Routing Clarity
Recognition for publicly disclosing order routing methodology, including A-book/B-book classification, smart order routing infrastructure, and liquidity provider relationships.
Assessment Criteria
What We Look For
- Public page describing order routing methodology
- Clear statement of A-book, B-book, or hybrid model
- Description of smart order routing (SOR) logic if applicable
- Disclosure of liquidity provider relationships or venue selection
Evidence Requirements
What We Verify
- Direct URL to routing disclosure page
- Must be accessible without registration
Scoring Weight: 20 points out of 100 total methodology points.
Results History
Winners by Quarter
NDD provides a publicly accessible Order Routing page that describes its A-book model, smart order routing infrastructure, and liquidity provider relationships. The routing methodology page is accessible without account registration and clearly distinguishes between SOR logic and venue selection criteria.
Evidence Sources
No Award Issued
Pilot edition: formal awards were not issued. Routing disclosure was identified as the weakest area across all reviewed nominees during the baseline assessment.