Smart order routers (SORs) are electronic trading tools that automate the process of selecting the best execution venue for a given trade. They provide traders with the ability to access multiple liquidity sources across various markets and execute trades quickly and efficiently. Here are some of the main features and benefits of using a smart order router in trading:

1. Access to multiple liquidity sources: SORs allow traders to access liquidity from multiple exchanges, dark pools, and other trading venues, which can increase the chances of finding the best price for a given trade.

2. Real-time market data: SORs provide traders with real-time market data, allowing them to make informed decisions and adjust their strategies accordingly.

3. Automatic order routing: SORs automatically route orders to the most suitable venue based on pre-defined rules, which can help reduce execution costs and minimize market impact.

4. Customizable parameters: Traders can customize the parameters of their SOR to meet their specific trading needs, such as preferred execution venues, order types, and price limits.

5. Regulatory compliance: SORs can help traders comply with regulatory requirements, such as best execution obligations, by ensuring that orders are routed to the most appropriate venues.

Overall, SORs provide traders with a powerful tool for achieving better execution quality, reducing costs, and improving their overall trading performance.