Order routing

Order routing is the decision about where to send an order for execution. Because routing decisions can be influenced by rebates and payment arrangements, they sit in permanent tension with best execution.

instruments and markets · updated 2026-09-08

See also

• Best execution — Best execution is a broker's obligation to seek the most favourable terms reasonably available for a customer order. It is the dut…
• Payment for order flow — Payment for order flow is compensation a broker receives for directing customer orders to a particular market maker. It is legal i…

Terms that refer here

Best execution · Payment for order flow

Back to the full glossary — 261 defined terms.