U.S. equities · slowed to human speed
Watch an order become a market.
Trace the private journey of an investor order—and the separate public journey of quotes and trades through the SIP.
Live simulation
The market sweep
NBBO$25.00×$25.02
Order path Market data Execution report
NOW AT · BrokerBUY 250 NOVA · MARKETPARENT ORDER IN FLIGHT
InvestorOrder origin
BrokerOMS + controls
Smart routerDestination logic
Exchange ADisplayed book
Direct feedVenue-specific data
Night ATSHidden liquidity
Lumen MMOff-exchange
SIPConsolidated data
Submit · 0.4s
Order submitted
The investor sends one parent instruction to their broker. The broker—not an exchange—owns the first routing decision and will later return private order-status messages to the customer.
PathInvestor → Broker
Order submitted