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Smart order routers 1. can be used to help traders access liquidity that is fragmented across several trading venues II. can be used to automate

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Smart order routers 1. can be used to help traders access liquidity that is fragmented across several trading venues II. can be used to automate VWAP/TWAP algorithms were first used as a key technology in the foreign exchange markets IV. can be used to search for liquidity in 'dark pools' that offer mid-point matching I, II, III and IV only olland Ill only O I, II and IV only Lonly

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