MACHINE LEARNING · INSTITUTIONAL EXECUTION INTELLIGENCE

Broker execution intelligence.
Built from every order.

BTON is a machine learning intelligence layer that connects to your existing trading infrastructure, applying real-time adaptive routing to every order, without changing how your desk operates.

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Zero.
Changes to existing workflow
Real-time
ML routing on every order
API-native
Connects to any EMS or TCA
Days.
Typical time to go live
THE PROPOSITION

Intelligence that fits.
Results that compound.

You have infrastructure that works. BTON makes it work harder. Without touching a single system you've already built.

Institutional trading desks have invested years building their execution stack. Replacing it is not the answer. It was never the question. BTON sits between your existing systems as a thin, intelligent layer, applying machine learning to every order in real time and routing to the broker most likely to deliver best execution for that specific order.

There is no rip-and-replace. No retraining. No new interface to learn. BTON connects via API and is transparent to your existing workflow: your EMS, your TCA, your brokers, your data: all unchanged, all connected.

01Preserve your existing stack
Your EMS, OMS, and TCA remain exactly as they are. BTON connects between them, adding intelligence without altering the systems your firm depends on.
02ML scoring on every single order
Each order is scored in real time against your full broker panel, using a model trained on anonymised outcome data from across the network, not last quarter's scorecard.
03Continuous experimentation, not static ranking
BTON's proprietary Multi-Armed Bandit continuously optimises broker allocation while simultaneously testing whether a better allocation exists. It does not assume there is one best broker. It learns which broker is best for this order type, this strategy, this volatility regime — and refines that answer with every fill. The result is an allocation that exploits current knowledge and improves on it at the same time.
04Governance and full auditability
Every recommendation is logged and explainable. BTON strengthens your best execution obligation, providing documented, data-driven rationale for every routing decision made on behalf of your investors.
ARCHITECTURE

One layer.
Every connection.

BTON inserts a single, stateless intelligence layer between your order management and broker execution infrastructure. Nothing changes either side of it.

Your existing system
EMS / OMS
Orders originate from your existing execution or order management system and reach BTON unchanged, in real time.
→
BTON INTELLIGENCE LAYER SCORE ROUTE LEARN ADAPT
→
Your existing system
Broker network + TCA
Orders reach the highest-scoring broker. Outcomes return to your TCA and close the feedback loop automatically.
ANONYMISED COLLABORATIVE DATA NETWORK · NO RAW DATA AGGREGATED
SMART BROKER ROUTER®

The right broker.
For every order.

Traditional broker selection is static, manual, and retrospective. BTON replaces that with a live model that scores your entire broker panel for each individual order: dynamically, in real time, before the trade.

The result is a ranked recommendation with predicted slippage and a confidence interval, delivered in milliseconds inside the systems your desk already uses.

BROKER SCORE ENGINE · ORDER #4471 · EQ · 50,000 SHARES
ML LIVE
Broker A
93.2  ✓
Broker B
80.4
Broker C
73.1
Broker D
63.5
Broker E
54.7
PREDICTED SLIPPAGE REDUCTION
−3.2 bps
MODEL CONFIDENCE
94.1%
FROM STATIC TO DYNAMIC

TCA told you
what happened.
BTON decides
what happens next.

Transaction cost analysis transformed institutional execution. For the first time, desks had rigorous, independent data on broker performance: a genuine step forward in accountability and oversight. That infrastructure is valuable, and BTON is built to sit on top of it, not around it.

The limitation was never the data. It was the mechanism that turned data into decisions.

The components are the same. The architecture is different. BTON doesn't ask you to pay twice for execution infrastructure. It gives your existing TCA investment a decision-making layer it was never designed to have.

The traditional process
Quarterly review. Static tiering.
Brokers are ranked by last quarter's average cost. Allocations are adjusted. Those weights are held fixed until the next review cycle. By the time a decision is made, the market conditions that produced the data no longer exist.
↓   BTON closes the gap   ↓
The BTON process
Continuous learning. Dynamic allocation.
Every execution outcome feeds back into the model immediately. BTON's Multi-Armed Bandit continuously optimises broker weights while simultaneously running controlled experimentation to detect whether a better allocation exists. The scorecard becomes a live, self-correcting signal applied at the moment of order arrival.
THE CONTINUOUS LEARNING LOOP

The model that never
stops getting smarter.

Every order BTON routes becomes evidence. Every fill sharpens the prediction. Every participant strengthens a network no individual firm could build alone. This is not a better scorecard. It is a fundamentally different kind of system.

ORDER ARRIVES ML ROUTES TCA CAPTURES MODEL REFINES SCORED IN MILLISECONDS EXECUTION COMPLETES ANONYMISED VECTOR FEED PREDICTION IMPROVES BTON CONTINUOUS LEARNING
CONTINUOUS
The loop closes on every fill, not on a quarterly review cycle. The model's evidence base grows with every order routed across the network.
ANONYMISED
Only outcome vectors feed back into the model: no strategy, no identity, no raw order data. What you do remains entirely yours.
COMPOUNDS
Each cycle makes the next prediction more accurate. The network's collective intelligence grows continuously, delivering an advantage that widens over time.
"

We chose BTON to deliver a competitive advantage over our peers. The project delivered measurable P&L benefits and improved broker relationships by standardizing and smoothing trade flow distribution.

Mathias Eriksson, Senior Trader  ·  AP2 ($46bn AUM)
HOLDING YOURSELF TO A HIGHER STANDARD

Best execution is an obligation, not a feature.

Whether or not it is legally mandated in your jurisdiction, the duty to seek best execution on behalf of underlying investors is a professional standard the industry is moving toward, and one your beneficiaries already expect.

Being curious, adaptive, and rigorous about execution quality is not a cost centre. It is a signal of institutional maturity. The tools to do it now exist.

The standard is rising
Regulators, allocators, and beneficiaries increasingly expect documented evidence of execution quality. Adaptive routing provides that evidence, order by order, not in a quarterly summary.
Static tiering is a documented risk
Broker performance rankings show no statistical persistence month to month. The only architecturally correct response is a system that treats every allocation as provisional and refines it continuously. That is precisely what the Multi-Armed Bandit provides.
Innovation benefits your investors
Every basis point saved in execution cost is a basis point returned to the portfolio. Firms that embed adaptive routing into their process are delivering a compounding structural advantage to the beneficiaries they represent.
Auditability as governance
BTON logs every recommendation with its evidence base. Every routing decision is explainable, documented, and defensible, transforming best execution from a stated policy into a verifiable practice.
DATA ARCHITECTURE

The model learns
one thing only.

BTON's model has a single objective: predict which broker will deliver the best outcome for a given order's characteristics. It is not interested in who placed the order, how your desk operates, or what your strategy is. That will always remain human.

Broker performance, not trader behaviour
The model's objective function is broker performance against order characteristics: size, volatility, liquidity, instrument. It is architecturally blind to trader identity, firm identity, and trading strategy. What you do is yours alone.
Anonymised vectors, not raw data
BTON aggregates only anonymised vectors derived after TCA output. Raw order data is never held or transmitted. Nothing in the network can be reverse engineered to individual trades, firms, or counterparties.
Collective signal, individual benefit
Every participant contributes anonymised outcome data and receives better predictions in return. The network's intelligence compounds with each new user. The collective consistently outperforms what any individual firm could achieve alone.
Machine learning, not LLMs
Our models train on well-defined numerical datasets with known, verifiable outcomes. Unlike large language models, there is no opaque training corpus and no risk of proprietary information being inadvertently absorbed or exposed.
Auditable by design
Every routing recommendation is logged and explainable. BTON strengthens your best execution obligation, providing documented, data-driven rationale for every decision made on behalf of your investors.
No surveillance of the trader
BTON does not analyse, store, or learn from how you trade. The intelligence layer improves outcomes at the broker selection stage. The decision of what, when, and why to trade remains entirely with your desk.
ECOSYSTEM INTEGRATIONS

Built for the platforms
you already use.

Confirmed integrations · expanding continuously
LiquidMetrix
TCA & Analytics
Broadridge
Post-trade & OMS
Virtu Financial
Execution & Analytics
GET STARTED

Intelligence without
disruption.

BTON connects to your existing infrastructure in days. Your desk operates as normal, with more deliberate, more defensible execution from the moment you go live.

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