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A new algorithm for dynamic routing of LSPs is proposed. While off-line algorithms are not suitable due to the necessary a priori knowledge of future LSP setup requests, our proposed algorithm, SPeCRA (stochastic performance comparison routing algorithm), does not assume any specific stochastic traffic model and does not require any knowledge of future demands. Both features are a must for the new Internet traffic. In order to analyze SPeCRA's performance, we compare the ISP rejection ratios of SPeCRA and MIRA (Kar, K. et al., IEEE J. on Selected Areas in Commun., vol.18, no.12, p.2566-79, 2000). SPeCRA is easy to implement. It can be implemented using only simple shortest-hop or shortest-cost algorithms, which are interesting solutions for vendors, and not as computationally heavy as other routing algorithms.