The Tactical Hybrid Order Router is an electronic trading platform that delays large orders on purpose so that scalpers cannot take advantage of it. Allen Zhang and Brad Katsuyama created the platform whilst working at the Royal Bank of Canada.
Most of the time a large order cannot be fulfilled by a single stock exchange. It has to go through different stock exchanges. Scalpers would notice this and buy the stocks on other exchanges using high-frequency trading (HFT). This way they can sell the stocks with profit as soon as the order comes through in its entirety. The THOR trading platform splits large orders into multiple sub-orders and delays these on purpose to make sure they all arrive at the same time at all the exchanges. This prevents scalpers from using HFT trading to profit from the order.
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