Alternative Trading Systeme Verzeichnis 2010

Häufig angefordertes FOIA-Dokument: Alternatives Handelssystem (quotATSquot) Liste Was Sie über die Daten-Datei wissen sollten Dieser Bericht wird als PDF-Datei bereitgestellt. Der Bericht enthält den Namen, den Namen (n), unter dem die Geschäfte durchgeführt werden, und den Standort des jeweiligen Filters eines Formulars ATS. Sie wird alphabetisch nach dem Namen des alternativen Handelssystems geordnet. Bitte beachten Sie, dass sich das ATS-Listenformat seit dem 13. März 2013 geändert hat. Was Sie über die Daten wissen sollten Die SEC erhält regelmäßig Einreichungen aus alternativen Handelssystemen gemäß der Verordnung ATS. Wir stellen fest, dass sich die Liste der alternativen Handelssysteme im Laufe der Zeit ändert. Dementsprechend erwarten die Kommissionsbediensteten, die Liste zu aktualisieren, wenn die Umstände dies rechtfertigen. Bei technischen Fragen zur Website senden Sie eine E-Mail an webmastersec. gov. Für weitere Informationen über die Daten, wenden Sie sich an das Office of Interpretation and Guidance, Division of Trading und Märkte unter 202-551-5777 oder tradingandmarketssec. gov. Aktuelle Liste Archive ListsAlternative Handelssysteme Verzeichnis 20101 A-TeAmGroup Alternative Trading Systems Directory September 2010 Verzeichnis zweite Auflage gesponsert von Sie kennen seine über die Verwaltung fragmentierter Liquidität so tun wir. VALDI LIQUUIDITÄT SOLUTIONEN Der smarte Weg zur fragmentierten Liquidität Valdi Liquidity Solutions bieten einen einzigartigen und kostengünstigen Weg für eine intelligente Ausführung in fragmentierten Märkten. Nutzen Sie das Know-how und die Managed Services von SunGards für intelligentes Routing, Konnektivität und zusätzliche Marktzugehörigkeiten - greifen Sie auf die Liquidität zu, bringen Sie beste Ausführungsabläufe und entdecken Sie neue Umsatzchancen ohne zusätzliche Fixkosten. Um mehr über SunGards globale Handelslösungen zu erfahren, kontaktieren Sie uns bitte unter: info. globaltradingsungard sungard valdi 2010 SunGard. Markeninformationen: SunGard und das SunGard-Logo sind Marken oder eingetragene Marken der SunGard Data Systems Inc. oder ihrer Tochtergesellschaften in den USA und anderen Ländern. Alle anderen Handelsnamen sind Warenzeichen oder eingetragene Warenzeichen der jeweiligen Inhaber. Alternative Trading Systems Directory Vorwort Das Jahr, seit wir unsere erste Ausgabe des A-Team Alternative Trading Directory gestartet haben, ist im Handumdrehen vorbei (kein Wortspiel beabsichtigt). Und während sich die Ausbreitungsquote des Sektors der alternativen Handelssysteme in den etablierten Zentren sogar etwas verlangsamt haben dürfte, geht ihr Vormarsch sowohl in Bezug auf Glaubwürdigkeit als auch in der Aufnahme von Weideflächen weiter. In den reifsten ATS-Märkten der USA die alternative Liquidität Veranstaltungsort Landschaft wurde durch das Kommen des Alters der wichtigsten Veranstaltungsorte markiert. Vor allem die ehemaligen alternativen Schauplätze von Bats Global Markets und Knight Securities, haben ihre alternative Tag verloren und entpuppte sich als glaubwürdige und hoch liquide Austausch. In Europa, wo die MiFID einen Ansturm auf die ATS-Hügel einleitete, scheint sich die Liquidität in einigen wichtigen alternativen Märkten angesiedelt zu haben, so dass die traditionellen Börsen ihr Geld laufen. Aber theres ein Hauch von Konsolidierung in der Luft. Die hochgerüstete Turquoise Venture ist nun Teil der London Stock Exchange. Nasdaq OMX Europe hat seinen Neuro Dark Pool eingestellt. Nyfixs EuroMillennium verdampfte nach seiner Elternerwerbung durch NYSE Euronext. Und während wir in die Presse gehen, ist der europäische Markt mit der Rede von einem Ansatz zum ATS-Marktführer Chi-X Europe, möglicherweise von Bats, verwirrt. Vor diesem Hintergrund der Fragmentierung Müdigkeit, neue ATS-Märkte sind in Schwellenländern, wie neue Technologien ermutigen upstarts, um einen Schuss auf die etablierten machen. Ab September 2010 sind die aktuellen Hotspots in Kanada, wo eine Fülle von alternativen Veranstaltungsorten an der dominierenden Börsengruppe TMX die nordische Region, wo die Einführung der High-Speed-Inet-Handelsplattform von Nasdaq OMX Märkte hat Hochfrequenz-Handel, Was wiederum die Nachfrage nach alternativen Orten wie Burgund und Tokio gestärkt hat, wo der Einsatz der Arrowhead-Handelsplattform durch die Tokioter Börse eine ähnliche Wirkung hatte. In der Tat, viele Betreiber sind nach Asien, im Wesentlichen unberührtes Territorium, wenn es um leistungsstarke Handelsplattformen geht. Als solche haben sich die Gleichen von Chi-X Global, NYSE Technologies, Nasdaq OMX und anderen bewegt, um mit lokalen Spielern zu arbeiten, um neue alternative Liquiditätsquellen herzustellen. Kurz gesagt, die ATS-Raum sehr viel bleibt eine dynamische und eine, die zu beobachten, wie es entfaltet sich in den nächsten 12 Monaten garantiert. Noch einmal sind wir verpflichtet, Fidessa für die weitere Unterstützung der Alternative Trading Systems Verzeichnis. Andrew Delaney, Chefredakteur, A-Team Group Erschienen bei A-Team Gruppe A-TeAmGroup Redakteur Andrew P. Delaney andrewa-teamgroup Wissenschaftlicher Mitarbeiter George Bailey-Kirby Entwurf Victoria Wren victoriawhangdoodleland Herausgeberin Angela Wilbraham angelaa-teamgroup A-Team Group Chief Executive Officer Angela Wilbraham Präsident Chefredakteur Andrew P. Delaney Präsident Americas Redakteur bei Groß Pete Harris Verkaufsdirektor Martyn Hodges martyn. hodgesa-Teamgruppe VP Marketing Jim Willis jima-teamgroup Marketingkoordinator Jeri-Anne McKeon jeri-annea - Teamgruppe Redaktion und Niederlassungen Eastcott Alte Salisbury Straße Abbotts Ann Andover, Hants. SP11 7NH UK infoa-teamgroup a-teamgroup Kein Teil dieser Publikation darf ohne schriftliche Genehmigung der A-Team Group reproduziert werden. Unternehmensnummer: 04294842 Copyright A-Team Group. Nachdruck und Vervielfältigung nur mit ausdrücklicher Genehmigung des Herausgebers. Eine A-TeAmGroup Publikation Seite 3 Inhalt Einleitung Die Flamme der Fragmentierung fächert sich: Das Smart-Order-Routing der nächsten Generation nimmt an Ian Salmon, Leiter der Unternehmensentwicklung, Fidessa 6 Europa, Mittlerer Osten, Afrika Barclays LX Liquidity Cross BATS Europe Blink BIX Burgund Chi-X Europa Citi Match Crossfinder Equiduct Instinet BlockMatch Knight Link Europa Liquidnet Liquidnet Übernachtung 12 12 12 13 13 13 14 14 14 14 15 15 15 MLXN MS-Pool Nomura NYSE Arca Europa NYSE SmartPool Pipeline Finanzplatz POSIT Zitat MTF Schweizer Block TOM MTF Tradeweb Turquoise UBS PIN 16 16 16 17 18 18 19 19 19 20 20 21 21 Nordamerika Alpha Aqua Barclays LX Liquidität Cross BIDS ATS Blockkreuz Bloomberg Traderbuch Citi Match ConvergEx Cross Crossfinder CrossStream GETCO Execution Dienstleistungen Instinet BLX Instinet US Kreuzung Knight Link Ritter Match LeveL ATS Liquidnet Nord Amerika-Verhandlung Millennium ATS Mismi ATS MLXN 24 24 24 25 25 25 26 26 26 27 27 28 28 28 28 29 29 30 30 32 MS-Pool NASDAQ-Kreuzung Nomura NX NYBX NYSE Arca NYSE-Matchpoint Omega-ATS-OnePipe-Pink-Link ATS Pipeline Financial Group, Inc. POSIT-Marktplatz Pure Trading RiverCross ATS SIGMA X Spur ECN TriAct Kanada Marktplatz Jetzt Spiel UBS ATS UBS PIN VortEX 32 32 33 33 34 34 34 35 35 36 36 37 37 37 39 39 39 40 40 Seite 4 Eine A-TeAmGroup-Publikation Asia Pacific Ax ECN BIX BlocSec Citi-Spiel Chi-Ost Chi-X Global (Chi-X Japan und Chi-X Australien) Querverfolgerinstitut CBX Asieninstinet JapanCrossing Instinet KoreaCross KABU PTS Liquidnet Asien Liquidnet Australien MLXN MS-Pool Nomura NX POSIT SBI Japannext SIGMA X UBS PIN 42 42 42 42 43 43 43 44 44 44 44 45 45 46 46 46 47 47 48 48 49 Inhalt Seite Weitere Informationen Um Updates über Entwicklungen bei alternativen Handelsdiensten zu erhalten, melden Sie sich bei Electronic-Trading an A-Teams Electronic Trading Service an A-Team Group a-teamgroup Eine A-TeAmGroup-Publikation 5 Einleitung Die Flamme der Fragmentierung wird gefächert: Das Smart-Order-Routing der nächsten Generation wird von Ian Salmon, Leiter Unternehmensentwicklung, Fidessa, beansprucht Das Jahr 2007 führte zu erheblichen strukturellen Veränderungen an den Finanzmärkten. Die Fragmentierung fand in der Mehrheit der europäischen Märkte statt, wobei der Handel über die neuen und alternativen Ausführungsorte hinaus zu einem verstärkten Wettbewerb für das oncemonopolisierte Geschäft der etablierten Börsen führte. Nun gibt es Anzeichen dafür, dass die beleuchteten Märkte stabilisieren und reifen, und schon begannen eine gewisse Konsolidierung unter einigen der alternativen Handelsplätze zu sehen. Das vergangene Jahr hat den scheinbar unerbittlichen Aufstieg der dunklen Schauplätze bezeugt, und während die europäischen dunklen Volumina bisher relativ bescheiden waren, wachsen sie rasant. Das neue Erscheinungsbild des europäischen Marktes erfordert und verstärkt die Entwicklung und Funktionalität von Smart Order Routers (SORs), da Broker die bestmögliche Liquidität in einer Vielzahl von Handelsplätzen suchen. SOR ist keineswegs ein neues Phänomen. Es ist bereits weit verbreitet und die Aufnahme nimmt zu, wenn auch mit regionaler Seite 6 Eine A-TeAmGroup Publikationsvariante. Best Execution ist nun Teil des Trading-Lexikon geworden. Aber es gibt eine legitime Debatte darüber, ob SOR geworden ist commoditised, da die Fähigkeit, die verfügbare Liquidität über die Märkte zu fegen, um den besten Preis zu bekommen ist weit verbreitet und weit verbreitet. Natürlich beschränkt sich diese Debatte auf den Handel an beleuchteten Orten, wo sich die Mehrheit der SOR-Entwicklung bisher konzentriert hat. Dieses Argument hält Wasser, aber nur bis zu einem gewissen Punkt. Die weit verbreitete Annahme von SOR an beleuchteten Orten sollte nicht das Niveau der Raffinesse verbergen, die dem Prozess in den letzten zweieinhalb Jahren hinzugefügt worden sind. Vom bloßen Einsatz der Europa-spezifischen, MiFIDinspired Anforderungen, die definiert, wie SORs zu arbeiten, begann Broker mit einer Vielzahl von USPs, um ihren Dienst zu differenzieren. Diese Raffinesse hat sich in einer Reihe von verschiedenen Richtungen bewegt und ist in gewissem Maße auch von Innovationen in neuen, beleuchteten Räumen getragen worden. Eine neue Generation von SORs hat entwickelt, um eine komplexere Reihe von Anforderungen zu verwalten. Core-Funktionalität verwaltet Routing auf Auktionen, Handelskapazitäten, ungerade Lose, minimale Größen, Clip-und Zeckengrößen und Instrument Fungibilität. Dann gibt es die zusätzliche Komplexität, die erforderlich ist, um die Wärmeabbildung zu managen, den Vergleich der Latenzzeiten verschiedener Veranstaltungsorte, eine anspruchsvollere passive Platzierung, die Wahrscheinlichkeit des Handels, Multi-Sweeping für versteckte Aufträge und Überwachungstaktiken, die die Orderbuchpriorität nicht negativ beeinflussen. Alle haben einen Platz im SOR-Repertoire. Die Nachfrage nach dieser nächsten Generation von SORs soll gesteigert werden, da Unternehmen vor allem am dunkleren Ende des Handelsspektrums die Vorteile des Handels an einem zunehmend breiteren Spektrum von Liquiditätsstandorten ernten. Tools stehen bereits zur Verfügung, um die Suche nach versteckter An A-TeAmGroup Publication-Liquidität zu unterstützen. SORs mit dunkler Suchfunktion sind seit einiger Zeit verfügbar, obwohl sie nicht so weit verbreitet sind wie ihre beleuchteten Gegenstücke. Sie sind in der Lage, sowohl die verborgenen interagierten Befehle der leuchtenden Märkte als auch die dunklen Lücken in demselben algorithmischen Prozeß zu nutzen. Aggregatoren ermöglichen auch einen One-Stop-Zugang zu einigen der 30 oder 40 dunklen Pools, die jetzt in Betrieb sind. Da SOR und algorithmische Prozesse zunehmend die Interaktion mit diesen Veranstaltungsorten erleichtern, finden Broker ihre düsteren Handelsvolumina. Steigende bis 20 des gesamten Handelsvolumens werden konsequent heute erreicht. Es ist von wesentlicher Bedeutung, dass SORs der nächsten Generation im gesamten Spektrum dunkel bewusst sein müssen, aber es gibt große Herausforderungen, dies zu erreichen. Im Mittelpunkt stehen dabei die von den verschiedenen Veranstaltungsorten unterstützten Routen und Ordertypen. Darüber hinaus muss die SOR-Funktionalität der nächsten Generation, um wirklich Wert zu schaffen, der Tatsache Rechnung tragen, dass sich der Sweep-Prozess für die Interaktion mit nicht angezeigter Liquidität grundsätzlich von der für den Lampenhandel benötigten unterscheidet. Wenn es um dunkle und graue Pools geht, benötigen Firmen die Werkzeuge, die es ihnen ermöglichen, eine oder eine Reihe von austauschbaren SOR-Schritten zu verwenden, um spekulativ in Folge mit ausgedehnten leuchtenden Austäuschen zu interagieren. Für dunkle Pools haben diese neuen SORs Datenanalyse und die Erstellung von Wärmekarten integriert, die es Händlern ermöglichen, auf Märkte mit dynamischen Strategien zu gehen, anstatt einen statischen Ansatz zum Sweeping zu übernehmen. Obwohl dunkle Routing-Funktionen ermöglichen Makler zu Liquidität in so vielen verschiedenen dunklen Pools suchen, wie sie zugreifen können, zunehmend der erste Anlaufhafen ist ihre eigene Kreuzung Motor. Es gibt Anzeichen dafür, dass ein höherwertiges OTC-Geschäft größer wird. Page 7 Einführung Die komplette Front-Office-Lösung, ganz gleich wie Sie es sich ansehen Fidessa ist ein führender Anbieter von Lösungen für die globale Finanzwelt. Auf der Buy-side werden unsere Produkte von über 200 Kunden genutzt, um Asset-Managern und Hedge-Fonds zu helfen, die Fonds-Performance zu verbessern, die Effizienz des Handels zu steigern, die Kosten des Compliance-Managements zu reduzieren und die Verarbeitung von OTC-Derivaten zu automatisieren. Die Fidessas-Suite von Buy-Side-Produkten umfasst Portfolio Management, Order Management und Handel sowie Compliance Management über alle Assetklassen hinweg. Diese Produkte sind auch über das SaaS-Modell erhältlich und werden von Fidessas eigenen Rechenzentren mit einem vollständig verwalteten End-to-End-Service geliefert, wodurch sich die Gesamtbetriebskosten erheblich reduzieren. Fidessas Buy-Side-Lösungen werden durch die Verbindung zu DMA-, Algorithmik-, Programm - und Pflegeaufträgen von 550 Brokern über 140 Märkte weltweit, über das bewährte Fidessa-Netzwerk sowie zahlreiche ATS für Aktien, Fixed Income und FX unterstützt. Um sich einen Überblick zu verschaffen, wie Front Office und Compliance Lösungen von Fidessa Ihrem Unternehmen zugute kommen: Call Europe: 44 (0) 20 7105 1000 Nordamerika: 1 617 235 1000 Asia: 852 2500 9500 Email: infofidessa Oder besuchen Sie: fidessa Der Elektronisierung im Blocktradinggeschäft. In der Tat gibt es einen wachsenden Schwerpunkt auf interne Kreuzung und dunklen Handel der institutionellen Ordnung Flow, die in den Fußstapfen der bestehenden Methoden der Arbeit kleiner Clips von Aufträgen folgt. Es ist allgemein anerkannt, dass zwischen 5 und 8 der Firmen der institutionelle Auftragsfluss verinnerlicht werden könnte. Makler, die Zugang zu ihren eigenen und anderen dunklen Pools in Kombination mit der Verwendung von dunklen SOR und dunkel-suchenden Algos sind Berichterstattung deutlich höheren Ebenen der dunklen Pool-Handel als diese. Buy-Seiten mit Block-Flow sind auf der Suche nach Brokern, um einige Sensibilität um, wie die Bestellung gearbeitet wird und für potenziellen Mehrwert aus dieser internen Crossing-Möglichkeiten abgeleitet werden. Es gibt einige offensichtliche Vorteile für diese Expansion in Internalisierung und dunklen Handel, einschließlich Kosteneinsparungen, bessere Ausführung Qualität und eine Verringerung der Auswirkungen auf den Markt. Nicht nur sind Makler Vermeidung Überquerung der Ausbreitung, Geschäfte zu machen, sie haben auch keine Notwendigkeit, Gebühren zu bezahlen. Vor allem müssen Router der nächsten Generation robust und leistungsstark sein und sich leicht an die sich wandelnden Marktbedingungen anpassen, nicht zuletzt deshalb, weil die Diskussionen der MiFID II in den CESR über weitere Gesetzesänderungen in Bezug auf systematische Internalisierung, Dark Pools und Broker-Pools hinweisen. Die Einführung neuer Richtlinien kann definieren, was Makler in Bezug auf ihre Interaktion mit diesen Veranstaltungsorten machen können. Darüber hinaus scheint es wahrscheinlich, dass die Regeln für die Post-Trade-Berichterstattung verschärft werden. Die Verfügbarkeit von Daten mit höherer Qualität und die Identifizierung ihrer Quelle wird zu einer zuverlässigeren Wärmeabbildung und einer besseren Darstellung der dunklen Pools, mit denen interagiert werden kann, führen. Die Regulierung für Broker Crossing Netzwerke und Betreiber von dunklen Veranstaltungsorten wird auch eine A-TeAmGroup Publikation werden immer anspruchsvoller, was bedeutet, dass über bestimmte Volumen Schwellen werden sie verpflichtet, als MTF registrieren. Dies macht die Wahl und Art der Interaktion klarer, und verbessert die Transparenz der resultierenden Volumina, die an jedem Handel gehandelt werden. Die nächste Generation von Routern werden nicht statische oder monolithische Anwendungen sein. Stattdessen werden sie das Gleichgewicht zwischen einem programmierbaren Blackbox-System und einer anpassungsfähigeren, robusteren Lösung schaffen, die es Unternehmen ermöglicht, eigene Analysetools zu konfigurieren. Brokers werden in der Lage sein, verschiedene Untereinheiten der Funktionalität miteinander zu kombinieren und zusammenzubringen, um flexibel mit dem gesamten Spektrum der Liquidität zu interagieren und Innovationen aus den Märkten zu beherbergen, ohne dass in jedem Stadium Re-Engineering erforderlich ist. Und in der Erwägung, dass erweiterte Funktionalität wird entscheidend sein, wird die stärkere Betonung auf, wie dies auf die Unternehmen Vorteil konfiguriert werden kann. Da diese neue Generation von SORs greifen wird, wird es interessant sein, zu sehen, wie sie die Fragmentierung und letztlich den Erfolg von alternativen Veranstaltungsorten in allen Schattierungen und Größen beeinflussen. Es wird zweifellos die Flammen dieses Phänomens, zumindest kurzfristig, als Makler anspruchsvoller bei der Suche nach, wo die beste Liquidität wirklich lügt. Seite 9 NYSE TECHNOLOGIES IST, WO HEUTE ÄNDERUNG VON MARKETS METHODEN ZU BERÜCKSICHTIGT, DASS DIE PRODUKTE UND DIENSTLEISTUNGEN ZUR ENTWICKLUNG DER WELTWEITEN WELT. WIR BÖSTEN TRANSPARENZ MIT REAL-TImE MARKET-DATEN, VERBESSERN GLObAL VERBINDLICHKEIT UND VERMÖGLICHKEIT THROUGH OUR SFTI NETWORK UND WERDEN JETZT ERSCHAFFEN, EINE NEXT-GENERATION HANDEL UMGEBUNG MIT OuR NEUEN GLObAL DATENZENTREN. MIT GEBRAUCH UND TIEFE, DIE ALLE SEKTOREN DES MÄRKTS DIENEN, SIND WIRTSCHAFTLICHE PRODUKTE UND DIENSTLEISTUNGEN SO POWERFUL, WELCOME ZUR AUSTÄNDIGEN WELT. Nyse technologies Globale Marktdaten exchanGe SolutionS Globale Vernetzung colocation traDInG lösungen NYSE TECHNOLOGIES. ZUSAMMEN WIR MACHEN DIE WELTWEITE. 2010 NYSE Euronext. Alle Rechte vorbehalten. Die NYSE Euronext und ihre verbundenen Unternehmen empfehlen keine Empfehlungen über mögliche Vorteile von Wertpapieren, Futures, Investitionen oder Drittprodukten oder - dienstleistungen. Anleger sollten ihre eigenen Sorgfaltspflichten hinsichtlich ihrer Wertpapiere und Anlagepraktiken durchführen. Diese Anzeige kann in die Zukunft gerichtete Aussagen betreffend NYSE Euronext und seine verbundenen Unternehmen enthalten. Solche Aussagen beruhen auf den gegenwärtigen Überzeugungen und Erwartungen des Managements und unterliegen erheblichen Risiken und Unwägbarkeiten. Die tatsächlichen Ergebnisse können von denen in den zukunftsgerichteten Aussagen abweichen. EMEA Eine A-TeAmGroup Publikation Seite 11 Europa, Mittlerer Osten, Afrika Barclays LX Liquidity Cross Kategorie: In Europa ist LX ein unregistriertes Broker Crossing System. Besitzer: Barclays Capital Zielgruppe: Europäische Aktienmärkte Geschäftsmodell: LX Liquidity Cross ist das Barclays Capitals Dunkel-Crossing-Netzwerk, das eine einzigartige Liquidität aus unserer globalen Kundenbasis, Marktinvestitionen und internen Handelsplattformen zusammenführt. Durch den Zugang zu mehreren Segmenten der Liquidität in den Aktienmärkten ermöglicht LX Barclays Capital, Crossing-Möglichkeiten für unsere Kunden zu maximieren. LX ist ein dunkler Pool, in dem keine Kundenauftragsinformationen veröffentlicht werden. Hauptmerkmale: Benutzerdefinierter Zugriff: Kunden haben die Möglichkeit, die Arten von Handelspartnern zu konfigurieren, mit denen sie interagieren, wenn sie Liquidität übernehmen und bereitstellen. Sie können auch minimale Ausführungsgrößenparameter einstellen. Anti-Gaming-Überwachung: Die Kundenleistung in LX wird von der elektronischen Produktgruppe überwacht, um das Spiel zu verhindern. Berichte stehen zur Verfügung, um die Leistung gegenüber verschiedenen Kundensegmenten in LX zu ermitteln. Kunden haben die Fähigkeit, unterschiedliche Interaktionsmodelle in LX für die Aufnahme und Bereitstellung von Liquidität zu definieren. Preisverbesserung: Wenn Auftragslimitüberschneidungen auftreten, wird eine Preisverbesserung für beide Handelspartner basierend auf einer 80 20 - Aufteilung für Anbieter und Abnehmer bereitgestellt. Zuverlässige Technologie: Die skalierbare Architektur, auf der LX aufgebaut ist, kann 50 Millionen Aufträge pro Tag in den USA mit einer durchschnittlichen Roundtrip-Latenz von weniger als 2 Millisekunden abwickeln. In den USA wird LX im Savviss NJ2-Rechenzentrum gehostet und bietet Sub-Millisekunden-Ausführung und Kollokation für direkte Clients. Aktiv: Pläne zur Erweiterung von LX in Europa im Jahr 2010. Mitglieder: Alle Quellen des Flusses sind darauf ausgerichtet, den Kunden eine differenzierte und wertvolle Liquidität zu bieten. Die Strömungstypen in LX umfassen Barclays Capitals interne Handelstische, institutionelle Handelskunden, Retail-Order-Flow-Partner und ausgewählte Brokerhändler und elektronische Liquiditätsanbieter. Benutzer: Kaufen und Verkauf von Seiteninstrumenten Traded: Aktien, DRs und ETFs Philosophie: Das Barclays Capital Electronic Trading-Team ist auf die Bereitstellung überlegener Technologie, Service und Anpassung an die Kunden gewidmet. Basiswert Die Barclays Capitals Liquiditätsstrategie ist ein nachhaltiges Engagement, um den Kunden best-in-class Infrastruktur und diverse Liquidität zu bieten. Geschäftsführung: Danielle Ballardie, Vice President, Electronic Trading Services Tel: 44 (0) 20 7773 8500 Email: EEEbarclayscapital Web: barx equities liquiditycrossing. html BATS Europe Kategorie: MTF Eigentümer: BATS Global Markets Zielgruppe: Europäische Aktienmärkte Geschäftsmodell: Mit Eine äußerst niedrige Kostenbasis, bietet BATS Europe Standardpreise an, die vergleichbar oder besser als die obere Volumenstufe sind, die von den primären Börsen-Börsen den Mitgliedern angeboten wird. BATS Europe erhebt auch nicht viele der Dienstleistungen, die die Mitgliedschaft, die Konnektivität und die Marktdaten austauschen. Hauptmerkmale: Das BATS Europe MTF besteht aus einem anonymen zentralen Integrated Book mit sichtbarer und nicht dargestellter Liquidität, einem Dark Pool mit nicht angezeigter Liquidität, einem Smart Order Routing (SOR) Service und nach Stunden Handelsdienst. Aktiv: Oktober 2008. Handel in 15 europäischen Märkten. Durchschnittliche tägliche Marktanteil von 8-10 FTSE 100 und mehr als 5 der FTSE 250, MIB, CAC 40, DAX, SMI, AEX und OMXH25. Mitglieder: Die Antragsteller müssen entweder eine EEA-geregelte Wertpapierfirma oder ein Kreditinstitut sein. Die Teilnehmer können den Kunden direkten Zugang durch das Sponsoring-System anbieten. Instruments Traded: Aktien, ExchangeTraded Funds, Exchange Traded Commodities und Exchange Traded Währungen Philosophie: BATS Europe is an Innovativen und technologieführenden multilateralen Trading Facility konzentriert sich auf die Markteinführung Besser durch eine höhere Effizienz und Zuverlässigkeit für Händler mit hoher Kapazität niedrige Latenz-Technologie, tiefe Liquidität, aggressive Preise und erstklassigen Kundenservice. Geschäftsführer: Mark Hemsley, CEO Tel: 44 (0) 20 7012 8906 Email: SalesEuropebatstrading Web: batstrading. co. uk Blink Kategorie: Internal Crossing Netzwerkeigentümer: CA Cheuvreux Seite 12 Eine A-TeAmGroup Publikation Zielgruppe: Interne Institutionelle Kunden Geschäftsmodell : Entworfen, um Einzelhandel, institutionelle, algorithmische, Programm-und Direktmarketing-Zugangsströmung in die Firma, mit einem Schwerpunkt auf europäischen Aktien abgestimmt Hauptmerkmale: Da der Broker-Dealer ist ein Agentur-Broker, würden die Kunden nicht mit einer proprietären Bestellungen aktiv Seit: November 2008 Mitglieder: Nur institutionelle Kunden Benutzer: Nicht veröffentlicht Gehandelte Instrumente: Aktien Philosophie: So wie der Trend in den USA für die großen Broker-Händler interne Crossing-Engines ist, kann das nun auch in Europa gesehen werden : Bertrand Patillet, Vorstandsvorsitzender Tel: 33 1 41 89 70 00 Email: executioncheuvreux Web: cheuvreux Geschäftsmodell: Angebot an Aktien in Stockholm, Oslo und Kopenhagen. Ziel ist es, hohe Liquidität, niedrige Transaktionskosten, kurze Reaktionszeiten und beste Ausführung zu gewährleisten. Hauptmerkmale: Konsortium appelliert an LSE Türkis. Regionale Schwerpunkte als Nutzen für Nordic Banks Brokers Aktiv: Mai 2009 Mitglieder: 21 Benutzer: N A Instruments Traded: Aktien Philosophie: Ziel der Übernahme von Nasdaq OMX und der Londoner MTFs, die den Handel mit nordischen Aktien anbieten. Der Wunsch, einen echten nordischen Fokus auf den Aktienmarkt zu haben Management: Olof Neiglick, CEO Tel: 46 8613 1200 Email: infoburgundy. se Web: burgundy. se BIX Chi-X Europe Kategorie: Internal Crossing Netzinhaber: BNP Paribas Zielgruppe: Intern Institutionelle Kunden Geschäftsmodell: Nicht bekannt Hauptmerkmale: Neben den regelmäßigen Vorteilen wie reduzierten Markteffekten und Opportunitätskosten durch dunkle Pools bietet BIX anonyme, nicht angezeigte Orderbuchungen und den Handel in einem einzigartigen Liquiditätspool Die Chance zur Preisverbesserung Active: 2007 Mitglieder: BIX wird von BNP institutionellen und Einzelhandelskunden (aggregierte Ströme) mit verschiedenen Arten von Auftragsströmen sowie BNP-Algorithmen, intelligentem Routing und proprietären Geschäften genutzt Benutzer: Nicht offen gelegte Instrumente Handel: Aktien Philosophie: Nicht bekannt offen Telefon: 44 (0) 20 7595 1144 E-Mail: nicht offenbart Web: bnpparibas. co. uk Burgund Kategorie: MTF Eigentümer: Swedbank, Handelsbanken, SEB, Kaupthing, Carnegie, Neonet (Orc Software), DnB Nor, Danske Bank, HQ Bank und Nordea Zielgruppe: Nordic Equity Markets. Kategorie: MTF Inhaber: Chi-X Europe ist der größte panEuropean Aktien MTF und wird von einer Gruppe von Aktionären besessen, alle haben Minderheitsbeteiligungen: BNP Paribas, Zitadelle, Citigroup, Credit Suisse, Fortis, GETCO Europe, Goldman Sachs, Instinet Hedings (im Besitz von Nomura), Merrill Lynch, Morgan Stanley, Optiver, Societe Generale und UBS Zielgruppe: Die globale institutionelle Investitionsgemeinschaft, die europäische Aktien, ETCs und ETFs tauschen möchte. Geschäftsmodell: Chi-X Europe betreibt den größten paneuropäischen Aktienmarkt, der neben ETCs und ETFs über 1200 Aktien in 15 Ländern anbietet. Aktiv: März 2007 Mitglieder: Chi-X Europe hat ca. 115 Teilnehmer. Nutzer: Globale institutionelle Investitionsgemeinschaft, die europäische Aktien, ETCs und ETFs handeln will: Europäische Aktien, ETFs und ETCs. Philosophie: Chi-X Europe wurde im März 2007 im Vorfeld der MiFID gestartet. Ziel von Chi-X Europe war es, die Gesamtkosten des Handels und des Clearing in Europa durch die Einführung eines kostengünstigen Wettbewerbs für den Handel mit europäischen Aktien zu senken. Chi-X Europe arbeitet weiter mit der Industrie und den Marktteilnehmern zusammen, um die Reibungskosten des Handels in Europa weiter zu senken und die Gesamtqualität und - größe der Aktienmärkte zu verbessern. A-TeAmGroup Publikation Seite 13 Europa, Mittlerer Osten, Afrika Management: Alasdair Haynes, Geschäftsführer Tel: 44 (0) 20 7131 3333 E-Mail: europe. saleschi-x Citi Match Madrid, Mailand, Oslo, Paris, Stockholm, SWX Europe, Wien Geschäftsführung: Europe George Andreadis Tel: 44-207 883 0386 Email: george. andreadiscredit-suisse Web: credit-suisse Kategorie: Internes Crossing Netzwerkeigentümer: Citi Zielgruppe: Interne Institutionelle Kunden Geschäftsmodell: Citi Match erlaubt Institutionelle Strömung, Aufträge von den Firmen internen Schreibtischen und Fluß von Citi algos, um in seinem System zu ruhen, um sich gegen Einzelhandel zu stimmen. Hauptmerkmale: Citis interner Flow umfasst Aufträge von seinen Verkaufshändlern, Händlern, Programmhändlern und anderen internen Schreibtischen. Aktiv: Dezember 2007 Mitglieder: Nicht veröffentlicht User: Buy side Instruments Traded: Aktien Philosophie: Citi Matchs neuer und breiterer Kundenstamm soll seine Exekutionen höher schieben. Fokus auf die Schaffung eines Mechanismus, bei dem alle ATD Flow und Citi Flow Smith Barney, Lava, Citis verschiedenen Schreibtischen und Algos können durch eine Box zu waschen. Management: Chris Jackson, Direktor Electronic Execution Sales Tel: 44 (0) 20 7986 4000 E-Mail: Nicht offenbart Web: citi Equiduct Crossfinder Kategorie: Internes Crossing Netzwerkeigentümer: Credit Suisse Zielgruppe: Interne Institutionelle Kunden Geschäftsmodell: Crossfinder, Credit Suisses Crossfinder bietet dem Kunden immense Liquidität, Anonymität und die Fähigkeit, große Blöcke mit weniger Auswirkungen auszuführen, als es wahrscheinlich wäre In den öffentlichen Märkten Aktiv: 2004 Mitglieder: Nicht bekannt Benutzer: CrossFinder steht allen Kunden der Credit Suisse zur Verfügung Instruments Traded: Aktien, FX Märkte: Amsterdam, Brüssel, Kopenhagen, Deutsch, Helsinki, Irland, Johannesburg, Lissabon, London, Irland : Regulierte Marktinhaber: Citadel, Boerse Berlin, Knight Capital Zielgruppe: Europäische Aktienmärkte. Geschäftsmodell: Equiduct bietet ein einzigartiges Marktmodell, das auf zwei2 Handelssegmenten basiert: einem elektronischen zentralen Limit Orderbuch und einem Best Execution Segment, das auf den Einzelhandel abzielt. Hauptmerkmale: In seinem einzigartigen Best Execution-Segment kombiniert Equiduct die Liquidität aller beleuchteten Veranstaltungsorte in einem Binnenmarkt und bietet über bilaterale Vereinbarungen mit Market Maker die Garantie der besten Ausführung unter dem geschützten Umfeld eines geregelten Marktes. Es bietet auch eine einfache und flexible Post-Trade-Organisation, basierend auf zu Hause CCPs. Aktiv: Frühjahr 2009 Mitglieder: Institutionelle Broker, Online-Broker, Immobilienhändler, Hedgefonds, Market Maker, algorithmische Händler. Benutzer: Kaufen und Verkaufen von Side-Instrumenten: Equities Philosophy: Equiduct bietet eine Reihe von Dienstleistungen an, damit die Finanzinstitute ihren gesetzlichen Verpflichtungen nachkommen können, um ihre Kunden für alle im EWR aufgelisteten Eigenkapitalinstrumente an einem einzigen Ansprechpartner bestmöglich und transparent zu machen Und kostengünstig. Management: Peter Randall, Geschäftsführer Tel: 44 (0) 20 3102 4080 Email: salesequiduct Web: equiduct-trading Instinet BlockMatch Kategorie: Crossing Network-Besitzer: Instinet Zielgruppe: Institutionelle Investoren in Europa Geschäftsmodell: Instinet BlockMatch ist ein kontinuierlicher Blockhandel Dunkler Pool für paneuropäische Aktien, der die Liquidität über die Instinets-Infrastruktur Europas und über wechselseitige Verbindungen zu ausgewählten externen Dunkel-Pools zusammenfasst. BlockMatch sendet keine IOIs oder Routing-Aufträge und nutzt Seite 14 Eine A-TeAmGroup Publikation eine extrem niedrige Latenz, um Opportunitätskosten zu minimieren. Haupteigenschaften: BlockMatch ist ein paneuropäisches Buy-Side-Matching-Netzwerk. BlockMatch Closing Cross, Betrieb als kontinuierliche Cross 16:40 bis 17:00 UK Zeit. Aktiv: Juni 2008 Mitglieder: Nicht bekannt Benutzer: Zugriff über Instinet oder eine Reihe von Drittanbieter-Brokern und EMS-Providern. Instrumente gehandelt: Aktien Philosophie: Entworfen, um Klienten die Fähigkeit zu geben, Blöcke untereinander zu handhaben, um ihre natürliche Gegenpartei zu finden und Marktauswirkungen zu verringern. Management: Richard Balarkas, CEO von Instinet Europe Tel: 44 (0) 20 7154 8450 E-Mail: alexandra. fosterinstinet. co. uk Web: instinet Knight Link Europe Kategorie: Systematic Internaliser Eigentümer: Ritter Zielgruppe: Einzelhandel und Verkaufsseite. Geschäftsmodell: Knight Link ist ein elektronischer Zugangspunkt zu Knight-Devisen-Liquidität Hauptmerkmale: Knight Link Europe bietet schnelle Orderausführung in mehr als tausend paneuropäischen Groß-, Mittel - und Small-Cap-Aktien, Einzelhandel auf einer einzigen Plattform. Aktiv: Q4 2009-Release in Europa (Q3 2007 in US) Mitglieder: NA Nutzer: Einzelhandels - und Sell-Instruments Gehandelt: Aktien Philosophie: Knight Link richtet sich an Kunden, die Bestandsausführungen mit geringem oder keinem Marktauftritt, hohen Erfüllungsraten und Niedrige Transaktionskosten Management: Kee-Meng Tan, Geschäftsführer Tel: Kee-Meng Tan: 44 (0) 20 7997 7778, Didier Bankole: 44 (0) 7997 7823 E-Mail: ktanknight, dbankoleknight. Com, knightlink. europeknight Web: knight knightlinkeurope Zielgruppe: Globale Kaufseite. Geschäftsmodell: Liquidnet ist ein elektronischer Marktplatz, der exklusiv für seine Buy-Sideonly-Mitgliedsgemeinschaft entwickelt wurde und damit einen effizienten Aktienhandel für Asset-Management-Unternehmen weltweit ermöglicht. Liquidnet vereint institutionelle Investoren, um große blockierte Aufträge direkt und anonym mit verbesserten Preisen und minimierten Marktauswirkungen auszuführen. Hauptmerkmale: Der grenzüberschreitende Handel über Liquidnet Europe bedeutet die Verwendung eines einzigen Brokers anstelle mehrerer Parteien für mehrere Märkte. Liquidnet Europe verwendet nur eine Clearing-Firma für alle internationalen Trades. Ausgedehnte Handelszeiten und internationale Handelskapazitäten ermöglichen es den Mitgliedern, von 2 bis 18 Uhr (New Yorker Zeit) aktiv miteinander zu handeln. Liquidnets britische Handelsausführungen drucken an die London Stock Exchange und werden mit dem bestehenden Marktvolumen gehandelt, das über die Börse gehandelt wird. Active: November 2002. Liquidnet bietet nun weltweit Zugang zu 36 Aktienmärkten. Mitglieder: Unsere Community umfasst 598 der größten großen Buy-Side-Institutionen. Benutzer: Aktive Mitglieder. Instrumente: Blockieren Sie Aktien. Philosophy: Liquidnet Europe simplifies the complex process of cross-border trading by removing the barriers that erode trading performance. This gives Members seamless, efficient institutional-sized executions. Members can access liquidity across major markets through a single trading platform. Management: John Barker, Head of European Operations Tel: 44 (0) 20 7614 1600 Email: salesdesklondonliquidnet Web: liquidnet Liquidnet Supernatural Liquidnet Category: Block trading platform. Owners: Liquidnet. Category: MTF Owners: Liquidnet Europe Target Audience: Global buy side Business Model: When they create a Supernatural order, Members can safely and intelligently interact with leading liquidity providers called Streaming Liquidity Participants (SLPs) as well as Liquidnets buy-side-only natural pool and external markets. Members gain access to actionable liquidity from a majority of Europes dark liquidity providers, whilst waiting for an optimal natural block match. An A-TeAmGroup Publication page 15 Europe, Middle East, Africa Main Features: A Supernatural orders liquidity is sourced from the natural pool, inbound streaming liquidity from the SLPs (including brokers, MTFs, and exchanges), and external markets. With Liquidnets intelligent Supernatural trading strategies, the client controls what liquidity to access and how aggressively to trade. Active: Launched in Europe in Q4, 2009. Members: Not disclosed Users: Active Members Instruments Traded: Equities Philosophy: Supernatural, by safely delivering even more actionable liquidity, minimises market impact and maximises price improvement while protecting the anonymity of the order and being subject to Liquidnets strict monitoring of trading activity. Management: John Barker, Head of European Operations Tel: 44 (0) 20 7614 1600 Email: salesdesklondonliquidnet Web: liquidnet MS Pool MLXN Category: Internal Crossing Network Owners: Bank of America Merrill Lynch Business Model: The Bank of America Merrill Lynch internal crossing network (MLXN) is designed to leverage the vast pool of liquidity available within the firm, from retail orders to large institutional block orders and offers clients access to substantial global liquidity. Main Features: Low alpha crossing opportunities minimize adverse selection. Sophisticated anti-gaming logic to protect clients orders. Anonymous, fully electronic continuous crossing at parent and child order level. Maximised crossing opportunities with centralised flows across internal and external clients. Active: Not disclosed Members: Not disclosed Users: MLXN is a feature of the firms global algorithmic and Smart Order Routing offering. It is used as a feature of the electronic trading suite by institutional clients such as hedge funds, mutual funds, broker-dealers and Bank of America Merrill Lynchs trading desks. Instruments Traded: Equities Management: Mark Wheatley, Managing Director Tel: 44 (0) 207 996 2608 Email: ElectronicTradingSalesbaml Web: baml Category: Internal Crossing Network Owners: Morgan Stanley Target Audience: Internal and external Clients Business Model: MS Pool combines external orders from Morgan Stanleys retail, institutional and broker-dealer clients, as well as algorithmic flow and orders from the firms internal trading desks. The latter include the cash, program and proprietary desks. Customers are able to opt out of trading against flow from these internal desks in MS Pool. Main Features: MS Pool seeks to reduce market impact and overall transaction costs by executing quickly and efficiently at or within the published best Bid and Offer. MS Pool is one of a number of points of liquidity utilised by Morgan Stanleys dark liquidity router Nightvision and its various stealth trading strategies, in executing trading flow. Nightvision and Morgan Stanleys suite of trading strategies allow customers to set a minimum execution quantity to ensure larger execution sizes with zero to negligible latency added to the execution of orders. Active: September 2006 Members: Not disclosed Users: Institutional asset managers, hedge funds and retail Instruments Traded: Equities Philosophy: Morgan Stanleys order handling practices ensure the full protection of client orders pre-, intra - and post-trade. Further, the firm provides its clients with complete transparency on how their orders are routed and where their trades are executed. Management: Brian Gallagher, Morgan Stanley Electronic Trading (MSET), European Equity Markets Tel: 44 (0) 20 7425 3222 (1-888-465-2554 from US). Email: mset-eumorganstanley Web: morganstanley Nomura Category: MTF-registered Internal Crossing Network. Nomura was the first investment bank to register its internal dark pool as an MTF. Owners: Nomura Target Audience: Institutional and (non-stat) hedge fund clients Business Model: NX provides Nomuras page 16 An A-TeAmGroup Publication global electronic client base with anonymous access to its available dark liquidity. NX as a venue encourages block liquidity through the use of advanced anti-gaming controls and flexible controls for clients. Improved post-trade transparency is possible due to MTF status. Liquidity is contributed through client flow and complemented by flow from internal cash, program, delta one, derivatives and balance sheet management desks. This structure provides clients with a broad range of crossing opportunities in terms of both trading universe and investment themes. Nomura does not operate systematic internalisers or market making strategies within the pool in addition, there is no high frequency trading within NX, and Nomura maintains the ability to regulate what flow types clients cross against Main Features: Turnover levels Nomura continues to provide its clients with significant liquidity. NX is the fourth ranked dark pool across Europe in terms of turnover. Multiple crossing levels Nomura offers crossing on a traditional dark pool mid-point basis, in addition to child order touch and go via its smart order router or through direct use of IOC orders. In addition, NX is the first pool to offer to provide clients with a greater opportunity to cross against orders working on overlapping time horizons. This provides a significant uptick in crossing rates, and orders are filled on a realised VWAP basis for the duration matched. Nomura obtained a specific CESR transparency waiver around strategy crossing. Advanced anti-gaming logic NX incorporates sophisticated logic that protects clients against adverse behaviour. This includes the use of a random timed mid-price crossing cycle in the dark order book to ensure clients are protected against any opportunistic pinging, in addition to well-formed market checks to regulate participant behaviour. Client configurable Clients can determine the nature of their executions with the ability to specify their initial and subsequent fill sizes as well any residual quantities they would be willing to accept. Active: April 2007 (previously under Lehman Brothers) Members: Not disclosed. Users: Nomura clients Instruments Traded: Equities, ETFs Philosophy: Nomura believes aggregation of dark liquidity remains a key interest to clients, but should not be provided at the expense of increased information leakage. Nomura will continue to explore third-party aggregation options as they become viable, but will maintain strict controls around how client orders will interact with available options. Management: Adam Toms, Co-Head of EMEA Electronic Programs Andrew Bowley, Head of European Product Management Tel: 44 (0) 207 103 5485 Email: nx. eunomura Web: nomura nx NYSE Arca Europe Category: MTF Owners: NYSE Euronext Target Audience: Global markets for users of NYSE Euronext platforms Business Model: NYSE Arca Europe is NYSE Euronexts pan-European Multilateral Trading Facility (MTF). NYSE Arca Europe extends the trading scope of Euronexts regulated markets by adding blue-chip stocks from 13 European countries and the U. S. Main Features: NYSE Arca Europe provides easy and transparent access to pan-European and U. S. equities. Integrated with existing NYSE Euronext systems, it offers clients ultralow latency, high throughput and very low fees. It features a central limit order book trading a select group of top liquid stocks from Austria, Denmark, Finland, Germany, Ireland, Italy, Norway, Sweden, Switzerland, Spain, Hungary, Czech Republic, UK and US. Active: Spring 2009 Members: NYSE Arca Europe members Users: NYSE Arca Europe users Instruments Traded: Equities Philosophy: NYSE Arca Europes offering is unique due to its integration with NYSE Euronext, combining the flexibility of an MTF with the trading expertise and resources of a leading global exchange. Featuring a central order book, NYSE Arca is operated on NYSE Euronexts market-leading Universal Trading Platform. Management: Virginie Saade, Head of NYSE Arca Europe Tel: 31(0)20 550 4685 Email: naesalesnyx Web: nyse arcaeurope An A-TeAmGroup Publication page 17 Europe, Middle East, Africa NYSE SmartPool Category: European Dark pool Owners: Created by NYSE Euronext in partnership with HSBC, JP Morgan and BNP Paribas. Business Model: SmartPool is an exchangeled trading platform matching buyers and sellers in a non-displayed environment. SmartPool is a multilateral trading facility (MTF) approved and regulated by the UK Financial Services Authority (FSA). Main Features: SmartPool enables institutional investors who want to trade promptly, anonymously and in bulk, the opportunity to execute their transactions with reduced market impact, at improved execution prices, through SmartPools midpoint matching algorithm, and with access to what it believes is the most diverse dark trading community in Europe. Active: SmartPool launched in February 2009 Users: SmartPool is open to all international professional market participants Instruments Traded: SmartPool offers trading in all major blue-chip and selected mid-cap indices across 15 European equity markets, including securities listed on the four NYSE Euronext European markets. Philosophy: The SmartPool value proposition is built around two core differentiators: community and scale: Community In November 2009, SmartPool successfully migrated to NYSE Euronexts next-generation Universal Trading Platform (UTP). Via UTP, SmartPool can access a Europe wide client distribution network of over 220 firms (already on-net) and build a non-homogeneous trading community to differentiate SmartPool in a way which our rivals will find hard to replicate. Scale By leveraging the Universal Trading Platform, our European cash customers are now able to access the regulated markets, NYSE Arca Europe and SmartPool via the same gateways, protocols and market data platform on the same matching engine a cost efficient single point of connectivity for dark and lit pools. Management: SmartPool is based in London, and has its own management team and an independent board of directors. Les Hodgkinson, CEO. Tel: 44 (0) 207 379 2535 Email: infotradeonsmartpool Web: tradeonsmartpool Pipeline Financial Category: ATS and MTF. Pipelines execution service switches between over 100 algorithms, as well as a crossing network, and a service that develops custom trading strategies. Owners: Pipeline Financial Group Target Audience: Buy and sell-side traders in the US and Europe Business Model: Pipeline Financial Group operates institutional electronic brokerages in the US and Europe. Using proprietary technologies and data analysis, Pipeline partners with individual buy-side firms to maximize alpha capture from trade execution. Pipelines predictive capabilities help buy-side clients capture the equity and option liquidity they need, while minimising implementation shortfall. Pipeline solutions enable measurable and significant improvements to an institutions trading cost structure, a direct contribution to alpha capture. Main Features: Pipelines unique Switching Engine incorporates real-time predictive analytics to switch between algorithms in the execution of an order to maximize access to liquidity and minimize adverse selection. Pipelines Block Market crossing network employs Contra Targeting technology to enables traders to accept large block contras without the gaming risk associated with blotter scraping. Liquidity Builder technology predicts the availability of large blocks that can be assembled across multiple venues including options markets, and then assembles the block at NBBO price if a client wants to match it. Pipelines new Alpha Pro service generates custom strategies for traders, who can choose an entire strategyuniquely created for them, or a standard strategy from Pipelinein a single click. Alpha Pro can also generate a complete suite of custom strategies for an entire firm, and then predict, for every order at the moment of arrival, the trading strategy likely to generate the most alpha. Pipelines Program Trading desk seeks to combine trading expertise with innovative proprietary trading tools to deliver performance driven results. The program trading team offers a full range of sophisticated program trading services and access to multiple liquidity sources. The Program Trading Desk operates on an agency only basis and provides total execution anonymity. page 18 An A-TeAmGroup Publication Pipelines Blind Bid Options Cross BBOX is a unique user-friendly facility that links buy-side options traders with block option liquidity, without triggering the problems that can accompany a traditional request for a quote. Active: EU October 2009 (US September 2004) Members: Not disclosed Users: 430 firms Instruments Traded: Equities and Options Philosophy: Substantial research team provides unique solutions based on advanced technology, particularly in the application of market data analysis to the development of trading strategies and the execution of large orders. Management: Marcus Hooper, Executive Director, Europe Fred Federspiel, CEO Alfred Berkeley, Chairman Henri Waelbroeck, Director of Research Jim Fiesel, Managing Director, Head of Global Sales. Tel: 1 (800) 1644-1644 Email: salespipelinefinancial. eu Web: pipelinefinancial. eu Quote MTF POSIT Category: POSIT is registered as an MTF and operates as a crossing network. Owners: Investment Technology Group (ITG) Target Audience: Global Equity markets Business Model: ITGs POSIT crossing destinations give buyers and sellers opportunities to match equity orders with complete confidentiality, access to diverse liquidity pools, no market impact and the cost savings of midpoint pricing. Main Features: POSIT is indispensable for active, passive and quantitative trading styles. It covers domestic and international stocks as well as listed and OTC. POSIT is also a top venue for small, illiquid names and offers a unique after hours cross. Active: 1998 Members: Buy and Sell Side Instruments Traded: Equities Philosophy: Designed to enable institutions to trade anonymously in block size and thus prevent adverse market impact. Management: Robert Boardman, CEO, ITG Europe Tel: 44 (0) 207 670 4000 Email: infoitg Web: itg Category: MTF Owners: Quote MTF is 60-owned by BRMS Holding, a Canada-based company with activities in securities exchanges, trading and software and 40-owned by management and staff. Business Model: A truly pan-European approach that leverages sophisticated technologies to provide subscrib-ers with a simple, easy to access and low latency platform for trading pan-European stocks at competitive price rates. Liquidity is provided by committed high-frequency market makers motivated to offer EBBO. Main Features: Offers the lowest liquidity removal fee (0.14 basis points) in Europe and free trading when adding liquidity without any other hidden costs added, such as minimum monthly fees and the like. Active: September 2009 Members: Not disclosed Users: Buy and sell side firms Instruments Traded: Equities Philosophy: That the market deserves an alternative, no-frills business model geared to reducing complexity and driving down costs to the benefit of the European trading community. Wants to keep things as simple and competitive as possible to create a onestop shop venue in Europe. Management: Tams Madlena, CEO Christian Bower, Head of Sales and Marketing. Tel: 44 7768 028028 Email: salesquotemtf Web: quotemtf Swiss Block Category: Dark Pool and Block Trading Platform Owners: SIX Swiss Exchange Target Audience: European equity markets Business Model: Providing a secure and high performance non-displayed trading venue, Swiss Block ensures that the international investment community can extend their electronic and automated trading strategies to the largest and most liquid stocks that comprise the SLI Swiss Leaders Index Main Features: Swiss Block offers all of the benefits of trading on SIX Swiss Exchange, including its dual CCP model for post trade processing. SIX Swiss Exchange was the first exchange-owned dark pool in Europe. Active: August 2008 An A-TeAmGroup Publication page 19 Europe, Middle East, Africa Members: Exchange members, investors and intermediaries Users: Not disclosed Instruments Traded: Swiss Equities Philosophy: There is increasing demand for such venues as order sizes on displayed order books are becoming smaller because of the growth of algorithmic-driven trading. Institutions increasingly want to execute large trades without revealing their intentions to the broader public market Management: Christian Katz, CEO, SIX Swiss Exchange Tel: 41(0) 58 854 23 76 44 20 78 64 43 35. Email: member. servicessix-group Web: six-swiss-exchange participants trading swissblocken. html TOM MTF equities clearing company, will act as central counterparty (CCP) guaranteeing delivery and payment of equity trades. Active: TOM will formally launch after summer 2010. Members: Banks (retail order flow providers), arbitrage traders, brokers and market makers. Users: Buy and Sell side Instruments Traded: Top 50 Dutch equities, with plans for expansions into other geographic markets and derivatives. Philosophy: TOMs goal is to become Europes first broker providing MiFID best execution services for retail order flow. TOM MTF expects to reduce European transaction costs by expanding the range of assets available for trading via MTF. Management: Willem Meijer, CEO Tel: 31 20 31 49 616 Email: servicestomgroup. eu Web: tomgroup. eu Category: MTF (along with the TOM Smart Execution smart order router, TOM MTF is one of two platforms operated by The Order Machine). Owners: Binckbank, Optiver and ABN AMRO Clearing Target Audience: European equity market participants and European derivatives later this year. Business Model: Once it goes live during the second half of 2010, TOM MTF will facilitate the matching of buy and sell orders in an advantageous and transparent manner. TOM MTF runs on the Nasdaq OMX Click system, hosted at Nasdaq OMXs Lunda data centre in Stockholm. It is complemented by TOM Smart Execution, a smart order router designed by Quod Financial. TOM Smart Execution searches a variety of trading platforms, including TOM MTF, to find the best possible price at which an order can be executed. Participating institutions can become direct member of TOM MTF or become a client of TOM Smart Execution to obtain a MiFID-qualified best execution. Main Features: Significant retail volumes from the start due to support of Binckbank, the Netherlands largest retail bank with 50 of retail volumes and 390,000 active clients. Pending Dutch regulatory approval, TOM MTF reckons it will be the first MTF in Europe with a license to operate a derivatives MTF. ABN AMRO Clearing Bank currently acts as the clearing party for transactions carried out through TOM. EMCF, Europes largest cash Tradeweb Category: MTF Owners: Tradeweb LLC Target Audience: North American, European and Asian Fixed Income, Derivatives and Equity markets Business Model: Tradeweb is a leading provider of online markets and a pioneer in the development of electronic trading and trade processing. The company provides services in the fixed income, derivative, and equity markets to clients in more than 50 countries. Main Features: Over 2,000 institutional clients have access to pricing from more than 40 dealers on the worlds largest online fixed income and derivatives marketplace for institutional clients. Tradeweb also operates rapidly growing business in the inter-dealer and retail sector. Active: Launched in 1998, continual development of different products Members: Asset managers, banks, central banks and hedge funds connect up to the Tradeweb network to access over 40 dealers Users: Buy and Sell Side Instruments Traded: Government Bonds, Derivatives, Spread Products, Money Market and Credit products Philosophy: To become an increasingly valued partner to the buy-side and sell-side community. Todays markets can move in a split second. Thats one reason why Tradeweb has operations, including data page 20 An A-TeAmGroup Publication centres, in the US, Europe and Asia. Being close to its markets ensures that Tradeweb can provide the best service to clients in their own time zone. With a highly experienced technology team, Tradeweb aims to offer the most complete network for executing and processing fixed income and derivative trades. Management: Lee Olesky, Chief Executive Tel: 44 (0) 207 776 3200 Email: Europe. clientservicestradeweb Web: tradeweb Turquoise Category: MTF Owners: Majority owned by the London Stock Exchange Group Target Audience: European equity markets Business Model: Independent-led MTF, supported by 12 of the largest global investment firms. Main Features: Offers an integrated book with hidden order functionality, a mid-point price referencing dark book and a dark aggregation service, TQ LENS. Single point of entry for those already connected to or hosted at the London Stock Exchange. Active: September 2008 Members: Sell-side broker dealers with European presence Users: (as above) Instruments Traded: European and US cash equities, including ETFs and ADRs. Philosophy: Provide a competitive, low cost and efficient way to trade pan-European securities. Management: David Lester, CEO Tel: 44 (0) 20 7382 7600 Email: infotradeturquoise Web: tradeturquoise operates continuous crossing on a strict price time priority basis. PIN in EMEA is available in Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Israel, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Turkey and the UK. Active: UBS began offering crossing capabilities in EMEA in early 2005, and launched UBS PIN in 2006. Members: N A Users: UBS PIN in EMEA is available to all Direct Execution clients executing agency orders as well as to agency algorithmic order flow from UBSs strategic alliances. Instruments Traded: European Equities Philosophy: UBS believes that crossing is about the client: its goal is to deliver quality execution and a consistent experience, not preference its own liquidity and increase its advertised crossing rate. UBS carefully considers its liquidity partners to ensure only the highest quality execution. Because UBS believes that dark liquidity should be dark, it does not use IOIs and only participates in venues where it is confident in that information leakage risk is fully managed. UBS provides complete transparency in the post-trade process, so clients know how, where and when their orders were executed. Management: Tim Wildenberg, Head of UBS Direct Execution - EMEA Tel. 44 (0) 20 7568 8313 Email: directexecutionservicesubs Web: ubs directexecution UBS PIN Category: Internal Crossing Network Owners: UBS Target Audience: Institutional investors and Hedge Funds Business Model: UBS PIN is UBSs internal order flow networka signal-free environment in which users can interact with quality liquidity from institutional and retail agency orders. The bank designed this internal network to be as natural as possible and 100 non-displayed, so theres no market impact. Main Features: UBS PIN provides access to a natural-only, 100 dark pool which An A-TeAmGroup Publication page 21 A-TEAMINSIGHTMulTiMEdiA A-Team Citihub Video Series: low latency Connectivity Solutions Sponsored by Interxion This video series has been designed to help market practitioners understand the various commercial offerings in the marketplace for building high-performance trading infrastructures that can take advantage of todays increasingly high-speed markets. In addition to our sponsors, Interxion, we asked six leading suppliers to explain why low-latency trading infrastructures are so important, and the technological challenges their clients face when trying to build them. We asked them to describe their own approach to solving performance issues in the trading environment, and finally we had them offer up some insight into how they see this exciting market segment evolving over the next 12 to 18 months. Videos in the series start with Interxion and include the following technology innovators: Thomson Reuters, Interactive Data, 29West, Fixnetix, Activ and Quanthouse. Watch the video series for FREE now A-TeamGroup low-latency-connectivity Sponsored By Produced By north america An A-TeAmGroup Publication page 23 North America Alpha Category: ECN Owners: BMO Nesbitt Burns, Canaccord Capital, CIBC, CPP Investment Board, Desjardins Securities, National Bank Financial, RBC Dominion Securities, Scotia Capital, TD Securities Target Audience: Canadian Equities markets Business Model: Alpha is a continuous order platform, where trading occurs on a price-time priority basis. A distinguishing feature of Alpha is the considerable equities trading experience and resources that the dealers bring to the ATS Main Features: Not disclosed Active: September 2008. Members: It will be open to all dealer institutions who are members of the Investment Industry Regulatory Organization of Canada (IIROC). Users: Not disclosed Instruments Traded: Equities. Philosophy: Alpha aims to improve equities trading, competitiveness and market liquidity in Canadian capital markets Management: Jos Schmitt, CEO Tel: 1 (647) 259-0405 Email: mailboxalphatradingsystems. ca Web: alphatradingsystems. ca Email: salesaquaequities Web: aquaequities Barclays LX Liquidity Cross Aqua Category: Block Trading Platform Owners: Cantor Fitzgerald and BGC Partners Target Audience: Global Equity Markets Business Model: The model aims at modernising block trading between the buy side and the sell side, which had not advanced beyond traditional methods because of concerns over sensitive order information seeping into the market. Main Features: Aqua harnesses buy-side OMS liquidity to facilitate anonymous trading between the buy side and brokers. Active: January 2007 Members: Mostly buy side, institutional block traders and portfolio managers Users: Buy and sell side Instruments Traded: Equities Philosophy: Playing to market demand for new ways to access block liquidity. Institutions and brokers the world over are attracted by the opportunity to access unique, untapped pools of new liquidity, and Aqua will deliver what the marketplace wants Management: Kevin Foley, CEO. Tel: 1 (212) 821-1100 Category: In the US, LX Liquidity Cross is an Alternative Trading System registered under SEC Rule 300(a) of Regulation ATS, under the Securities Act of 1934, commonly referred to as a dark pool. Owners: Barclays Capital Target Audience: US equity markets Business Model: LX Liquidity Cross is Barclays Capitals dark crossing network that aggregates unique liquidity from our global client base, market structure investments, and internal trading desks. By providing access to multiple segments of liquidity in the equities markets, LX allows Barclays Capital to maximize crossing opportunities for our clients. LX is a true dark pool where no client order information is published. Main Features: User-Defined Access: Clients have the ability to configure which types of trading counterparties they interact with when taking and providing liquidity. They are also able to set minimum execution quantity parameters. Anti-Gaming Surveillance: Client performance in LX is monitored by the Electronic Product Group to prevent gaming. Reports are available to determine performance against different client segments in LX. Clients have the ability to define different interaction models in LX for taking and providing liquidity. Price Improvement: When order limits overlap, price improvement is provided to both trading parties based on an 80 20 breakdown for providers and takers, respectively. Reliable Technology: The scalable architecture on which LX is built is capable of handling 50 million orders per day in the U. S. with an average roundtrip latency of less than 2 milliseconds. In the US, LX is being hosted in Savviss NJ2 data centre, offering sub millisecond execution and collocation for direct clients. Active: Barclays Capital launched LX in the US in 2008. Members: All sources of flow are targeted to provide differentiated and valuable liquidity to clients. Flow types in LX include Barclays Capitals internal trading desks, institutional trading clients, retail order flow partners, and select broker dealers and electronic liquidity providers. page 24 An A-TeAmGroup Publication Users: Buy side and sell side Instruments Traded: All Reg-NMS Names Philosophy: The Barclays Capital Electronic Trading team is dedicated to providing superior technology, service, and customization to clients. Underlying Barclays Capitals liquidity strategy is a sustained commitment to offering clients best-in-class infrastructure and diverse liquidity. Management: William Libby, Vice President, Electronic Trading Services Tel: 1 (212) 526-1130 Email: ESTbarclayscapital Web: barx equities liquiditycrossing. html Block Cross BIDS ATS Category: Block Trading Platform Owners: Bank of America Merrill Lynch, Barclays Capital, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Knight Capital, Morgan Stanley, NYSE Euronext and UBS. Target Audience: BIDS ATS is designed to bring counterparties together to anonymously trade large blocks of shares. BIDS Trading ATS resolves the classic paradox of the block trader the need to find legitimate trading counterparties without prematurely revealing trading intentions. Business Model: The BIDS Trading ATS is open to all qualifying broker-dealers and their institutional clients, subject to basic credit and regulatory requirements. The primary goal of BIDS Trading is to build an open network of buy side and sell side firms. Main Features: The BIDS Trading ATS is designed to level the playing field for block trading and to treat all firms the same. It is highly customizable and anonymous. Active: Spring 2007 Members: Block Traders, Broker dealers and sponsored users, buy side, asset managers, hedge funds. Users: Buy and sell side Instruments Traded: Equities Philosophy: Aims to create a highly liquid, low-cost, industry-sponsored service for block traders. The BIDS ATS is a block-crossing network that is designed to maximize the ability to execute large orders. Management: Tim Mahoney, CEO Tel: 1 (212) 618-2060 Email: infobidstrading Web: bidstrading Category: Block Trading Platform, ATS Owners: Pulse Trading Target Audience: US Equities Business Model: Allows buy-side traders to stay uncommitted and receive opportunities inbound. With a 5,000 minimum share size, BlockCross has two modes of trading: Confirmation, with an average print size of 55,000 and Auto-Ex, with an average print size of 17,000. Main Features: Blotter integration with most OMS EMSs allows for best execution driving to provide the broadest spectrum of block liquidity. Active: May 2007 Members: Not disclosed Users: Buy-side block-trading community. Instruments Traded: Equity Blocks. Management: Mark Enriquez, Managing Partner, Pulse Trading Tel: 1 (617) 850-7000 Email: supportblockcross Web: blockcross Bloomberg Tradebook Category: Agency Broker ECN Owners: Bloomberg LP Target Audience: US Equity, Global Equity, Futures, Options and FX markets Business Model: Bloomberg Tradebook provides brokerage services for electronic direct market access, algorithms and analytics for trading equities, futures, options and FX instruments Main Features: Bloomberg Tradebook is a leading global agency broker that provides direct market access and a breadth of trading analytics and algorithms to institutional traders that seek maximum alpha on every market transaction. Clients are in charge of driving their own tradeswhether its a single security or a large program, with the support of Tradebooks agency execution consultants to help find and manage opportunities. Active: 1996 Members: Used by institutional traders, broker-dealers, hedge fund managers, marketmakers and portfolio broker managers. Users: Buy and Sell Side Instruments Traded: Equities (ETFs, preferreds, stock and REITs) Futures (financial, energy, commodity) Options (on Equities and Futures) and Spot FX. Philosophy: Founded in 1996, Tradebook offers its customer base multi-asset, multi - An A-TeAmGroup Publication page 25 North America currency trading solutions to actively manage complex trading strategies in over 60 global markets. Investment advisors, money managers, hedge funds, proprietary desks and broker dealers around the world rely on Tradebooks trading solutions for equities, futures, options and foreign exchange trading. Management: Raymond M. Tierney III, CEO President of Bloomberg Tradebook LLC Tel: 1 (212) 617-7070 Email: TBdeskbloomberg. net Web: bloombergtradebook Citi Match Category: Internal Crossing Network Owners: Citi Target Audience: Internal Institutional Clients Business Model: Citi Match allows institutional flow, orders from the firms internal desks, and flow from Citi algos to rest within its system to match up against retail flow. Main Features: Citis internal flow includes orders from its sales traders, traders, program traders and other internal desks. Active: December 2007 Members: Not disclosed Users: Buy side Instruments Traded: Equities Philosophy: Citi Matchs new and broader customer base is intended to push its executions higher. Focused on creating a mechanism whereby all ATD flow and Citi flow Smith Barney, Lava, Citis various desks and algos can wash through one box Management: Chris Jackson, Director of Electronic Execution Sales Tel: 1 (212) 793-0710 Email: Not disclosed Web: citi simple OMS or EMS permission change and a light web-based application download. Main Features: Trade anonymously in deep pools of liquidity without revealing sensitive information. ConvergEx Cross automatically polls OMS EMS blotters for interest and identifies potential opportunities to negotiate a block cross without giving free looks. The ConvergEx CrossBoard gives clients the ability to anonymously send and receive symbolonly indications (SOIs) to the ConvergEx Cross trader community. The CrossBoard provides valuable insight into upstairs liquidity, offering the opportunity to react to undisplayed committed liquidity or attract liquidity when its hard to find. Connecting to ConvergEx CrossBoard is via simple download and desktop install. Active: April 2007 Members: ConvergEx Cross is currently available on the Eze OMS, Bloomberg EMSX and RealTick EMS Users: Buy and Sell side Instruments Traded: Equities Philosophy: ConvergEx looked at how to best meet demand for liquidity post RegNMS and decided to develop a crossing product to address their trading requirements. Management: John Tzannes, Product Manager of BNY ConvergEx Group Tel: (212) 259-5524 Email: JTzannesconvergex Web: convergex Crossfinder ConvergEx Cross Category: Block Trading Platform Owners: ConvergEx (Bank of New York Mellon) Target Audience: Designed for both buyers and sellers by accessing both institutional and broker order flow Business Model: The ConvergEx Cross is an innovative solution that provides anonymous execution at the midpoint with natural buy-side contraparties, providing the benefits of zero market impact trading and price improvement that only pure block crossing can offer all on clients own terms. Connecting is through a Category: SEC-registered Alternative Trading System (ATS) Owners: Credit Suisse Target Audience: All clients of Credit Suisse Business Model: Crossfinder, Credit Suisses dark pool, anonymously matches buy and sell orders Main Features: The largest US dark pool according to independent research reports from Tabb and Rosenblatt as of April 2010, Crossfinder offers clients immense liquidity, anonymity, and the ability to execute orders with less impact than would be likely in the public markets. Active: 2004 Members: Not disclosed Users: Crossfinder is available to all Credit Suisse clients Instruments Traded: Equities Philosophy: Crossfinder is a pure dark matching system, where matching is based on page 26 An A-TeAmGroup Publication time price priority. Management: Dmitri Galinov, Head of Crossfinder Tel: 1 (212) 325-2044 Email: dmitri. galinovcredit-suisse Web: credit-suisse CrossStream Category: SEC-registered Alternative Trading System (ATS) Owners: Fidelity Capital Markets, a division of National Finance Services LLC Target Audience: Not disclosed Business Model: As part of Fidelity Investments, with 1.5 trillion in assets under custody, Fidelity Capital Markets delivers a natural source of diverse liquidity provided by our various leading financial services business lines. Main Features: Liquidity CrossStream offers a distinct advantage in the search for liquidity by aggregating order flow from Fidelitys brokerage businesses: 1,000 institutional clients through Fidelity Capital Markets 5.3 million accounts with more than 300 clients, ranging from retail brokerdealers to institutional investment firms, through National Financial Services (figures as of March 31, 2001 source: Fidelity unaudited data). Anonymity Operated as a nonquoted, nondisplayed dark book, CrossStream is a completely anonymous, SEC-registered Alternative Trading System (ATS). Without any information leakage, CrossStream provides access both to large, liquid names that can be moved in bulk and to a wide range of smaller, less liquid issues that are difficult to trade in the public markets. Performance CrossStream accepts a number of advanced order types for precise control over how clients interact with our liquidity. Key features include: Advanced order types, including market, limit, pegging, discretion, derivative pricing (midpoint, last sale, bid, offer, and percentage of National Best Bid and Offer NBBO spread), and minimum execution quantity Matching logic within the NBBO spread that helps ensure quality executions with minimal market impact Pro rata allocation algorithm that helps ensure fair allocation of prints without constantly yielding to larger blocks or orders placed earlier Active: November 2006 Members: Not disclosed Users: All types of users, including retail investors, institutions, hedge funds, investment advisers and correspondent broker-dealers. Instruments Traded: US Equities Management: Michael Cashel, Senior Vice President and Head of Equity Tel: 1 (888) 595-0589 Email: ETCfmr Web: fidelitycapitalmarkets GETCO Execution Services Category: ATS Owners: GETCO LLC Business Model: Essentially runs as a dark market-making venue, a very simple, straightforward market where GETCO is the sole liquidity provider and enters firm buy - and sell side quotes into the system. Any brokerdealer can be a customer and take liquidity Main Features: GES executes trades only when there is a match at the National Best Bid and Offer (NBBO) or better. Subscribers send immediate or cancel orders (IOC) to the ATS and receive, on average, a sub-millisecond response for a fill, partial fill or cancel. GES is structured to eliminate subscriber risk for gaming or information leakage. There are no indications of interest (IOI) feeds or orders routed out of the ATS, and unexecuted individual order information is never disclosed. Active: March 2008 Members: GETCO has approximately 75 subscribers to date, which are a mix of retail, institutional agency firms. Users: Sell Side Instruments Traded: Equities FX Philosophy: GETCO wanted to find a way to interact with the increasing amounts of liquidity that do not make it to the public markets. Thus, the firm aimed to develop a simple formula which provides customers with access to its significant liquidity Management: Drew Krichman Tel: 1 (646) 747-0034 Email: dkrichmangetcoexecution Web: getcoexecution Instinet BLX Category: Hybrid Continuous Point-in-Time Block Crossing Network Owners: Instinet (owned by Nomura) An A-TeAmGroup Publication page 27 North America Target Audience: Institutional clients (agency-only) Business Model: Optimised to interact with the small sized, algorithmic orders common today, Instinet BLX aggregates buy sell orders and triggers a passive cross when matchable volume grows to a specified size, thereby building a block trade. Main Features: BLX utilizes and innovative, unique block-trading paradigm that dynamically initiates point-in-time crosses within a continuous crossing framework. Active: September 2009 Members: Not disclosed Users: Access available through Instinet or a range of third-party brokers and EMS providers. Instruments Traded: Equities Philosophy: Designed to allow clients to effectively trade blocks despite the small sized, algorithmic orders common today. Management: Jonathan Kellner, President, North America Contact: Instinet US Sales Tel: 1 (877) 467-8463 Email: newaccountsalesinstinet Web: instinet and minimal market impact. Management: Jonathan Kellner, President, North America Tel: 1 (877) 467-8463 Email: newaccountsalesinstinet Web: instinet Knight Link Instinet U. S. Crossing Category: Point-in-Time Block Crossing Network Owners: Instinet Target Audience: Institutional clients (agency-only) Business Model: Comprised of 11 daily crossing matches in the US, Instinet Crossing provides opportunities to trade large blocks with complete anonymity and minimal market impact at benchmark or midpoint prices, including VWAP and market-close. Main Features: Instinet Crossing, which includes the industrys first crossing network (the Instinet overnight cross, launched in December 1986), allows clients to trade at benchmark or mid-point prices, including VWAP and market-close, while meeting various strategic goals across differing investment styles. Active: December 1986 Members: Not disclosed Users: Access available through Instinet or a range of third-party brokers and EMS providers. Instruments Traded: Equities Philosophy: Designed to allow clients to trade large blocks with complete anonymity Category: Source of off-exchange liquidity Owners: Knight Target Audience: Buy - and sell-side Business Model: Knight Link is an electronic access point into Knights deep, off-exchange liquidity Main Features: Knight Link offers rapid order execution in more than 7,300 listed and Nasdaq securities with a strong focus in difficult-to-trade names. More than 65 of executed volume on Knight Link is made up of small - and mid-cap securities Active: Q3 2007 Members: Not disclosed Users: Buy - and sell-side Instruments Traded: Equities Philosophy: Knight Link is aimed at clients looking for little or no market impact, high fulfillment rates and low transaction costs Management: Jamil Nazarali, Managing Director Tel: Erica Attonito: 1 (201) 386-2833 Tara Muller: 1 (201) 557-6904 Email: Erica Attonito: eattonitoknight Tara Muller: tmullerknight Web: knight Knight Match Category: ATS Owners: Knight Target Audience: Buy and sell side Business Model: Knight Match provides clients access to Knights unique liquidity that is made up of institutional, retail, internal liquidity and algorithmic order flow, as well as flow from Knights external relationships. Main Features: Clients can benefit from Knight Matchs strength in small - to midcap stocks across a wide range of sectors. Knight Match is accesible via Knight Direct, Knights Algorithmic Suite, Knights sales traders or FIX. Active: Relaunched September 2008 Members: Not disclosed Users: Buy and sell side Instruments Traded: Equities page 28 An A-TeAmGroup Publication Philosophy: Knight Match provides anonymous access and trade execution at a low cost with opportunities to obtain significant price improvement. Management: Joe Wald, Managing Director Tel: Joe Wald: 1 (212) 479-2335 Erica Attonito: 1 (201) 386-2833 Email: Joe Wald: jwaldknight Erica Attonito: eattonitoknight Web: knight LeveL ATS Category: Crossing Network Target Audience: US Equity markets Business Model: LeveL ATS is a registered broker-dealer and unique electronic alternative trading system (ATS). LeveLs innovative structure maximizes liquidity and provides best execution while minimising information leakage and market impact. Driven by low-cost pricing and a low-latency, highly stable platform, LeveL has seen record growth and has become a leading source for non-displayed liquidity. Main Features: LeveL ATS is a continuous crossing dark pool that provides the user with highly customisable options to maximise each firms own trading strategies. LeveL ATS offers two levels of interaction, and two main order types. LeveL 1 is a whitelabel internal matching engine that allows customers to match their own sources of internal flow without the high cost of building and maintaining the technology themselves. The LeveL 2 matching engine brings together LeveLs diverse flow. Customers utilise two main order types on LeveL ATS: IOC (immediate or cancel) orders or Resting orders, which can rest for a chosen amount of time within the trading day. Additionally, LeveL allows customers to build custom lists of chosen counterparties, enhancing a firms ability to further control their trading experience. While LeveL never discloses the firms within its pool, it is able to work with customers to build customised lists based on a firms trading preferences. LeveL has also created a custom order type called SmartBlock, which allows the user to control the rate of execution on a particular order, through pre-defined parameters, should the stock move away from its arrival price. These unique tools combined with LeveLs customer focused business model have helped make it a top destination of dark liquidity. Active: October 2006 Members: Registered broker-dealers can submit a LeveL Participation Application for approval to trade in the LeveL marketplace. Users: Buy and sell side Instruments Traded: US equities Philosophy: LeveL was created as a need was seen for a new trading environment in a post-Reg NMS world. LeveL takes a consultative approach with its clients everything from sales to support is from a users perspective. LeveL strives to add value to each traders process while providing high touch service in a low touch environment. Management: Whit Conary, CEO Tel: 1 (617) 350-1601 Email: Whit. ConaryLeveLATS Web: LeveLATS Liquidnet North America Negotiation Category: Block trading ATS Owners: Liquidnet Inc. and Liquidnet Canada Inc. Target Audience: Global buy side Business Model: Liquidnet is the premier institutional investment community, bringing together the worlds largest asset managers and public companies on a single network that directly connects traders, portfolio managers, analysts and listed companies. Main Features: Liquidnet Members represent 70 of US equity assets under management. Liquidnet has an average US negotiated execution size of 46,624 shares. Liquidnet averages 1.82 billion shares a day of buy-side liquidity in its US natural pool and 9.52 billion shares a day in Liquidnet Supernatural (as of Q1 2010). Active: Liquidnet launched in the US in April 2001 and in Canada in October 2006, and now offers trading access to 36 equity markets around the world. Members: The Liquidnet global community includes 598 of the top large buy-side institutions. Users: Buy-side members Instruments Traded: Equities Philosophy: Liquidnet enables Members of its community to achieve greater performance by moving from investment idea to implementation faster, ultimately retaining more alpha throughout the entire institutional investment lifecycle. Management: Seth Merrin, President and An A-TeAmGroup Publication page 29 North America CEO Tel: 1 (646) 674-2000 Email: infoliquidnet Web: liquidnet Tel: (212) 448-6002 Email: BCarrconvergex Web: euronext Millennium ATS Category: ATS Owners: ConvergEx (Bank of New York Mellon) Business Model: As a pioneer in dark pool executions, the Millennium ATS is one of the most comprehensive continuous alternative trading systems (ATS) in the US equity market. The Millennium ATS aggregates over 2 billion shares of available liquidity in over 6,000 symbols daily. And offering one of the largest and top-rated agency liquidity pools on the Street, over 100 broker-dealers access its technology daily. Main Features: Non-Displayed Liquidity Orders are invisible and partners anonymous regardless of the size of the trade. With a complete end to end solution that supports execution through settlement, clients identities are fully protected throughout the investment cycle. Neutral and Flexible Providing neutral access to a large segment of the equities market, we support multiple order types, offer flexible connectivity options and minimal information leakage and less market impact. Clients also have full control of their orders and can fine tune their strategy by setting parameters while still providing execution within the NBBO. Liquidity for Less Our clients take advantage of reduced transaction costs, and our antigaming and pure price priority ensure that clients interests are put first. Active: Acquired by ConvergEx December 2009 Members: Open to all. In addition to access provided by NYFIX, users can access NYFIX Millennium through many third-party software providers Users: Buy and Sell side Instruments Traded: Equities Philosophy: Aims to provide investors with a valuable tool for achieving best execution. The Millennium ATS seeks to help investors achieve price improvement, ensure anonymity and reduce market fragmentation through the electronic linkage of various liquidity sources, including exchanges and ECNs. Management: Brian Carr Category: ATS Owners: Mismi Inc. Target Audience: Mismis ATS and cutting edge algorithmic trading engine currently focus on US equities. Business Model: Mismi is an ATS, an Electronic Trading Broker and Technology Provider. Mismi is a neutral broker dealer that is currently focusing on the US equities market. It was spawned out of the need to integrate some of the decision factors considered by portfolio managers into the trade execution process, and developed a new crossing network and an algorithmic trading engine to meet that need. Main Features: Mismi has developed cutting edge technologies in the following areas: i) An innovative point-in-time portfolio crossing technology that facilitates the matching of portfolios and single-name orders in a dark pool in a way that gives traders the ability to control the characteristics of their baskets during execution for example, by imposing risk targets, sector and cash exposures. This bridges the gap between portfolio construction and portfolio execution. ii) A continuous crossing system that provides ultra low-latency single-name matching with novel controls. iii) A state-of-the-art algorithmic trading suite for single-name orders, portfolios and pairs. Real-time re-optimization adjusts the schedule in response to fluctuations in price, volume, volatility and benchmark behaviour. Optimised limit-order placement and ultra low-latency smart order routing decisions reduce slippage and yield superior debit credit performance. Together this offers superior price performance and low transaction costs within a neutral un-conflicted environment. Active: Q1 2010 Members: Though its geared to portfolio-level trading, Mismi also allows trading in single names and allows algorithms to access its liquidity pool Users: Not disclosed Instruments Traded: US Equities (currently) Philosophy: Mismi has developed a novel crossing network and a state-of-theart algorithmic trading engine. Jointly they enable traders to have access to cutting edge Mismi ATS page 30 An A-TeAmGroup Publication A-TEAMINSIGHT n Electronic Trading n Market Data Insight n Low Latency n Reference Data Review n Risk IT Introducing Bringing together A-Team Groups highly regarded newsletters in one consolidated news service. Your single source for insight into key financial information and technology developments and what they mean for you online and in monthly newsletter format. Do you qualify for complimentary access If youre a senior manager at a financial institution (eg: bank, brokerage, investment firm, hedge fund, etc.) then you can qualify for a complimentary annual subscription to A-Team Insight. To see if you qualify, either fill out and return the form below, or apply online at: A-TeamGroup complimentary-access SUBSCRIPTION TO A-TEAMINSIGHT Yes I would like complimentary access please let me know if i qualify I would like to subscribe (entitles you and up to two colleagues to full access) for: One year (495 795) Two years with 10 discount (891 1,431) Name Job Title Country Email (company email only for free access applications) Return form by post to: A-Team Group, Eastcott, Old Salisbury Road, Abbotts Ann, Hants, SP11 7NH, UK. We will notify you if you qualify. Those who do not qualify (vendor firms, exchanges, software and technology companies, consultants and others) will be given a free 30-day subscription and the opportunity to subscribe. However, there is no obligation. Company Telephone North America algorithmic trade execution technologies take advantage of ultra low-latency smart order routing and connectivity services focus on portfolio level execution in the dark and displayed markets in a fully integrated and holistic manner. This allows traders to incorporate into the execution process many of the portfolio factors that drive, for example, investment decisions or portfolio transition processes. Management: Andrew Bieler, CEO Tel: 1 (646) 839-6118 Email: infomismi Web: mismi MLXN Category: Internal Crossing Network (Registered ATS) Owners: Bank of America Merrill Lynch Business Model: MLXN, the Bank of America Merrill Lynch internal crossing network, is designed to leverage the vast pool of liquidity available within the firm, from retail orders to large institutional block orders and offers clients access to substantial global liquidity. Key Features: Low alpha crossing opportunities minimise adverse selection. Sophisticated anti-gaming logic protects clients orders. Anonymous, fully electronic continuous crossing at parent - and child-order level. Maximise crossing opportunities with centralised flows across internal and external clients. Users: MLXN is a feature of the firms global algorithmic and Smart Order Routing offering. It is used as a feature of the electronic trading suite by institutional clients such as hedge funds, mutual funds, broker-dealers and Bank of America Merrill Lynchs trading desks. Instruments Traded: Equities Management: Mark Wheatley, Managing Director Tel: 1 (212) 449-6090 Email: ElectronicTradingSalesbaml Web: Not disclosed internal trading desks. The latter include the cash, program and proprietary desks. Customers are able to opt out of trading against flow from these internal desks in MS Pool. Main Features: MS Pool seeks to reduce market impact and overall transaction costs by executing quickly and efficiently at or within the published best Bid and Offer. MS Pool is one of a number of points of liquidity utilised by Morgan Stanleys dark liquidity router Nightvision and its various stealth trading strategies, in executing trading flow. Nightvision and the firms suite of trading strategies allow customers to set a minimum execution quantity to ensure larger execution sizes with zero-to-negligible latency added to the execution of orders. Active: September 2006 Members: Not disclosed Users: Institutional asset managers, hedge funds and retail Instruments Traded: Equities Philosophy: Morgan Stanleys order handling practices ensure the full protection of client orders pre-, intra - and post-trade. Further, Morgan Stanley provides clients with complete transparency on how their orders are routed and where their trades are executed. Management: Andrew Silverman Tel: 1 (212) 761-8653 Email: mset-namorganstanley Web: Not disclosed NASDAQ Crossing MS Pool Category: Broker Crossing System or ATS Owners: Morgan Stanley Target Audience: Internal and external clients Business Model: MS Pool combines external orders from Morgan Stanleys retail, institutional and broker-dealer clients, as well as algorithmic flow and orders from the firms Category: Crossing Network Owners: NASDAQ Stock Market Target Audience: US equity markets. Business Model: The NASDAQ Crossing Network provides an execution option to market participants trading in NASDAQ and other exchange-listed securities that facilitates the execution of trades quickly and anonymously Main Features: The NASDAQ Crossing Network is a price discovery facility that crosses orders at a single price. The crosses enable market participants to execute on-open and on-close interest and provide unparalleled transparency. Market makers and other industry professionals have repeatedly demonstrated their willingness and ability to offset imbalances that are entered into the cross. The crosses generate opening and closing prices that are widely used by industry professionals including Russell Indexes, page 32 An A-TeAmGroup Publication Standard Poors and Dow Jones. One of the hallmarks of the NASDAQ Crossing Network is the transparency of the order imbalances. This data, called the Net Order Imbalance Indicator (NOII), is disseminated via the NASDAQ TotalView data feed, the NASDAQ Data Store, the NASDAQ Cross Net Order Imbalance (NOII) website, the NASDAQ Workstation and numerous market data distributors and service bureaus. Active: June 2007 Members: All NASDAQ market participants from the sell side, and buy-side firms can submit cross orders via their brokers or through Direct Market Access (DMA) platforms. Users: Buy and Sell Side Instruments Traded: Equities. Philosophy: NASDAQ believes its strength lies within its trading model and market participants. Competition and efficiency require constant evolution, so NASDAQ continually enhances the tools its clients need to trade well. Management: Brian Hyndman, Senior Vice President. Tel: 1 (800) 846-0477 Email: salesnasdaq Web: nasdaqtrader NX is the first pool to offer to provide clients with a greater opportunity to cross against orders working on overlapping time horizons. This provides a significant uptick in crossing rates, and orders are filled on a realised VWAP basis for the duration matched. Advanced anti-gaming logic NX incorporates sophisticated logic which protects clients against adverse behaviour. This includes the use of a random timed mid-price crossing cycle in the dark order book to ensure clients are protected against any opportunistic pinging, in addition to well formed market checks to regulate participant behaviour. Client configurable Clients can determine the nature of their executions with the ability to specify their initial and subsequent fill sizes as well any residual quantities they would be willing to accept. Active: 2009 Members: Not disclosed Users: Nomura clients Instruments Traded: Equities, ETFs Philosophy: Nomura believe aggregation of dark liquidity remains a key interest to clients, but should not be provided at the expense of increased information leakage. Nomura will continue to explore third-party aggregation options as they become viable, but maintain strict controls around how client orders will interact with available options. Management: Matt Weitz, Head of Electronic Sales Trading Rich Conti, Head of Electronic Sales Trading Tel: 1 (212) 667-1248 Email: est. usnomura Web: nomura nx Nomura NX Category: Internal Crossing Network Owners: Nomura Target Audience: Institutional and (non-stat) hedge fund clients Business Model: NX provides Nomuras global electronic client base with anonymous access to its available dark liquidity. NX as a venue encourages block liquidity through the use of advanced anti-gaming controls and flexible controls for clients. Liquidity is contributed through client flow and complimented by flow from internal cash, program, delta one and derivatives desks. This structure provides clients with a broad range of crossing opportunities in terms of both trading universe and investment themes. Nomura does not operate systematic internalisers or market making strategies within the pool in addition, there is no high frequency trading within NX, and Nomura maintain the ability to regulate what flow types clients cross against. Main Features: Multiple crossing levels Nomura offers crossing on a traditional dark pool mid-point basis, in addition to child-order touch and go via its smart order router or through direct use of IOC orders. In addition, NYBX Category: Block Trading Platform Owners: NYSE Euronext Target Audience: US equity markets Business Model: NYBX unites the deep liquidity of NYSE with the anonymity, speed and flexibility of BIDS Trading, representing 11 of the largest broker dealers in the world, to create an innovative approach for accessing block liquidity. NYBX allows non-displayed block liquidity to anonymously access the liquidity of the NYSE market both displayed and non-displayed liquidity. Main Features: NYBX matches dark orders by continuously searching the NYSE order book, trading with displayed, reserve and An A-TeAmGroup Publication page 33 North America hidden interest on the NYSE, while keeping order details anonymous. NYBX offers deep liquidity reduced fragmentation improved execution, speed and price complete anonymity and flexible control of minimum triggering volume. Active: January 2009 Members: The NYBX is open to all members of the NYSE Users: Trading is open to all broker dealers, investment managers, hedge funds and algorithms via a sponsored access model. Instruments Traded: Equities Philosophy: NYBXs block trading strategy seeks to help foster improved liquidity, relative transparency and lower market-impact costs. Management: Joe Mecane, Executive Vice President and Co-Head of US Listings and Cash Executions, NYSE Euronext Tel: 1 (212) 656-3000 Email: infoeuronext Web: nyse ultimately gain visibility opportunities and access that have never been available to them before. Management: Joseph Mecane, Executive Vice President, Co-head of U. S. Listing and Cash Execution Paul Adcock, EVP NYSE Euronext, Head of Trading Operations. Tel: 1 (212) 656-3000 Email: TradingExtradearca Web: nyse NYSE MatchPoint NYSE Arca Category: ECN Owners: NYSE Euronext Target Audience: Global markets for users of NYSE platforms Business Model: NYSE Arca is NYSE Euronexts North American ECN, designed to trade both stocks and options as the secondlargest ECN in North America in terms of shares traded. NYSE Arca also provides a fully automated, totally transparent opening auction and closing auction for all stocks. Main Features: NYSE Arca delivers the advantages of both displayed and dark liquidity, significant transparency and tremendous efficiency. It aims to provide fast execution with open, direct and anonymous market access. Trades are executed both electronically and anonymously at the best available price. Among some of the securities traded on Arca are exchange-traded funds, individual stocks and equity options. Active: Not disclosed Members: The new routing service will initially provide access to 29 destinations, which the exchange has not named. Users: Not disclosed Instruments Traded: Equities Philosophy: Believes that every company deserves a chance to grow on a more ambitious scale. NYSE Arcas broader eligibility requirements now allow smaller companies that meet their listings standards to join and Category: ECN Owners: NYSE Euronext Target Audience: US equity markets Business Model: NYSE MatchPoint is an electronic equity-trading facility that matches aggregated orders at predetermined fixed times with prices that are derived from primary markets. Main Features: NYSE MatchPoint is designed to lower transaction costs by providing a passive trading environment, no market impact, consolidated participation and liquidity, with complete control over order information. Participants are provided full anonymity through the order-entry and trade-execution process. NYSE MatchPoint accommodates both single block orders and large portfolios. Active: January 2008 Members: NYSE member firms and their customers. Users: Portfolio traders, block traders, algo and DMA providers, prop desks, agency desks, index funds transitions, mutual funds and hedge funds. Instruments Traded: Equities Philosophy: NYSE MatchPoints business and technology facilities are specifically designed to capture the existing benchmark matching business and to champion nextgeneration benchmark matching. Management: Paul Adcock, EVP NYSE Euronext, Head of Trading Operations. Tel: 1 (212) 656-3000 Email: infoeuronext Web: nyse Omega ATS Category: ECN Owners: MarLar Group, BRMS and Tactico Target Audience: Canadian Equity markets. Business Model: Full access to live executable prices at the CBBO (Canadian page 34 An A-TeAmGroup Publication best bid and offer) for TSX-listed and Venture listed securities. Omega ATS offers the most competitive trading rates for taking liquidity of all visible Canadian marketplaces. Combined with the lowest latency in Canada, clients using algorithmic trading strategies have a strong incentive to preference Omega in their routing logic. For liquidity providers, lowest latency reduces risk while providing the opportunity to be the first to see the flow. Main Features: Omega has the most competitive execution fees of the visible marketplaces and offers the lowest latency of any marketplace in Canada. Active: December 2007 Members: Subscribers must be dealers registered in one or more provinces in Canada and members of the Investment Dealers Association of Canada Users: N A Instruments Traded: TSX and Venture listed Securities Philosophy: The Omega ATS team is confident that the combination of its unique structure and market-leading partners will mark the start of an evolution of marketplace liquidity in Canada Management: Michael Bignell, President Tel: 1 (416) 646-2427 Email: michael. bignellomegaats Web: omegaats Active: March 2008 Members: Clients only Users: Institutional investors Instruments Traded: Block equities Philosophy: Onepipe wanted to develop a solution that would expose client orders to the greatest number of passive liquidity sources to give them the greatest chance of trading large blocks with minimal market impact Management: David Margulies, Head of Electronics Products Group, Weeden Co. Tel: 1 (866) 502-2546 Email: dmarguliesweedenco Web: pragmatrading Pink Link ATS OnePipe Category: Dark Pool Aggregator Owners: Weeden Co. Pragma Securities, LLC Target Audience: Institutional investor clients from both firms. Business Model: Designed to be the first Optimal Liquidity Management System built to maximize efficiency and access to nondisplayed liquidity among the multitude of existing passive liquidity sources, also known as dark pools Main Features: Onepipe unites over 40 dark pools, crossing networks, streaming liquidity venues and open market destinations into a single integrated source. Onepipe is a customisable liquidity solution that will interact with different destinations based on the urgency of your order. Depending upon chosen level, Onepipe will access dark or displayed liquidity, while using its Lifeguard facility to help protect orders from gaming and information leakage. Category: ATS Owners: Pink OTC Markets Inc. Target Audience: OTC equity markets Business Model: Pink OTC Markets Inc. provides the leading inter-dealer electronic quotation and trading system in the overthe-counter (OTC) securities market. We offer quotation and order negotiation services to broker-dealers through a desktop application and or a FIX interface. Pink OTC Markets does not match or execute trades. We provide a distributed infrastructure for broker-dealers to find and access liquidity. Main Features: Pink OTC Markets offers broker-dealers in US over-the-counter (OTC) securities a quotation and trading platform to publish quotes and communicate with other OTC market participants for order negotiations and executions in OTCQX, OTCQB and Pink Sheets quoted securities. Pink OTC offers connection to its pricing and messaging service via a desktop application (OTC Dealer) and a FIX interface (Pink FIX). Pink OTC services allow brokerdealers to negotiate trades and seamlessly integrate with their existing infrastructure to report and clear transactions Active: Application process is underway Members: Broker-dealers Users: Sell Side Instruments Traded: OTC Equities Philosophy: Provide transparency into the pricing and operation of OTC companies through our quotation and trading systems and our OTC Market Tiers which categorise OTC companies based on their disclosure to the marketplace. Management: R. Cromwell Coulson An A-TeAmGroup Publication page 35 North America Tel: 1 (212) 220-2166. Email: marketdatapinkotc Web: otcmarkets Pipeline Financial Group, Inc. Category: ATS and MTF. Pipelines execution service switches between over 100 algorithms, as well as a crossing network, and a service that develops custom trading strategies. Owners: Pipeline Financial Group Inc. Target Audience: Buy and Sell-Side Traders in the US Europe Business Model: Pipeline Financial Group operates institutional electronic brokerages in the US and Europe. Using proprietary technologies and data analysis, Pipeline partners with individual buy-side firms to maximise alpha capture from trade execution. Pipelines predictive capabilities help buy-side clients capture the equity and option liquidity they need, while minimising implementation shortfall. Pipeline solutions enable measurable and significant improvements to an institutions trading cost structure, a direct contribution to alpha capture. Main Features: Pipelines unique Switching Engine incorporates real-time predictive analytics to switch between algorithms in the execution of an order to maximise access to liquidity and minimise adverse selection. Pipelines Block Market crossing network employs Contra Targeting technology to enables traders to accept large block contras without the gaming risk associated with blotter scraping. Liquidity Builder technology predicts the availability of large blocks that can be assembled across multiple venues including options markets, and then assembles the block at NBBO price if a client wants to match it. Pipelines new Alpha Pro service generates custom strategies for traders, who can choose an entire strategyuniquely created for them, or a standard strategy from Pipelinein a single click. Alpha Pro can also generate a complete suite of custom strategies for an entire firm, and then predict, for every order at the moment of arrival, the trading strategy likely to generate the most alpha. Pipelines Program Trading desk seeks to combine trading expertise with innovative proprietary trading tools to deliver performance driven results. The program trading team offers a full range of sophisticated program trading services and access to multiple liquidity sources. The Program Trading Desk operates on an agency only basis and provides total execution anonymity. Pipelines Blind Bid Options Cross BBOX is a unique user-friendly facility that links buy-side options traders with block option liquidity, without triggering the problems that can accompany a traditional request for a quote. Active: US September 2004 (EU October 2009). Members: Not disclosed Users: 430 firms Instruments Traded: Equities Options Philosophy: Substantial research team provides unique solutions based on advanced technology, particularly in the application of market data analysis to the development of trading strategies and the execution of large orders. Management: Fred Federspiel, CEO Alfred Berkeley, Chairman Henri Waelbroeck, Director of Research Jim Fiesel, Managing Director, Head of Global Sales. Tel: 1 (800) 680-PIPE (7473) Email: salesPipelineTrading Web: pipelinetrading POSIT Marketplace Category: ATS Owners: Investment Technology Group (ITG) Target Audience: Global Equity markets Business Model: ITGs POSIT crossing destinations give buyers and sellers opportunities to match equity orders with complete confidentiality, access to diverse liquidity pools, no market impact and the cost savings of midpoint pricing. Main Features: POSIT is indispensable for active, passive and quantitative trading styles. It covers domestic and international stocks as well as listed and OTC. POSIT is also a top venue for small, illiquid names and offers a unique after hours cross. Active: 1987 Members: Buy and Sell Side Instruments Traded: Equities Philosophy: Designed to enable page 36 An A-TeAmGroup Publication institutions to trade anonymously in block size and thus prevent adverse market impact. Management: Robert Gasser, CEO Tel: 1 (800) 858-4907 Email: infoitg Web: itg Pure Trading Category: Auction market system Owners: CNSX Markets Inc. Target Audience: Firms trading Canadian exchange-listed securities Business Model: Pure Trading provides a continuous auction market system using the maker taker model to encourage market making in Canadian stocks, while offering cost effective transaction services for liquidity seekers. Main Features: The first alternative auction market system in Canada, Pure Trading offers a high capacity low latency trading system intended to support the needs of traditional traders and emerging high frequency firms. Active: September 2007 Members: 90 participating dealers, representing 99 of Canadian trading volume. Users: Not disclosed Instruments Traded: TSX - and TSX Venture-listed instruments. Philosophy: Pure Trading applies world class technology to deliver cost effective trading services to liquidity providers and consumers with the goal of enhancing the competitiveness of the Canadian cash markets. Management: Ian Bandeen, CEO Vice Chairman Tel: 1 (416) 306-0772 Email: marketopscnsx. ca Web: puretrading. ca be counting on its trading reputation as a nimble non-bulge-bracket firm to win agency flow from other brokers. Active: May 2008 Members: Not disclosed Users: Sell side Instruments Traded: Equities Philosophy: Aims to innovate based on customer feedback and produce valueadded functionality more quickly than other dark pool operators Management: Paul Onderdonk, Executive. Tel: 1 (610) 747-2526 Email: customerservicerxats Web: rxats SIGMA X RiverCross ATS Category: ECN Owners: Susquehanna International Group Target Audience: Sell-side firms and broker-sponsored buy-side firms Business Model: A matching platform that offers continuous crossing services for both block and non - block orders in a secure environment, running in a high-availability, fault-tolerant mode. Main Features: Susquehanna appears to Category: ATS Owners: Goldman Sachs Target Audience: Institutional traders globally Business Model: Through SIGMA X, Goldman Sachs aims to connect clients to the largest source of non-displayed liquidity available. Our liquidity strategy matches customer-to-customer flow, as well as Goldman Sachs franchise liquidity. SIGMA X offers both continuous and point-in-time matching (X-Cross). Goldman Sachs global crossing network offering consists of SIGMA X (US), SIGMA (Europe) and SIGMA X (Asia). Main Features: SIGMA X Block Signals provides users the ability to intelligently communicate and locate block crossing opportunities. Users, posting blocks to SIGMA X, can use Signals to invite potential block contras, to meet them in the pool. These Block Signals represent a FIRM opportunity to cross and reveal only side and minimum block quantity for that symbol. Active: SIGMA X was launched in 2006 Members: Includes Broker Dealers, Institutions and Hedge Funds Users: Buy and Sell side Instruments Traded: Equities Philosophy: SIGMA X was created as a means of harnessing the liquidity of both Goldman Sachs Electronic Trading (GSET), as well as the greater Goldman Sachs trading franchise, in an un-displayed liquidity center. Through SIGMA X, GSET aims to provide its customers with both a very sizable and unique pool of liquidity, easily accessible by the firms trading tools. Management: Greg Tusar, Head of An A-TeAmGroup Publication page 37 A-Team Groups research reports and surveys provide invaluable reference guides to the financial IT industry, whether you need to understand an issue from a strategic industry perspective, size the market, or compare suppliers and their services. No desk should be without them. As well as our published reports, A-Team conducts proprietary and customized market research and surveys specifically for clients, with a focus on reference data and enterprise data management, transaction technologies, market data and trading room infrastructure. Research A-Team a-teamgroup research A-Team Groups research reports and surveys are available for FREE at: Goldman Sachs Electronic Trading Tel: 1 (212) 357-2333 Email: gset-newsgs Web: gs electronictrading Track ECN Category: ECN Owners: Track Data Corp. Target Audience: US equity markets Business Model: Track ECN is designed to offer traders who take liquidity the lowest rate for removing liquidity in the industry. Simultaneously, subscribers are offered high rebates providing they add liquidity to the system, with no minimum volume to meet. Main Features: Track ECN offers smart order routing to major markets via direct connections, depth of book data feed and variety of order entry choices. Active: August 2005 Members: Broker dealers Users: Buy and sell side Instruments Traded: Equities Philosophy: Aims to offer low rates for removing liquidity, which in turn attracts those who want to add liquidity due to being where all the takers are. Management: Marty Kaye, CEO Tel: 1 (866) 888-7233 Email: infotrackecn Web: trackecn Philosophy: As the Canadian marketplace continues to evolve, customers are seeking alternative liquidity destinations to efficiently meet their trading needs. Match Now offers Canadian dealers and their clients a new method for matching equity orders with complete confidentiality while helping to ensure best execution. Management: Nick Thadaney, CEO, TriAct Canada Marketplace Heather Killian, COO, TriAct Canada Marketplace Tel: 1 (416) 861-1010 Email: infotriactcanada Web: triactcanada UBS ATS TriAct Canada Marketplace Match Now Category: Crossing Network Owners: ITG Canada Corp. Target Audience: Canadian Equity markets Business Model: Orders for TSX - and TSX Venture-listed securities can be matched passively or swept through Match Now to any another Canadian public marketplace. Executions occur inside the Canadian bidoffer spread. Match Now is a broker-neutral facility TriAct does not participate as agent or principal in any trade. Main Features: Offers a new method for matching equity orders with complete confidentiality while helping to ensure best execution. Active: July 2007 Members: Open to all Canadian dealers and their clients. Users: Not disclosed Instruments Traded: Equities Category: SEC Registered Alternative Trading System Owners: UBS Target Audience: Institutional investors, Broker-Dealers and Hedge Funds Business Model: UBS ATS is a signal-free environment in which you can interact with all of UBSs US equities liquidity, as well as with institutional agency algorithmic trading flow from our quality liquidity partners. Main Features: UBS ATS is a continuous crossing facility that executes orders at the midpoint of the NBBO on a strict price time priority basis. Clients may set a variety of parameters on their UBS algorithmic and DMA orders to control their interaction in PIN, and may choose to opt out of participation with certain types of flow. Active: May 2008 Members: N A Users: UBS ATS is available to Direct Execution institutional and broker-dealer clients, internal UBS desks and our quality liquidity partners, and includes UBS retail client flow. Instruments Traded: US Equities Philosophy: At UBS, we believe that crossing is about the client: our goal is to deliver quality execution and a consistent experience, not preference our own liquidity and increase our advertised crossing rate. We carefully consider our liquidity partners to ensure only the highest quality execution. Because we believe that dark liquidity should be dark, UBS does not use IOIs and only participates in venues where we are confident in that information leakage risk is fully managed. And, we provide complete transparency in the post-trade process, so you know how, where and when your order was executed. An A-TeAmGroup Publication page 39 North America Management: Charlie Susi, Head of UBS Direct Execution - Americas Tel: 1 (203) 719-1750 Email: de-salesubs Web: ubs directexecution UBS PIN Category: Internal Crossing Network Owners: UBS Target Audience: Institutional investors and Hedge Funds Business Model: UBS PIN is an internal crossing network that allows clients algorithmic orders to cross directly with other UBS institutional agency algorithmic order flow as well as the banks significant retail client flow. Main Features: UBS PIN provides access to a natural-only, 100 dark pool which operates continuous midpoint crossing on a strict price time priority basis. Active: 2006 Members: N A Users: UBS PIN in the US is available to Direct Execution institutional clients and includes UBS retail client flow. Instruments Traded: US Equities Philosophy: UBS believes that crossing is about the client: its goal is to deliver quality execution and a consistent experience, not preference its own liquidity and increase its advertised crossing rate. UBS carefully considers its liquidity partners to ensure only the highest quality execution. Because UBS believes that dark liquidity should be dark, it does not use IOIs and only participates in venues where it is confident in that information leakage risk is fully managed. UBS provides complete transparency in the posttrade process, so clients know how, where and when their orders were executed. Management: Charlie Susi, Head of UBS Direct Execution - Americas Tel: 1 (203) 719-1750 Email: de-salesubs Web: ubs directexecution the deepest sources of agency non-displayed liquidity on the Street. Main Features: VortEx offers one of the most diverse and unique sources of liquidity on the street including flow from ConvergExs agency trading desks, institutional clients executing directly through ConvergExs suite of electronic trading tools and institutional broker-dealers who leverage ConvergExs execution and settlement services. Active: April 2007 Members: For direct, systematic connectivity with optimal speed, VortEx can be accessed via high-speed FIX. For trading desk access, VortEx can be reached through every major OMS and EMS platform, including ConvergExs Eze OMS. Users: Buy and Sell side Instruments Traded: Equities Philosophy: Agency dark liquidity reduces a clients impact on the markets and provides price improvement to maximize execution performance. Management: Craig Viani, Head of Electronic Trading at BNY Convergex Tel: (212) 468-8413 Email: CVianiconvergex Web: convergex VortEX Category: ATS Owners: ConvergEx (Bank of New York Mellon) Target Audience: ET Clients Business Model: VortEx is ConvergExs highspeed continuous dark pool, combining stateof-the-art low latency technology with one of page 40 An A-TeAmGroup Publication asia pacific An A-TeAmGroup Publication page 41 Asia Pacific Axe ECN Category: ECN Owners: New Zealand Stock Exchange (NZX), Citi, CommSec, Goldman Sachs JBWere, Macquarie Securities and Merrill Lynch (Bank of America) Target Audience: Australian equity markets Business Model: AXE ECN plans to offer a high-speed, low-cost market for trading securities listed on the ASX. AXE ECN will create value for customers by including features to overcome structural deficiencies in the existing market or create new, value adding services. Main Features: Focuses on competition in trading services leading to increased market liquidity, as well as better prices, technology and innovation in market services. Members: Open to all Users: Buy and Sell side Instruments Traded: ASX-Listed Securities Philosophy: AXE ECN aims to provide a competitive choice in a well-regulated and innovative operating environment Management: Susan Bray, Acting CEO Tel: 64 4 496 2890 Email: Not disclosed Web: axe-ecn technology, which is completely dark, but at the same time be completely compliant with the regulators and the execution policy Management: Quentin Limouzi, Product Head of Asia and Japan Tel: 81 3 52 90 8557 Email: Not disclosed Web: bnpparibas. co. uk BlocSec BIX Category: Internal Crossing Network Owners: BNP Paribas Target Audience: Japanese Equity Markets Business Model: BIX utilises both the banks natural liquidity and client flows thus enabling buyers and sellers to anonymously find liquidity without information leakage or market impact. Unlike other broker offerings, BIX is very specific to the Asian market in that it has been built from scratch and launched in Japan. Main Features: BIX supports crossing within the spread, rather than at the static point of the spread Active: June 2007 Members: Institutional investors Users: Not disclosed Instruments Traded: Equities Philosophy: BIX is not about internalising a clients flow against BNP Paribas own flows. The aim of BIX is to enable the client to find the other side of the trade through Category: Block trading platform Crossing network Dark pool liquidity aggregator Owners: CLSA Asia-Pacific Markets Target Audience: Global Investors trading in the Asian markets Business Model: The BlocSec platform offers continuous a high-speed electronic platform, with continuous and high speed order matching and execution service. Clients are able to enter orders into the system and have them anonymously matched without the risk of giving away the side, quantity or price of their orders Main Features: BlocSec is an anonymous matching and crossing network which aims to provide a deep pool of liquidity to those wishing to trade in Asian without distorting the market Active: May 2008 Members: Institutional Investors Users: Buy and sell side Instruments Traded: Equities (Japan, Hong Kong, Singapore, Australia) Philosophy: BlocSecs continuous order matching and execution platform allows investors to efficiently execute their block trades which reduces both transaction costs and market impact Management: Christian Chan, Director of Electronic Execution Tel: 852 2600 8880 Email: blocsecsalesblocsec Web: blocsec Citi Match Category: Internal Crossing Network Owners: Citi Target Audience: Internal Institutional Clients Business Model: Citi Match allows institutional flow, orders from the firms internal desks, and flow from Citi algos to rest within its system to match up against retail flow. Main Features: Citis internal flow includes page 42 An A-TeAmGroup Publication orders from its sales traders, traders, program traders and other internal desks. Active: December 2007 Members: Not disclosed Users: Buy side Instruments Traded: Equities Philosophy: Citi Matchs new and broader customer base is intended to push its executions higher. Focused on creating a mechanism whereby all ATD flow and Citi flow Smith Barney, Lava, Citis various desks and algos can wash through one box. Management: Chris Jackson, Director of Electronic Execution Sales Tel: 852 2501 2020 Email: Not disclosed Web: citi Chi-East Category: Pan-Asian, Non-Displayed Crossing Network Owners: Chi-X Global and Singapore Stock Exchange (50:50 joint venture) Business Model: The non-displayed trading platform aims to initially offer block crossing facilities for equities listed on SGX, as well as on an offshore basis for the Australia, Hong Kong and Japan exchanges. Main Features: Offers clients a block trading venue in the Asia Pacific region with a deep pool of liquidity whilst retaining anonymity and reducing market impact. Active: Summer 2010 Members: Registered broker dealers in the respective jurisdictions. Users: Buy and sell side Instruments Traded: Equities Philosophy: Focus is on creating the deepest and most attractive dark pool liquidity in the Asia-Pacific region. Believe that users are looking for independent, neutral dark pools with high functionality and deep liquidity, and want this joint venture to be able to deliver it Management: Ned Phillips, CEO of ChiEast Tel: 65-6808-3299 Email: ned. phillipschi-east Web: chi-east Owners: Instinet Target Audience: Institutional Investors in Japan and Australia Business Model: Chi-X Global is a global provider of market infrastructure technologies and trading venues in Japan and Australia that aim to provide investors around the world with the most efficient markets possible through their high-speed, low-cost, intelligent trading models. Main Features: Offers a continuous auction market for Japanese and Australian equities based on strict price time priority, is fully anonymous and offers advanced order types. Active: Chi-X Japan - Summer 2010 Chi-X Australia Autumn 2010 Members: Registered broker dealers in the respective jurisdictions. Users: Widespread usage Instruments Traded: Japanese and Australian equities. Philosophy: Chi-X Global believes that truly competitive, technology-driven markets benefit all participants in the trading process investors, brokers and the primary exchanges by making the market more attractive to the global trading community, which ultimately helps to increase overall market volumes and improve investor performance. Management: John Lowrey, CEO of Chi-X Global Inc. Tel: Japan - 81 3 6366 8802 Australia - 61 2 8078 1700 Email: apac. saleschi-x Web: chi-x Crossfinder Chi-X Global (Chi-X Japan and Chi-X Australia) Category: ATS ECN Category: Internal Crossing Network Owners: Credit Suisse Target Audience: Internal Institutional Clients. Business Model: Crossfinder anonymously matches buy and sell orders. Crossfinder is currently available in Australia, Hong Kong, Japan, and Singapore. Main Features: As one of the worlds largest internal crossing engines, Crossfinder offers clients immense liquidity, anonymity, and the ability to execute large blocks of stock with less impact than would be likely in the public markets. Active: 2005 Members: Not disclosed An A-TeAmGroup Publication page 43 Asia Pacific Users: Crossfinder is available to all Credit Suisse clients. Instruments Traded: Equities Philosophy: Crossfinder is a pure dark matching system, where matching is based on time price priority. Management: Murat Atamer, Head of AES Product for Asia Pacific, Hong Kong Tel: 852 2101 7133 Email: murat. atamercredit-suisse Web: credit-suisse Instinet CBX Asia Category: Continuous Displayed Crossing Network Owners: Instinet Target Audience: Institutional Clients Business Model: Real-time electronic market where traders can execute blocks in equities listed in Japan and Hong Kong. Main Features: Ability to trade pre-IPO and when stocks are limit up down on the primary exchange. Provides advanced order functionality and potential for price size improvement. Anonymous agency execution. Minimum fill functionality. Includes a Hong Kong closing cross, with executions repriced to the market closing price after the close. Active: February 2004 Members: Not disclosed Users: Access available through Instinet or a range of third-party brokers and EMS providers. Instruments Traded: Equities Philosophy: Designed to give clients the capacity to trade blocks with each other to find their natural counterparty and reduce market impact. Management: Glenn Lesko, CEO of Instinet in Asia Phone: 852 (0)2585 0500 Email: kym. grahaminstinet Web: instinet Main Features: JapanCrossing is considered to be the only pure DMA blackbox crossing platform in Asia and has grown steadily versus the Tokyo Stock Exchanges total daily turnover. Three daily point-in-time matches for Japanlisted equities include a pre-open VWAP cross plus matches at closing price of morning and afternoon sessions of primary exchange. Active: 2001 Members: Not disclosed Users: Access available through Instinet or a range of third-party brokers and EMS providers. Instruments Traded: Equities Philosophy: Designed to give clients the capacity to trade blocks with each other to find their natural counterparty and reduce market impact. Management: Glenn Lesko, CEO of Instinet in Asia Phone: 81 3 6366 8400 Email: joji. watanabeinstinet Web: instinet Instinet KoreaCross Instinet JapanCrossing Category: Point-in-Time Crossing Network Owners: Instinet Target Audience: Institutional Investors in Japan Business Model: JapanCrossing provides liquidity in an anonymous and neutral venue for institutional investors trading Japanese equity orders, with a historical focus on small - and mid-cap stocks. Category: Point-in-Time Crossing Network Owners: Instinet (Samsung Securities local broker sponsor) Target Audience: Institutional Investors in South Korea Business Model: KoreaCross is a neutral platform that enables institutional investors to trade Korean equities anonymously presettlement, and without market impact. KoreaCross operates a daily pre-market VWAP match at 8:40 a. m. KST for the days primary market volume-weighted average price. Main Features: The Korean markets first independent securities crossing network, and the only crossing platform in Korea. Orders are completely anonymous until post-market reporting on the K-BloX system. It allows for short sales, and will aggregate order flow to allow clients to more easily meet the Korean markets 100 million KRW minimum order-size requirement. Active: June 2008 Members: Not disclosed Users: Access available through Instinet or a range of third-party brokers and EMS providers. Instruments Traded: Equities Philosophy: Designed to give clients the page 44 An A-TeAmGroup Publication capacity to trade blocks with each other to find their natural counterparty and reduce market impact. Management: Glenn Lesko, CEO of Instinet in Asia Phone: 852 (0)2585 0500 Email: kym. grahaminstinet Web: instinet smaller tick range and automatic best execution order for private investors. Management: Yoichi Ishikawa, Executive Officer Tel: 81 3 3551-511 1 Email: Not disclosed Web: kabu KABU PTS Liquidnet Asia Category: Proprietary Trading System (PTS) Owners: KABU Target Audience: Japanese equity markets Business Model: Kabu Securities Co. is an online securities company that offers a wide range of services to retail clients as well as two off-exchange platforms that facilitate Japanese equity trading for institutional clients. KABU is unique among the Japanese PTSs in that it is the only platform in Japan to offer an auction trading system similar to that of the exchanges. Main Features: The first Japanese online broker that provides a sophisticated order execution service for private investors (except for electronic trades for institutional investors). This Automatic Best Execution Order is one of the methods of automatic orders which compares the prices of primary exchanges with those of KABU. com PTS and sends orders to the market that offers the best price automatically. Furthermore, this service continues to monitor both markets not only at the time of order but also after the order. If the market it didnt select offers the better price, it changes the order from another market into this market. This service can change the markets without limit and respond to the market fluctuation flexibly. Active: July 2006 Members: Institutional Investors Users: Buy and Sell side Instruments Traded: Cash Equities Philosophy: As the Japanese equity trading landscape is quickly changing to accommodate a diverse group of execution venues, kabu is keen to attract liquidity from both on and offshore institutions. KABU PTS aims to be a complementary alternative venue for stock exchanges, using the same auction method as the Tokyo Stock Exchange, offering a Category: Block trading platform. Owners: Liquidnet. Target Audience: Global buy side. Business Model: Liquidnet is an electronic marketplace built exclusively for its buy-side-only Member community, facilitating efficient equities trading for asset management firms worldwide. Liquidnet brings together institutional investors to execute large block-sized orders directly and anonymously with improved prices and minimised market impact. Main Features: Liquidnet Australia has an average execution size of A1.27 million, with the largest single execution being A16.6 million. 97 of all trades were in the bid ask spread, while 68 were at the mid-price. Active: November 2002 Hong Kong, Singapore, and Korea: November 2007 Australia: February 2008 Japan: June 2008 New Zealand: June 2010. Liquidnet now offers trading access to 36 equities markets around the world. Members: Community includes 598 of the top large buy-side institutions. There are 168 Member firms in Liquidnet Asia Pacific, providing the platform with nearly US6.7 billion in average daily liquidity (as of Q1 2010). Users: Active Members. Instruments Traded: Block equities. Philosophy: Provide buy-side traders with the ability to efficiently and anonymously trade large blocks of equities. Members maintain complete control of their orders in our secure buy-side-only pool of liquidity, whilst minimising market impact and maximising price improvement. Management: Lee Porter, Head of Liquidnet Asia Pacific Tel: Hong Kong: 852 3798 6888 Singapore: 65 6550 9614 Australia: 61 2 9227 7000 Japan: 81 (0)3 5366 3200. Email: asiasalesliquidnet Web: liquidnet An A-TeAmGroup Publication page 45 Asia Pacific Liquidnet Australia Category: Block trading platform. Owners: Liquidnet. Target Audience: Global buy side. Business Model: Liquidnet is an electronic marketplace built exclusively for its buy-side-only Member community, facilitating efficient equities trading for asset management firms worldwide. Liquidnet brings together institutional investors to execute large block-sized orders directly and anonymously with improved prices and minimised market impact. Main Features: Liquidnet Australia has an average execution size of A1.27 million, with the largest single execution being A16.6 million. 97 of all trades were in the bid ask spread, while 68 were at the mid-price. Active: Australia: February 2008 New Zealand: June 2010. Liquidnet now offers trading access to 36 equities markets around the world. Members: Community includes 598 of the top large buy-side institutions. Liquidnet has 168 Member firms providing us with nearly A1.7 billion in average daily Australian equity liquidity (as of Q1 2010). Users: Active Members. Instruments Traded: Block equities. Philosophy: Provide buy-side traders with the ability to efficiently and anonymously trade large blocks of equities. Our Members maintain complete control of their orders in our secure buy-side-only pool of liquidity, while minimising market impact and maximising price improvement. Management: Sam Macqueen and Stephen Zilioli, Co-Heads of Liquidnet Australia Pty Ltd Tel: (61) 2 9227 7000 Email: asiasalesliquidnet Web: liquidnet opportunities minimize adverse selection. Sophisticated anti-gaming logic to protect clients orders. Anonymous, fully electronic continuous crossing at parent and child order level. Maximised crossing opportunities with centralised flows across internal and external clients. Active: Not disclosed Members: Not disclosed Users: MLXN is a feature of the firms global algorithmic and Smart Order Routing offering. It is used as a feature of the electronic trading suite by institutional clients such as hedge funds, mutual funds, broker-dealers and Bank of America Merrill Lynchs trading desks. Instruments Traded: Equities Management: Mark Wheatley, Managing Director Tel: Japan: 813 6225 8398 PacRim: 852 2161 7550 Email: ElectronicTradingSalesbaml Web: Not disclosed MS Pool MLXN Category: Internal Crossing Network Owners: Bank of America Merrill Lynch Business Model: The Bank of America Merrill Lynch internal crossing network (MLXN) is designed to leverage the vast pool of liquidity available within the firm, from retail orders to large institutional block orders and offers clients access to substantial global liquidity. Main Features: Low alpha crossing Category: Broker Crossing System Owners: Morgan Stanley Target Audience: Internal and external clients Business Model: MS Pool combines external orders from Morgan Stanleys retail, institutional and broker-dealer clients, as well as algorithmic flow and orders from the firms internal trading desks. The latter include the cash, program and proprietary desks. Customers are able to opt out of trading against flow from these internal desks in MS Pool. Main Features: MS Pool seeks to reduce market impact and overall transaction costs by executing quickly and efficiently at or within the published best Bid and Offer. MS Pool is one of a number of points of liquidity utilised by Morgan Stanleys dark liquidity router Nightvision and its various stealth trading strategies, in executing trading flow. Nightvision and Morgan Stanleys suite of trading strategies allow customers to set a minimum execution quantity to ensure larger execution sizes with zero to negligible latency added to the execution of orders. Active: September 2006 Members: Not disclosed Users: Institutional asset managers, hedge funds and retail page 46 An A-TeAmGroup Publication Instruments Traded: Equities Philosophy: Morgan Stanleys order handling practices ensure the full protection of client orders pre-, intra - and post-trade. Further, the firm provides its clients with complete transparency on how their orders are routed and where their trades are executed. Management: Joe Sarcona Tel: Hong Kong 852 2848 8222 or 1-800231-2252 (from US) Japan 813 5424 5709 or 1-800-9328919 (from US) Email: mset-femorganstanley Web: morganstanley This includes the use of a random timed mid-price crossing cycle in the dark order book to ensure clients are protected against any opportunistic pinging, in addition to well formed market checks to regulate participant behaviour. Client configurable Clients can determine the nature of their executions with the ability to specify their initial and subsequent fill sizes as well any residual quantities they would be willing to accept. Active: Japan: September 2009 Hong Kong: May 2010 Members: Not disclosed Users: Nomura clients Instruments Traded: Japanese and Hong Kong equities Philosophy: Nomura believe aggregation of dark liquidity remains a key interest to clients, but should not be provided at the expense of increased information leakage. Nomura will continue to explore third-party aggregation options as they become viable, but maintain strict controls around how client orders will interact with available options. Management: Robert Laible, Head of Electronic Trading Service Program Trading Sales, Asia Pacific Tel: 852 2252-6700 Email: AsiaEtsAllnomura Web: nomura nx Nomura NX Category: Internal Crossing Network Owners: Nomura Target Audience: Institutional and hedge fund clients Business Model: NX provides Nomuras global electronic client base with anonymous access to its available dark liquidity. NX as a venue encourages block liquidity through the use of advanced antigaming controls and flexible controls for clients. Liquidity is contributed through client flow and complimented by flow from internal cash, program, delta one and derivatives desks. This structure provides clients with a broad range of crossing opportunities in terms of both trading universe and investment themes. Nomura does not operate systematic internalisers or market making strategies within the pool in addition, there is no high frequency trading within NX, and Nomura maintain the ability to regulate what flow types clients cross against. Main Features: Multiple crossing levels Nomura offers crossing on a traditional dark pool mid-point basis, in addition to child-order touch and go via its smart order router or through direct use of IOC orders. In addition, NX is the first pool to offer to provide clients with a greater opportunity to cross against orders working on overlapping time horizons. This provides a significant uptick in crossing rates, and orders are filled on a realised VWAP basis for the duration matched. Advanced anti-gaming logic NX incorporates sophisticated logic which protects clients against adverse behaviour. POSIT Category: ECN Owners: Investment Technology Group (ITG) Target Audience: Global Equity markets Business Model: ITGs POSIT crossing destinations give buyers and sellers opportunities to match equity orders with complete confidentiality, access to diverse liquidity pools, no market impact and the cost savings of midpoint pricing. Main Features: POSIT and POSIT Marketplace are indispensable tools for traders in Asia seeking to access multiple sources of liquidity from a single destination. By bringing together institutional liquidity, the POSIT products can help deliver higher fill rates, lower trading costs and easier workflow for traders. Active: 2002 Members: Buy and Sell Side An A-TeAmGroup Publication page 47 Asia Pacific Instruments Traded: Equities Philosophy: Designed to enable institutions to trade anonymously in block size and thus prevent adverse market impact. Management: David Stevens, Chief Executive Officer of ITG in the Asia Pacific region Tel: 852 2846 3567 Email: infoitg Web: itg PTS (Proprietary Trading System) market to which many securities firms are connected online. Management: Mitsunori Fukushi, Representative Director CEO Tel: Not disclosed Email: ptsbizjapannext. co. jp Web: japannext. co. jp SIGMA X SBI Japannext Category: Proprietary Trading System (PTS) Owners: SBI Holdings, Inc. 35.7 Goldman Sachs Group, Inc. 35.7 SBI Securities Co. Ltd. 10.0 Target Audience: Japanese Equity Markets Business Model: Established in November 2006 as the first full-scale Proprietary Trading System (PTS), SBI Japannext allows the trading of Japanese equities for institutional liquidity provided from leading broker houses in Japan. The venue deploys a state-of-the-art trading system used by leading worldwide exchanges such as NYSE Euronext and started its nighttime session in October 2007. Trading was expanded to cover the daytime session in October 2008. Main Features: The daily trading value of Japannext PTS reaches 15.6 billion yen from time to time, and it has been recognised as one of the leading execution venues in Japan. According to research conducted last year, Japannext PTS showed the same or improved prices compared to the main exchange for more than 40 of the total trading hours. In addition, the venue blotter had around 5 of the order quantity for the best quotes available on the main exchange. Active: August 2007 Members: SBI Securities, Rakuten Securities, Click Securities, Goldman Sachs Securities, Credit Suisse Securities, Morgan Stanley MUFG Securities, Merrill Lynch Japan Securities, UBS Securities, Instinet Securities, BNP Paribas Securities, Deutsche Securities Users: Not disclosed Instruments Traded: Equities Philosophy: Aims to enhance the convenience of investors in the stock market and create Japans first full-fledged Category: Internal Crossing Network Owners: Goldman Sachs Target Audience: Institutional traders globally Business Model: Through SIGMA X, Goldman Sachs aims to connect clients to the largest source of non-displayed liquidity available. Our liquidity strategy matches customer-to-customer flow, as well as Goldman Sachs franchise liquidity. SIGMA X offers both continuous and point-in-time matching (X-Cross). Goldman Sachs global crossing network offering consists of SIGMA X (US), SIGMA (Europe) and SIGMA X (Asia). Main Features: SIGMA X Block Signals provides users the ability to intelligently communicate and locate block crossing opportunities. Users, posting blocks to SIGMA X, can use Signals to invite potential block contras, to meet them in the pool. These Block Signals represent a FIRM opportunity to cross and reveal only side and minimum block quantity for that symbol. Active: SIGMA X was launched in 2006 Members: Includes Broker Dealers, Institutions and Hedge Funds Users: Buy and Sell side Instruments Traded: Equities Philosophy: SIGMA X was created as a means of harnessing the liquidity of both Goldman Sachs Electronic Trading (GSET), as well as the greater Goldman Sachs trading franchise, in an un-displayed liquidity center. Through SIGMA X, GSET aims to provide its customers with both a very sizable and unique pool of liquidity, easily accessible by the firms trading tools. Management: Greg Tusar, Head of Goldman Sachs Electronic Trading Tel: Tokyo - 81 3-6437-7399 Hong Kong - 852-2978-2227 Email: gset-newsgs Web: gs electronictrading page 48 An A-TeAmGroup Publication UBS PIN Category: Internal Crossing Network Owners: UBS Target Audience: Institutional investors and Hedge Funds Business Model: UBS PIN is UBSs internal order flow networka signal-free environment in which users can interact with quality liquidity from institutional and retail agency orders. The bank designed this internal network to be as natural as possible and 100 non-displayed, so theres no market impact. Main Features: UBS PIN provides access to a natural-only, 100 dark pool, which operates continuous crossing on a strict price time priority basis and is currently available in the APAC region in Japan, Hong Kong and Australia, in addition to offerings in Europe and the US. PIN in APAC offers two types of crossing: queue improvement and mid-tick crossing, enabling clients to maximize trading opportunities by anonymously matching orders with our internal non-displayed flow. Active: UBS began offering crossing in Japan in 2006, and launched UBS PIN in Japan, Hong Kong and Australia in May 2009. Members: N A Users: UBS PIN in APAC is available to Direct Execution institutional clients. Instruments Traded: Japan, Hong Kong and Australian Equities Philosophy: UBS believes that crossing is about the client: its goal is to deliver quality execution and a consistent experience, not preference its own liquidity and increase its advertised crossing rate. UBS carefully considers its liquidity partners to ensure only the highest quality execution. Because UBS believes that dark liquidity should be dark, it does not use IOIs and only participates in venues where it is confident in that information leakage risk is fully managed. UBS provides complete transparency in the post-trade process, so clients know how, where and when their orders were executed. Management: Yang Xia, Head of UBS Direct Execution - APAC Tel: Asia: 852 2971 8334 Japan: 81 3 5208 7249 Australia: 612 9324 2017 Email: directexecutionasiaubs Web: ubs directexecution An A-TeAmGroup Publication page 49 About A-Team A-TEAMGROUP A-Team Group, founded in 2001, provides a range of global online news, in-depth research reports, and events focused on the business of financial information technology. A-Team Group serves its global client base of IT and data professionals within financial institutions, technology and information suppliers, consultants and industry utilities with insight into the business of electronic trading, market data, low latency, reference data, risk management and the impact of regulation upon these industry segments. Our flagship news service is A-Team Insight, which delivers insight for Financial Technology Executives on the stories, trends and topics that matter to you, by leveraging our team of industry experts and our extensive network of contacts. A-Team Insight is delivered via regular updates on our website, in a monthly PDF digest format and with a quarterly printed magazine A-Team IQ. Find out if you qualify for a complimentary subscription and sign up for a free 30-day trial at: A-TeamGroup complimentary-access. A-Team Groups research division provides industry professionals with focused and in-depth research offerings to better understand the specific uses of data and technology in todays trading and investment processes across the financial enterprise from front to back office. These include a series of topical white papers, survey-based research reports and focused directories (eg: algorithmic trading, valuations and alternative trading systems directories). Many of A-Teams research publications are available for free at: A-TeamGroup site research. A-Team offers custom research solutions, commissioned by clients seeking answers to specific questions for in-house product development or marketing, or looking to support their marketing activities, promote thought leadership and generate sales leads. Find out how our custom research solutions can boost your marketing campaigns by contacting A-Team Group. A-Team Groups events division produces a series of Insight Exchange events annually. These events combine A-Teams expertise in financial markets IT with thought leadership from world-class technology innovators and practical experience from financial market practitioners. For a schedule and more information, visit: A-TeamGroup InsightExchange. A-Team also partners with customers to produce custom physical and webinar events. For more information visit a-teamgroup. page 50 An A-TeAmGroup Publication In Touch with the World TNS your partner for a single, secure connection to FX trading venues TNS Secure Trading Extranet is optimised to handle mission critical connectivity, providing low latency solutions to access multiple global Forex trading venues. A single connection to TNS will provide traders with secure, reliable and robust connectivity, further enhancing the opportunity to capitalise on real time market opportunities. TNS boasts one of the largest financial communities of interest, securely connecting buy and sell-side institutions, market data and software vendors, exchanges and alternative trading venues throughout the world. 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