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Nasdaq Texas (NTX) Routing

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

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

 

NTX Routing Strategies

BDRK
 Simultaneously accesses NTX 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 NTX book at a price equal to or better than the NBBO. If shares remain unexecuted after routing they are posted on the NTX book. Once the order is posted to the NTX 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 NTX book if the order is subsequently locked or crossed.
BTFY and TFYB
 Thrifty (BTFY) accesses low-priced liquidity venues, Nasdaq, NTX, PSX and NYSE. All orders using the BTFY strategy must have a limit price. TFYB acts the same as BTFY but checks the NTX 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 NTX book or be cancelled back to the entering party. Once an order posts to NTX, it is no longer eligible for routing. Customers can use MOPP to post on the NTX book and sweep all protected quotes, and then print to the FINRA Trade Reporting Facility (TRF) operated in partnership with FINRA/Nasdaq TRF.
BCART
 Checks all the NTX, PSX and Nasdaq books before optionally posting to the NTX book.