Welcome to TOM (The Order Machine)
Investors used to have little say about the execution of their orders in financial instruments.
The Markets in Financial Instruments Directive (MiFID)
has significantly changed this practice. MiFID promotes
cross border competition between exchanges and investment firms in addition to
enhanced price discovery and investor protection. This has led to a
change in the financial landscape where during the last couple of years
new exchanges (Regulated Markets - RM - and Multilateral Trading Facilities - MTFs) have
been founded and smart order routing systems developed. TOM has seized these
opportunities to start TOM Smart Execution
(the Broker offering a smart order routing solution) and TOM MTF (the exchange).
TOM Smart Execution - Equities and Derivatives
Regarding financial instruments, retail investors should be able to
execute their orders in the best conditions possible. This includes
price but also aspects such as cost and speed of execution. Banks
and brokers are thus required to compare
prices at several places of execution. This price comparison and routing of orders to the
best venue for execution is called Smart Order Routing (SOR) and is offered by TOM Smart Execution.
TOM Smart Execution is a SOR engine and focuses on best execution of
(retail) orders. TOM Smart Execution checks several exchanges for the
best possible execution price. Thanks to this intelligent engine, TOM
Smart Execution’s clients will always find the best prices for their orders in financial instruments.
TOM Smart Execution promotes competition between exchanges by sending the client order to the venue offering
the best price. TOM believes retail orders are an important aspect of the market in general and therefore
ensures tight spreads and enables price discovery on visible volumes on the overall financial markets.
TOM MTF (TOM Multilateral Trading Facility)
In the rapidly changing landscape of stock and derivative exchanges,
TOM MTF is the latest innovation in trading services. TOM MTF seizes
the opportunities of MiFID and offers a high quality trading
facility to professional market participants working in a highly
TOM (The Order Machine)
TOM is the embodiment of MiFID. Providing unsurpassed genuine
execution prices for retail orders, TOM compares several exchanges,
real-time in order to choose the best possible execution for the
order. In doing so, TOM encourages competition between exchanges.
Want to know more?