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Tactical Order Routing
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Tactical Order Routing (TOR) is UNX's flexible order routing solution that provides institutional clients and broker-dealers greater control of execution strategies through the Catalyst Portal, various Order Management Systems (OMS) or directly via FIX. With TOR, institutional clients and broker-dealers have the freedom to trade under their firm's MPID, or UNX's at any given venue, dark or visible.
TOR essentially begins with a Tactic which is a discrete set of routing and order instructions. UNX provides clients with the ability to create custom Tactics (or use any of the hundreds of predefined Tactics already provided by UNX), and stack them into a framework of parameters, triggers and conditions to create Plans. Clients can also commission UNX's Service Team to build advanced TOR Plans.
Unlike most algorithmic offerings, UNX's Tactics and Plans offer clients full transparency and rapid customization, exposing all the underlying parameters and conditions which drive them, as well as the location of every single execution. This granularity allows execution performance data for both complete Plans as well the individual Tactics to be evaluated by the client. This valuable information can be used with UNX's or third-party TCA products to assist in modifying and further automating the client's execution strategy without requiring endless development cycles. This combination of the data and flexible parameters delivers to clients the ability to easily automate unique trading strategies that can be adjusted in real time, delivering a new degree of agility and efficiency in the design of trading strategies. When properly integrated into the trader's workflow, UNX's TOR can help firms more effectively use their valuable trading resources where it matters most.
Below are examples of some Tactics and Plans:
Tactics
NSDQ Stealth
Performs targeted, reactive sweeps of multiple bright pools for available liquidity, then posts at NSDQ, hidden, taking discretion opportunities.
STORM IOC Probe (Darks)
Performs a reactive sweep of both bright and dark pools for available liquidity, then posts at the venue historically determined to provide maximum liquidity.
NSDQ Hidden IOC Probe
Performs a reactive sweep of multiple bright pools for available liquidity, then posts at NSDQ, hidden.
EDGX IOC Sweep
Performs a linear sweep of multiple bright pools for available liquidity, then posts at EDGX, showing a specific number of shares.
Market On Open (Listing Ex)
Posts market on open orders to the listing exchange.
BATS Peg Primary IntelliProbe (Customized)
Performs targeted, reactive sweeps of multiple bright pools for available liquidity, then posts at BATS, displaying a randomized number of shares while taking discretionary opportunities based on the NBBO quote.
ALE Sweep & CXL
Performs a reactive sweep of multiple dark pools for available liquidity, then cancels.
Max Liquidity Sweep & Post
Performs a linear sweep of multiple bright and dark pools for available liquidity, then posts at the venue historically determined to provide maximum liquidity.
Plans
VWAP Child Order-Limit
Starter pre-open VWAP 2
Starter Preopen Post
VWAP Storm Tactic
VWAP II Peg 4
VWAP II Midliquidity
VWAP II Final Market
VWAP Child order strategy that performs repeated liquidity sweeps at various prices across multiple pools with short posting intervals.
Dark Spin (Customized) Algorithm
Dark Pool #1
Dark Pool #2
Dark Pool #3
Dark Pool #4
Dark Pool #5
STORM
Custom version of the UNX Dark Spin algorithm that pings and posts at multiple dark pools, on a repetitive, randomized basis. Contains a cleanup stage to complete order at a preset percentage of shares.
Eclipse (Darks, Aggressive) Algorithm
Hidden STORM Sweep Peg Bid
Mid IOC w Darks Hidden
Stealth Dark Pool #1
Hidden No Sweep Peg
STORM
Sweeps and rests up to the contra side of the spread in available dark pools only.
Lightning
Lightning
STORM
Strategy performs multiple sweeps, and splits the order across multiple bright and dark pools. Programmed to clean up odd lots, and change behavior based on time of day.
Dark Sweep & Post (Customized)
HIDDEN Bright Pools
HIDDEN Dark Pools
Strategy performs multiple bright and dark pool sweeps with hidden postings, alternating venues on a randomized timer.
Ping & Peg (Customized)
IOC Sweep Peg Pri
Bright Pools #2 Peg
Strategy performs multiple bright pool sweeps & different venue postings, while pegging, in order to hunt for liquidity across different pools.
Stealth One (Customized)
Stealth NSDQ
STORM
Strategy performs a NSDQ Stealth tactic, priced at the midpoint or better and includes an odd lot cleanup mechanism.
Hidden Probe & Post
META Pre Open MKT ORDER
Midpoint IOC Probe Hidden
META Midpoint/STORM
META MidIOC/ListingExch
Strategy contains Pre-Open stages, as well as regular trading stages to effect multiple liquidity sweeps before posting. Also includes an odd lot cleanup mechanism.
Back Off Sweeper
IOC Probe (disp) No FD
Hidden Post
IOC Swp All No FD
Stealth NSDQ
Strategy performs multiple liquidity sweeps & multiple venue posts at different prices, using randomized, timed, back off stages until converting to stealth order after a specific interval.
Stealth (Aggressive) Algorithm
Stealth Pools #1
STORM
Aggressively takes all available liquidity, without displaying the order.
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