Options, Futures and Swaps

LIQUIDITY-SEEKING

FAST SWEEP      

Sweep top of book at multiple price points

SWEEP

Smart order routing to navigate the complex option market structure

CLEAN SWEEP

Navigate fragmented option market

ICEBERG

Display only apportion of the full order

HIDDEN SWEEP

Hidden order type that will not post to the market

SMART ROUTING

SMART                                                

VWAP crossing, GetDone price and benchmark driven customizations supported.

NBBO SWEEP

Stock specific heuristics optimize slice intervals, GetDone price supported.

SPRAY

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

ADAPTIVE ALGOS

DELTA-ADJUSTED                                                                                                  

Functionality which adjusts an option order’s limit price based on the underlying stock price movement and trader defined parameters. Additionally, the trader has the ability to add an equity hedge component with flexible execution parameters.

BLAST

Order where the trader submits a basket of option   orders within one underlying security, which simultaneously sweeps the market.

DURATION STRATEGIES

VWAP     

Works an order over time, in line with the expected market volume (21-day average of rolling front month), attempting to meet or exceed the volume weighted average price over that time frame. Useful on large size over long durations.

TWAP

Works on order over time, in equal proportions, attempting to meet or exceed the time weighted average price over that time frame. Useful on moderate size and durations.

MicroSlice

Works an order over time, in equal proportions, attempting to aggressively execute a portion of the order every second until complete. Useful when targeting cash opens or closes.

LIQUIDITY STRATEGIES

POV

Works an order over time, in line with total exchange traded volume, at a rate specified by the client (Target %). Useful when optimal duration is unknown and real time participation is required.

IS - Implementation Shortfall

Uses market impact estimates, based on historical statistics, to schedule a trade in order to minimize implementation shortfall. Useful on large orders when optimal duration is unknown and impact is a concern.

Ambush

Discretely probes the market with IOC orders for swift execution and minimal impact. Useful on large orders when urgency is high and impact is of paramount concern.

ADAPTIVE LIQUIDITY SEEKING

INSTINCT   

Used to achieve a broader set of trading objectives and takes advantage of a quantitative impac 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.

ADVANCED

ETF-aXe

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