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Algorithmic trading:
Mismi's algorithmic
trading engine and smart-order-router provide a cutting edge platform for
superior, neutral execution services. Currently, these execution services
are deployed in the US equities market, and actively expanding in
international markets.
Mismi's algorithmic trading engine combines sophisticated
strategy features that give traders control over their flow. They use
proprietary filters and models of high-frequency market behavior, that
lead to optimized interaction in today's electronic limit order books,
achieve best price performance, and superior debit/credit for our
clients.
Mismi's portfolio algorithms allow traders to customize their
execution strategy to better align it with their original intent and
portfolio considerations. Proprietary optimization algorithms allow for
fast, real-time re-optimization of trading behavior, giving the portfolio
the ability to adapt to real-time changes in market conditions.
Mismi provides pre- and post-trade reports that allow
traders to understand their performance with respect to relevant
benchmarks, spread capture, debit/credit, activity in lit/dark venues
etc., both with respect to single-name orders and portfolio executions. More...
Portfolio & Continuous
Crossing:
Mismi's next-generation crossing ATS provides control over
trading outcomes, thus enabling managers to reduce risk, trade larger
blocks and control market impact. Because of these unique features, Mismi attracts more liquidity, resulting in higher
execution rates for all Mismi participants,
whether the goal is to trade single stocks or entire portfolios. No other
crossing solution offers these capabilities.
Mismi allows participants to specify a broad array of
portfolio-level trading constraints to implement trade execution
strategies that are aligned with the respective portfolio investment
strategies. This can preserve the portfolio managers' projected alpha,
and control the exposure of the resulting set of untraded positions (the
residual portfolio). For example, portfolio-level constraints can control
the exposure of the residual trade list to particular sectors or industry
groups, market capitalization, common style factors; control the total or
active risk of the residual portfolio.
Mismi's technology uses advanced and proprietary optimization
algorithms to compute optimal crossing outcomes in negligible time
intervals , i.e., the outcomes that maximize the execution rates observed
by its participants, subject to the their respective portfolio-execution
constraints. Mismi's capabilities are unique;
no existing matching facility or ATSs offer the breadth of
portfolio-level controls and flexibility for investment strategy
implementation during trading.
In addition, Mismi has developed a low-latency continuous crossing
system that offers a rich set of controls to traders coupled with unique
matching functionality.
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