Rosenblatt Securities is pleased to announce 2021 improvements to its Streamlined Order Routing Transparency (SORT) tool, which helps institutional investors easily aggregate and analyze new Securities and Exchange Commission-mandated broker venue-selection data in US equities.
The new features, developed in response to client feedback, include a venue-level aggregation of routing activity across all brokers, as well as a “Broker Radar” screen, offering a simple, clean visualization of each broker’s venue selection and fills relative to the NBBO (see screenshot below).
The core SORT tool, designed by Rosenblatt’s award-winning market-structure and executionanalytics teams, lets institutional investors compare brokers on every field required under the new SEC disclosure regime. These include fill rate and net execution fees, as well as Rosenblatt’s proprietary Fee-Avoidance Ratio (FEAR), designed to quickly identify when brokers may be avoiding venue fees to the client’s detriment. Users also can easily examine all the same data at the venue level for each broker they analyze.
Customers so far give SORT particularly high marks for its clean, user-friendly interface, which puts what otherwise would be reams of unwieldy data at users’ fingertips while still allowing for customized views and in-depth analysis. “We built SORT to give the buy side an easy way to aggregate, analyze and act upon the important new Institutional 606 routing data,” said Justin Schack, Partner and Head of Market Structure at Rosenblatt. “As demand grows for managers to request and do something with these new regulatory disclosures, clients can turn to SORT as an easy way to find the potential trouble spots in the data and start conversations with brokers about how to fix them.”
Added Scott Burrill, Head of Execution Analytics and Consulting at Rosenblatt, “Like all the tools we develop for clients, we’re constantly listening to feedback about SORT and making improvements. We’re still in the early days of Institutional 606 adoption, so we expect that these new features will be the first of many.”