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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).
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 ATS attracts a far broader spectrum of participants—including both single-name and portfolio traders—who enter orders, on-board cash or both, thus enhancing Mismi's execution rates. Mismi's unique controls allow participants to enter with cash and a portfolio-investment strategy that specifies how their capital is to be deployed in the cross, while at all times maintaining the anonymity and opacity of the dark pool. This liquidity, in turn, directly benefits single-name traders.
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.
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