MACHINE LEARNING · INSTITUTIONAL EXECUTION INTELLIGENCE

Your trading infrastructure.
Every order.
Smarter.

BTON is a machine learning intelligence layer that connects directly to your existing trading systems, enhancing every routing decision without changing how your desk operates.

REQUEST DEMO HOW IT WORKS
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
You have infrastructure that works. BTON makes it work harder, without touching a single system you've built.

Institutional trading desks have invested years building their technology stack. Replacing it isn't the answer. 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.

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

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 on every single order
Each order is scored in real time against your broker panel, using a neural network trained on anonymised collaborative data from across the network.
03The network compounds over time
Every anonymised broker outcome feeds back into the model. The network's predictive accuracy improves with each fill, collectively outperforming what any individual desk could achieve with its own data alone.
04Governance and transparency
Every recommendation is auditable. BTON strengthens your best execution obligation, providing documented, data-driven rationale for every routing decision.
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 management or order management system, and reach BTON unchanged.
INTELLIGENCE LAYER
BTON
Scores every order
via ML neural network
Routes to optimal broker
Feeds outcomes to TCA
Your existing system
Broker network + TCA
Orders reach the highest-scoring broker. Results return to your TCA and close the feedback loop automatically.
HOW THE MODEL WORKS

Five steps from
order to intelligence.

Every order passes through a precise ML pipeline: vectorisation, nearest-neighbour recall, ranked broker prediction. All in milliseconds.

STEP 01
Input
Your EMS or OMS sends order parameters (size, volatility, liquidity, instrument) to the BTON API in real time.
STEP 02
Vectorisation
The model converts order parameters into a multi-dimensional vector signature: a precise mathematical fingerprint of that order.
STEP 03
Recall
The system scans the collaborative historical database for nearest neighbours: past orders with the closest matching vector signatures across the network.
STEP 04
Prediction
The model analyses how each broker performed on those specific historical neighbours. generating a ranked score and slippage prediction per broker.
STEP 05
Output
The optimal broker recommendation is returned to your EMS for execution, with full confidence interval and predicted cost, in milliseconds.

BTON identifies nearest neighbours and their performance outcomes across the collaborative network, enabling statistically grounded broker selection for every individual order.

SMART BROKER ROUTER®

The right broker.
For every order.

Traditional broker selection is static, manual, and retrospective. BTON replaces that with a live neural network 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
EXECUTION INTELLIGENCE SUITE

Your execution,
in network context.

BTON's objective is broker performance, not trader behaviour. The model is blind to who you are and how you trade. What it sees, exclusively, is how brokers perform against orders with similar characteristics across the network. That signal is dense, anonymised and continuously compounding, which is what makes the recommendation increasingly accurate over time. And because only BTON sees the network, your desk gains context that no individual firm could generate alone.

BTON / MIS
Updated: live  ·  194 total orders
OVERVIEW
COMMISSION
SEASONALITY
EXEC CONTEXT
NETWORK INTELLIGENCE. OBSERVATIONS
NETWORKPeak network activity concentrates in 08:00–10:00 (23.7% of notional flow).
COSTLowest observed execution cost aligns with 12:00–14:00 (3.3 bps avg). 08:00–10:00 shows highest cost (5.7 bps avg).
BROKER███ IS most open-concentrated (41% in 08:00–10:00 vs 24% network norm).
ALIGNMENT███ IS most closely mirrors network participation timing (alignment score: 98.0).
CLUSTERING77.9% of flow executed outside peak network window (08:00–10:00), associated with higher average execution cost.
NETWORK ACTIVITY CURVE
USDSHRORD
$222.11M
08:00
10:00
12:00
14:00
16:00
17:30
$111.06M
SESSION × VOLATILITY COST HEATMAP (BPS)
LOW
NORMAL
ELEVATED
08:00
3.9n=70
5.9n=100
8.8n=35
10:00
2.8n=55
4.7n=108
5.9n=26
12:00
2.6n=83
3.6n=93
4.9n=25
14:00
2.7n=89
3.8n=90
5.2n=27
16:00
3.8n=55
5.1n=54
7.6n=17
"

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)
DATA ARCHITECTURE

The model learns
one thing only.

BTON's neural network 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, meaning 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 materially better execution from the moment you go live.

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