--- title: Order Routing Under the Microscope description: Industry body publishes 200-question order-routing due-diligence questionnaire. --- ![websites-group](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/new-MMG-01.svg) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-new-marketsmedia-logo.svg)](https://www.marketsmedia.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-traders-redlogo.svg)](https://www.tradersmagazine.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-bestexe-logo.svg)](https://www.bestexecution.net/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-fidesk-logo.svg)](https://www.fixglobal.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-fixglobal-new-logo.svg)](https://www.fixglobal.com/) - [*Facebook*](https://www.facebook.com/MarketsMedia/) - [*Twitter*](https://twitter.com/marketsmedia) - [*Linkedin*](https://www.linkedin.com/company/markets-media-llc) - [Newsletter](https://articles.marketsmedia.com/putting-order-routing-microscope#popup-newsletter) #### Want the latest news on securities markets -- FREE? Sign up to receive exclusive articles on topics including: - Equity market structure - Profiles of buy-side investment firms - The evolution of multi-asset-class trading - Regulation and its implications for markets - The search for liquidity in fixed income markets - The convergence of fintech and capital markets Select one or more newsletters you would like to receive: menu [![Markerts media](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/header%20logo.svg "Markerts media")](https://articles.marketsmedia.com/) - [Institution](https://articles.marketsmedia.com/tag/institution) - Institution - Order Routing Under the Microscope Search - [Home](https://articles.marketsmedia.com/) - [Trending](https://articles.marketsmedia.com/tag/trending) - [Featured](https://articles.marketsmedia.com/tag/daily-email-feature) - [Sectors](https://articles.marketsmedia.com/tag/sectors) - [From The Markets](https://articles.marketsmedia.com/tag/from-the-markets) - [AWARDS](https://articles.marketsmedia.com/tag/events) - [Newsletter](https://awards.marketsmedia.com/newsletter-sign-up) - [Newsletter](https://articles.marketsmedia.com/putting-order-routing-microscope#popup-newsletter) Hide search Search - NewsLetter ![](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/trading-up-occ-iex-select-board-members-citadel-lands-lieblich-573x379-Jul-07-2022-09-34-11-57-AM.jpg) [ON THE MOVE: Citi Hires Artie Ambrose;...](https://articles.marketsmedia.com/on-the-move-citi-hires-artie-ambrose-natalie-a-brown-to-mesirow) ![](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/Depositphotos_445735906_L.jpg) [Trading Adapts to ESG and Sustainable...](https://articles.marketsmedia.com/trading-adapts-to-esg-and-sustainable-investing) ![](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/iStock-917493152-Jul-07-2022-09-34-19-09-AM.jpg) [Focus on FX Execution Connectivity](https://articles.marketsmedia.com/focus-on-fx-execution-connectivity) ![](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/Depositphotos_333839538_L.jpg) [TRACE Turns 20](https://articles.marketsmedia.com/trace-turns-20) 11.23.2016 By Rob Daly Institution # Order Routing Under the Microscope 11.23.2016 By Rob Daly [Share](https://www.facebook.com/share.php?u=https://articles.marketsmedia.com/putting-order-routing-microscope) [Tweet](https://twitter.com/intent/tweet?text=US+ETFs+Have+Record+Net+Inflows&url=https://articles.marketsmedia.com/putting-order-routing-microscope) [Share](https://www.linkedin.com/cws/share?url=https://articles.marketsmedia.com/putting-order-routing-microscope) The Healthy Markets Association, an industry organization focused on market transparency and integrity, has released an order-routing due-diligence checklist. The 200-item questionnaire, which is available to members and non-members, spans issues that include general firm information, technology, order-routing strategies, venue monitoring, conflict and leakage, third-party relationships, as well as treatment of non-directed orders. “These are very basic questions that could materially impact the quality of service provided by the broker,” said Tyler Gellasch, executive director at the Healthy Market Association. The association’s staff leveraged the expertise of its buy-side members as well as sell-side and third-party participants in the association’s working groups to generate the questions. ![Tyler Gellasch,Healthy Markets](https://static.hsstatic.net/BlogImporterAssetsUI/ex/missing-image.png) Tyler Gellasch, Healthy Markets “At one point, we had more than 500 questions,” said Gellasch. “We took questions from brokers, execution quality experts like Abel Noser, exchanges, and buy-side head traders. They fed us questions, and then we aggregated them, sent draft versions to members, and boiled them down.” It remains unclear whether Healthy Markets will aggregate the response from the individual questionnaires to provide greater insight into the sell-side practice. “Our members have not decided it they would want us to do that or if they are going to use what they want and send it out themselves,” he said. The order-routing questionnaire is the second sell-side oriented questionnaire produced by the industry body since its founding in October 2015. Healthy Markets developed and released its first questionnaire regarding the operation of alternative trading systems in late 2015. “It included what every investment advisor should know about ATSes and how their orders are routed,” said Gellasch. Healthy Markets sent copies of the document to 18 of the largest ATS platform operators and received responses from 12 of them. “A lot of the statistics told us what everyone expected,” he said. “The execution statistics for a lot these firms regarding trade sizes are on par with what one would see from an exchange. You see the execution quality and the percentage of executions that are at the midpoint.” The association has aggregated the responses from the ATS operators and generated a 173-page ATS risk assessment report, which it published in the first half of 2016.   **More on Order Routing**: - [Equity Trading Update: Relationships, Liquidity and IOIs (by Ivy Schmerken, FlexTrade)](https://www.marketsmedia.com/equity-trading-update-relationships-liquidity-iois-by-ivy-schmerken-flextrade/) - [‘Best Ex’ Raises Bar on Analytics](https://www.marketsmedia.com/best-ex-raises-bar-analytics/) - [RBC Capital Markets Receives Canadian Patent Approval for THOR Smart Order Router Technology](https://www.marketsmedia.com/rbc-capital-markets-receives-canadian-patent-approval-thor-smart-order-router-technology/) [Share](https://www.facebook.com/share.php?u=https://articles.marketsmedia.com/putting-order-routing-microscope) [Tweet](https://twitter.com/intent/tweet?text=US+ETFs+Have+Record+Net+Inflows&url=https://articles.marketsmedia.com/putting-order-routing-microscope) [Share](https://www.linkedin.com/cws/share?url=https://articles.marketsmedia.com/putting-order-routing-microscope) ![email](https://articles.marketsmedia.com/hubfs/Markets%20Media/email.svg) ### NEWSLETTER SIGN UP And receive exclusive articles on securities markets ### Related articles 1. [![](https://articles.marketsmedia.com/hs-fs/hubfs/Imported_Blog_Media/EMCA-WINNERS.jpeg?width=376&height=250&name=EMCA-WINNERS.jpeg)](https://articles.marketsmedia.com/european-markets-choice-awards-2022-the-winners) Latest News ## [European Markets Choice Awards 2022 – The Winners](https://articles.marketsmedia.com/european-markets-choice-awards-2022-the-winners) On 5 June Markets Media held its first in person European Markets Choice Awards event in London. 07.06.2022 By Markets Media 2. [![](https://articles.marketsmedia.com/hs-fs/hubfs/Imported_Blog_Media/trading-up-occ-iex-select-board-members-citadel-lands-lieblich-573x379-Jul-07-2022-09-34-11-57-AM.jpg?width=376&height=250&name=trading-up-occ-iex-select-board-members-citadel-lands-lieblich-573x379-Jul-07-2022-09-34-11-57-AM.jpg)](https://articles.marketsmedia.com/on-the-move-citi-hires-artie-ambrose-natalie-a-brown-to-mesirow) Daily Email Feature ## [ON THE MOVE: Citi Hires Artie Ambrose; Natalie A. Brown to Mesirow](https://articles.marketsmedia.com/on-the-move-citi-hires-artie-ambrose-natalie-a-brown-to-mesirow) The weekly recap of new hires, promotions and job changes in capital markets trading and technology. 07.05.2022 By Anna Lyudvig, Traders Magazine 3. [![](https://articles.marketsmedia.com/hs-fs/hubfs/Imported_Blog_Media/339299_345359258874293_1089957387_o.jpg?width=376&height=250&name=339299_345359258874293_1089957387_o.jpg)](https://articles.marketsmedia.com/summer-trading-2012-10-years-on) Latest News ## [Summer Trading 2012, 10 Years On](https://articles.marketsmedia.com/summer-trading-2012-10-years-on) A look back at a Markets Media event from a decade ago. 07.05.2022 By Traders Magazine [![MarketsMedia](https://articles.marketsmedia.com/hubfs/MarketsMedia.svg "MarketsMedia")](http://marketsmedia.com) - [About us](https://www.marketsmedia.com/about-us) - [Careers](https://www.marketsmediagroup.com/careers) - [Contact](https://www.marketsmediagroup.com/contact) - [Advertise](https://www.marketsmediagroup.com/advertise) - [Newsletter](https://awards.marketsmedia.com/newsletter-sign-up) - [Corporate Site](https://marketsmediagroup.com) - © 2026 Markets Media Holdings LLC - - Terms & Conditions - Privacy Policy {{ standard\_footer\_includes }}