. Once the order is posted to the BX book, if it is subsequently locked or crossed, they system will not route out again.
BSTG
Behaves similar to BSCN, except that the order will route out again after posting to the BX book if the order is subsequently locked or crossed.
BTFY and TFYB
Thrifty (BTFY) accesses low-priced liquidity venues, NASDAQ, BX, PSX and NYSE. All orders using the BTFY strategy must have a limit price. TFYB acts the same as BTFY but checks the BX book before routing.
BMOP
Routes to all protected quotes for display size only. Depending on the TIF on the order, the remaining shares will be posted to the BX book or be cancelled back to the entering party. Once an order posts to BX, it is no longer eligible for routing. Customers can use MOPP to post on the BX book and sweep all protected quotes, and then print to the FINRA/NASDAQ Trade Reporting Facility (TRF).
BCART
Checks all the BX, PSX and NASDAQ books before optionally posting to the BX book.