Routing objectives
Specify what the router optimizes for and what constraints it must respect. Avoid vague labels such as “best execution” without measurable policy.
Venue eligibility
Define when a venue can receive flow based on instrument, session state, connectivity health and broker policy.
Order characteristics
Routing can depend on size, order type and other permitted attributes. Every branch should have deterministic behavior.
Safeguards
Use controls for stale data, disconnected venues, abnormal rejects and configuration errors.
Observability
Record route decisions with enough context to reconstruct why an order was sent to a particular destination.
Change control
Routing changes should be versioned, reviewed and reversible. Production configuration needs stronger governance than ordinary content changes.
Testing
Use replay or controlled test scenarios to validate routing behavior before production deployment.