Unx Presentation


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Unx Presentation

  1. 1. UNX Presentation ure Experts  Market Structu [UNX]  © 2008 UNX, Inc., Member FINRA/SIPC. All rights reserved. Not to be reproduced without permission. 1
  2. 2. About UNX® UNX is an innovative electronic trading and technology company that is constantly evolving and developing new products and services with one thing in mind: keeping you ahead of th pack b enhancing your t di abilities i th constantly changing h d f the k by h i trading biliti in the t tl h i marketplace. Founded in 1999, UNX is an electronic broker/dealer serving both buy-side and sell- buy side sell side institutional clients We remain one of the only agency independents; we have no proprietary trading or conflicts of interest with our clients 200+ clients, both i th US and E li t b th in the d Europe ure Experts Full agency offering, including Unique execution fabric Fine grained Fine-grained transaction cost analysis  Market Structu Desktop trading applications, for both single-stock and programs Full commission management solutions Centralized clearing [UNX]  Provider of ASP solutions to the financial community © 2008 UNX, Inc., Member FINRA/SIPC. All rights reserved. Not to be reproduced without permission. 2
  3. 3. Products and Services Algorithmic Market Access Direct Market Access Advanced Execution Services Algorithmic Server Solutions Advanced Trading Applications Basket Center MetaBook® Post-Trade Measurement High-touch and Program Trading Services Outsourced Trading Desk ure Experts Commission Management Services 28e facilitation, easy-to-use web management tools  Market Structu Independent Agency Brokerage Consolidated ticket service Proactive Service and Support Support staff include experienced traders pp p [UNX]  © 2008 UNX, Inc., Member FINRA/SIPC. All rights reserved. Not to be reproduced without permission. 3
  4. 4. Connectivity/Routing y/ g ure Experts  Market Structu [UNX]  * ‐ integration process is underway © 2008 UNX, Inc., Member FINRA/SIPC. All rights reserved. Not to be reproduced without permission. 4
  5. 5. Rule Based Routing Rule Based Routing Rules Based Routing ‐ Combines a series of layered user defined filters  to select trade implementation strategies. These filters include: Security type (Listed, OTC, BB, Pink sheet, and ETF)  Order type (Market/Limit) Average daily volume (ADV) ure Experts Order size Order size  Market Structu Time filter (Pre‐Open, End of Day) [UNX]  © 2008 UNX, Inc., Member FINRA/SIPC. All rights reserved. Not to be reproduced without permission. 5
  6. 6. Rule Based Routing Example Rule Based Routing Example Security Order Order ADV Tactic Type Type Size IOC Midpoint 0 – 999 shares Probe Impact 1,000 – 9,999 Management shares Engine < 2 % ADV Market Listed OTC > 10,000 shares ETF Ma Limit Li i arket Centers > 2 % ADV Order Agency Desk  Or Algo Trading Tools > 1 % ADV Market M kt Bulletin Board > 250 shares Pink Sheet Limit < 1 % ADV STORM 0 – 249 shares © 2008 UNX, Inc., Member FINRA/SIPC. All rights reserved. Not to be reproduced without permission. 6
  7. 7. Execution Fabric ‐ Tactics Execution Fabric  Sweep Synthetic  Order Type yp Post Discretion ure Experts (Tactic)  Market Structu Pegging [UNX]  © 2008 UNX, Inc., Member FINRA/SIPC. All rights reserved. Not to be reproduced without permission. 7
  8. 8. Execution Fabric  Defining a Tactic Execution Fabric – Defining a Tactic ure Experts  Market Structu [UNX]  © 2008 UNX, Inc., Member FINRA/SIPC. All rights reserved. Not to be reproduced without permission. 8
  9. 9. Execution Fabric ‐ Plans Execution Fabric  Stage 1 Stage 2 Stage 3 STORM Ladder  Sweep AUTO‐ ure Experts NASDAQ  MARKET Hidden Post Hidden Post  Market Structu Dark Sweep STORM [UNX]  © 2008 UNX, Inc., Member FINRA/SIPC. All rights reserved. Not to be reproduced without permission. 9
  10. 10. Execution Fabric  Defining a Plan Execution Fabric – Defining a Plan A rule‐based environment for combining tactics and order handling logic to create complex  synthetic order types hi d – Technical service organization – Technical service team ure Experts  Market Structu [UNX]  © 2008 UNX, Inc., Member FINRA/SIPC. All rights reserved. Not to be reproduced without permission. 10
  11. 11. Putting it all together Putting it all together Algorithms Plans Tactics ure Experts  Market Structu DMA [UNX]  © 2008 UNX, Inc., Member FINRA/SIPC. All rights reserved. Not to be reproduced without permission. 11
  12. 12. UNX Algorithms UNX Algorithms GOAL STRATEGY PARAMETERS Sweeps multiple venues and then hides User choice between hidden post and UNX Aggressively take available liquidity orders in UNX engines which seize dark server. Limit orders of any size. Does STEALTH without ever posting out loud. discretion opportunities across the not accept market orders. Orders may be marketplace. replaced for price and quantity. 3 aggressiveness levels control pricing of Participate at as many venues as Hides orders at multiple price levels and at stages. Limit orders only up to 100,000 shares. ECLIPSE possible without showing your order a variety of venues - both traditional and No market orders. Orders may be replaced out loud. dark. for price and quantity only. 3 aggressiveness levels control pricing and Maximize liquidity extraction across Periodic, randomized liquidity probes frequency of probes. Market orders up to ORBIT fragmented marketplace while allowing for quotes to fill in. 10,000 shares are accepted and limit orders minimizing quote impact. up to 100,000 shares. Trade outside traditional markets Repeated, periodic sweeps and posts in DARK SPIN Limit orders of any size, no market orders. without affecting prevailing quotes. numerous Dark Pools. Seeks to match or beat the Slices orders based on historical, intraday VWAP ure Experts consolidated VWAP for a user- volume arcs and executes with price- N/A determined trade duration. improving tactics. Actively participates with volume Market or limit orders of any size. Start time, VOLUME using a rate of execution that is in Employs a variety of tactics at different End time, participation rate, and 3 levels of proportion to the actual volume price points simultaneously. PARTICIPATION adherence.  Market Structu traded in the security. security Efficiently sweeps and posts at most liquid ATOM Seeks to price-improve small orders. Limit orders of any size, no market orders. destination. Work with software implementation Design your own trading specialists to build virtually any Your imagination and our building CUSTOM strategy. strategy using UNX's component blocks. [UNX]  tactics. © 2008 UNX, Inc., Member FINRA/SIPC. All rights reserved. Not to be reproduced without permission. 12
  13. 13. UNX web based TCA: http://tca.unx.com UNX web‐based TCA: http://tca.unx.com ure Experts  Market Structu [UNX]  © 2008 UNX, Inc., Member FINRA/SIPC. All rights reserved. Not to be reproduced without permission. 13
  14. 14. Customizable TCA Customizable TCA UNX TCA is designed to allow the easy creation of customized reports. ure Experts  Market Structu [UNX]  © 2008 UNX, Inc., Member FINRA/SIPC. All rights reserved. Not to be reproduced without permission. 14
  15. 15. TCA  Component by Component TCA – Component by Component The ability to also measure functional components allows us to  continually drill‐ down and refine the quality of execution ure Experts  Market Structu [UNX]  © 2008 UNX, Inc., Member FINRA/SIPC. All rights reserved. Not to be reproduced without permission. 15
  16. 16. Lifecycle Concept Custom Tactics Custom Tactics TCA Custom Rule  Based Routing TCA ure Experts  Market Structu Custom  TCA Plans/Algos [UNX]  © 2008 UNX, Inc., Member FINRA/SIPC.  All rights reserved. The material is not intended to rate or recommend any security  or any type of strategy or service for trading any security. Market conditions and system performance may delay system  access, real‐time data and trade execution.  UNX and MetaBook are trademarks of UNX, Inc. 062508A 16