Direct Edge Update: New Routing Functionality For RDOX And ROUQ

Overview
Effective Monday, December 5, 2011, for EDGA and December 12, 2011, for EDGX, Direct Edge will introduce new functionality for the RDOX and ROUQ routing strategies.  

RDOX

• RDOX strategy routes directly to the New York Stock Exchange (NYSE) after passing through the Direct Edge exchange book.  
  
• Members will now have the option to designate orders as re-routable by NYSE.
  • If the option is elected, the R flag will be yielded if an execution results from NYSE re-routing. 
  • If the option is not elected, RDOX will continue to send a DNS (DoNotShip) order to NYSE.  
• This functionality will only be available via the FIX protocol.
  

              FIX

ROUQ

• ROUQ will route to a select group of dark pools after passing through the Direct Edge exchange book.
• ROUQ will complement our suite of dark only strategies that target the Comprehensive Liquidity Check (CLC) to provide low-cost executions with minimal market impact and latency.
• CLC executions will yield the Q flag, which designates a fee of $0.0020.

Note: Orders check the originating exchange book before routing.

Timing

• EDGA Exchange – Monday, December 5^th
• EDGX Exchange – Monday, December 12^th 
  

Additional Resources

• FIX Specifications
• Routing page on the Direct Edge website
• Comprehensive Liquidity Check Fact Sheet
• Direct Edge Sales Team at 201.942.8259