Electronic Trading

ADAPTIVE LIQUIDITY SEEKING

INSTINCT

Used to achieve a broader set of trading objectives and takes advantage of a quantitative impact model that tunes parameters on an order-specific basis.

BLOCKSEEKER™

Dark pool aggregator that uses crossing networks, hidden order types and anti-gaming pricing logic to stealthily execute an order. MLXN-only option available.

• BLOCK Mode - Minimum cross quantity determined by stock specific model

• STANDARD Mode - Default mode; pricing of midpoint or better

• TARGETED Mode - Responds to displayed market liquidity events

I/S

Executes in-line and responds to real-time market changes. Price Sensitivity parameter allows order to speed up or slow down as price moves in/out of favor.

AMBUSH

Urgent liquidity seeking with intelligence to pause and adapt if causing impact. Only GETDONE mode will post.

SMA (SMART MARKET ACCESS)

Exhausts liquidity at each price level up to the order's limit price, then smart posts residual quantity. Support for peggin, no-post option, pre & post market trading.

CLASSIC

VWAP                          

VWAP crossing, GetDone price and benchmark driven customizations supported.

TWAP

Stock specific heuristics optimize slice intervals, GetDone price supported.

POV

Stock specific large block prints are excluded from volume calculations. GetDone price supported.

QMOC

Entire order can be sent as an MOC, subject to MOC cutoff time.

PAIRS

SPREAD                       

Pairs strategy that executes when Buy-Sell price spread is marketable.

INVSPREAD

Pairs strategy that executes when Sell-Buy price spread is marketable.

RATIO

Pairs strategy that executes when Buy/Sell ratio is marketable.

INVRATIO

Pairs strategy that executes when Sell/Buy ratio is marketable.

%SPREAD

Pairs strategy that executes when delta of % change in Buy- % change in Sell is marketable.

INV%SPREAD

Pairs strategy that executes when delta of % change in Sell- % change in Buy is marketable.

ADVANCED

ETF-AXE                      

Advanced algo for ETF execution that enhances liquidity and improves price performance by optimizing execution of the ETF, its constituents and futures.