The product will provide intelligent access to dark pools and protected markets for all types of requirements, ranging from high frequency trading to block trading.

This new version of the product takes into account the significant differences in the priorities assigned by different types of traders related to the Best Execution Rule; the wide array of liquidity options available to them; and the full economic implications of each. For example, it allows high frequency traders whose top priority is speed to sweep the protected markets in a way that is Reg NMS compliant and that matches orders swiftly within an acceptable price range and an acceptable time frame. It allows block traders whose priorities are minimizing market impact and costs to use a mix of active limit orders, dark pools, and market sweeps in order to minimize spreads, to maximize rebates, and to effect market prices as little as possible. And it gives traders the ability to keep clearing and exchange fees in check by seeking hidden liquidity in market centers with high fill ratios and low execution charges. In other words, Selero Smart Order Routing 2.1 gives traders control over the variables that drive cost, speed, and market impact in today's environment.

Further, for those traders to whom anonymity is critical, Selero makes execution services available to its customers through its partner, Nunami Services, LLC, a broker/dealer and member of FINRA and SIPC.

"There have always been significant differences in the execution priorities of various types of traders, but the fragmentation and consolidation of liquidity caused by Reg NMS have made delivering on those priorities much more complicated than it used to be," said Fred Horn, CEO of Selero. "Our product is designed to take advantage of the opportunities inherent in these changes in market structure."