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Order Routing (SGO)
Sistema gestion ordenes 1  

The Barcelona Stock Exchange has a modern and efficient Order Management System, called SGO Routing, that enables Companies and Broker members of Barcelona Stock Exchange to receive, from any place in Spain and immediately transmit to the market, the contracting of orders in any of the Barcelona Securities Markets (SIBE, fixed income market and outcry) and subsequent confirmation to the commissioning. As well as members of the Barcelona Securities Market, financial concerns and financial services companies located anywhere in Spain may use the SGO.


As well as the functions mentioned in the previous paragraph, the SGO provides the following facilities:

  • Publication and balancing of the operations performed in the rings.
  • Automatic reception of operations performed in the SIBE and in the electronic fixed income market.
  • Assignment of operations performed to the orders received and immediate confirmation that they have been performed.
  • Automatic Interface with the SIBE to allow for the automatic input of orders to the variable income market. This avoids manual editing of these orders by the market operators and important time savings are thus made. It also prevents errors produced by the mentioned manual entry of information by the terminal keyboards.
  • Information system that supplies prices and volumes negotiated in the different markets in real time.
  • System integration that gives access to information in different hosts fom a single PC-SGO system.


The SGO Routing central host is configured by a Tandem non-stop model Himalaya K-1006 computer that may be accessed through the stock market computer network, the Iberpac network or a point-to-point line, all types of mainframes and the PC-SGOs of financial concerns and financial service companies.

Connection modes are the following:

  • Host-to-host connection. The institution and Barcelona Stock Exchange computers communicate so that the computer network of the institution is connected to the SGO Routing application.
  • APPC connection for sending and receiving files.
  • Entry of orders by the institution on a PC-SGO terminal connected to a system computer.

Company and Broker Members of the Barcelona Stock Exchange are equipped with the exact computer means for the reception and subsequent confirmation of orders, both from their respective offices as well as from the Electronic Parquet.


This is the simplest way of connecting to SGO Routing. It is installed and maintained by the technical services of the Barcelona Stock Exchange. The necessary software can be installed in a independent PC or a network opf several PCs. The Windows system for which this application has been designed, provides the user with the following operating menu.

Entry of orders – Set of options that provides the entry of orders manually from the terminal or automatically by loading a floppy disk.

Operations – Set of options to publish the operations contracted in the rings, to gain information about the operations done in the SIBE and the fixed income market and to assign it to received orders.

Market information – Supplies information on Changes, Indices, Trading volumes, etc.

Transmission - Enables multiple files related to the contracting and management of securities deposits to be sent and received.



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