Destination-specific strategy.

Book + CLC + NYSE

Destination-specific strategy.

Book + NYSE. RDOX strategy routes directly to the New York Stock Exchange (NYSE) after passing through the Direct Edge exchange book.

Destination-specific strategy.

Book + IOC BATS. Sweeps book and routes to BATS Exchange as an immediate or cancel (IOC) order, the remainder being cancelled if there is no execution.

Destination-specific strategy.

Book + IOC BX. Sweeps the EDGA/EDGX book and routes to Nasdaq BX Exchange as an immediate or cancel (IOC) order, with the remainder being cancelled if their is no execution.

Destination-specific strategy.

Book + IOC ARCA. Sweep book and Route to NYSE ARCA as IOC

Book + CLC + Low Cost Venues + Street + EDGX (Day orders will post).

Sweeps the EDGA/EDGX book, then sequentially sweeps the balance, if any, to the following destinations: other destination centers, then Nasdaq OMX BX, NYSE, and remainder posts to EDGX.

Book + Select fast CLCs.

Sweeps the EDGA/EDGX book before being routed to other destination centers.

Book + Low Cost/Select fast CLCs + Street.

Sweeps the EDGA/EDGX book, then other destination centers, and any remainder routes to other market centers.

Book + Low Cost/CLC.

Sweeps the EDGA/EDGX book before interacting with solicited orders on a price/time priority basis.

Book + Low Cost/CLC + Street.

ROUT orders that check the EDGA book and route to our CPI and CLC liquidity pools before reaching other protected markets.

Book + Street.

ROUT alternative - customers can bypass both CPI and CLC by using ROUX, which checks the EDGA book only before routing out to other protected markets.

Book + Select super fast CLCs.

Sweeps the EDGA/EDGX book, then routes to other destination centers. ROUQ will route to a select group of dark pools after passing through the Direct Edge exchange book. ROUQ will complement our suite of dark only strategies that target the Comprehensive Liquidity Check (CLC) to provide low-cost executions with minimal market impact and latency.

Destination-specific strategy

Book + EDGX. Orders are eligible to be routed to EDGA (for orders entered on EDGX) or to EDGX (for orders entered on EDGA). Order must be a Limit IOC

Destination-specific strategy

Book + CLC + EDGX. Orders are eligible to be routed to IOI destinations and then to EDGA (for EDGX orders) or to EDGX (for EDGA orders). Order must be a Limit IOC.

IOCM low cost strategy: EDGA + MPM EDGX.

Marketable IOCM orders will first interact with the EDGA book and any remainder will ping EDGX Midpoint Match.

ICMT low cost strategy: EDGA + CLC + MPM EDGX.

Marketable ICMT orders will first interact with the EDGA book then interact with CPI & CLC and any remainder will ping EDGX Midpoint Match.

Destination-specific strategy.

Book + NASDAQ

Destination-specific strategy.

Book + LavaFlow. Sweep book and routes to FLOW as IOC or DAY(depending on original order`s TIF).

Destination-specific strategy.

Book + IOC BYX. Sweeps the EDGA/EDGX book and routes to BATS BYX Exchange as an immediate or cancel (IOC) order, with the remainder being cancelled if there is no execution.

EDGA + IOC BX + IOC BYX

EDGA + IOC BX + IOC BYX + CLC + MPM EDGX

Book (Midpoint Peg) + MPM EDGX + Midpoint IOC (Select fast CLC's + Lit Venues) + Book (Midpoint Peg)

Book + Open + CLC + Street + Close (Listing market opening and closing auctions are optional)

IOC Only. Book (Displayed only) + Top of Book.

SWPA will sweep the displayed top-of-book from all protected markets up to the limit price of the order and cancel the balance back to the member. SWPA will still sweep the market when the order quantity is less than the total protected quantity that is better than or at the price of the order.

IOC Only. Book (Displayed only) + Top of Book Canceled if insufficient order quantity to clear the market.

SWPB will sweep the displayed top-of-book from all protected markets up to the limit price of the order and cancel the balance back to the member. SWPB orders will be canceled back immediately if at time of entry there is insufficient order quantity to clear the protected quantity that is better than or at the specified price level.

Day Only. Book + Top of Book.

SWPC will sweep the displayed top-of-book from all protected markets up to the limit price of the order. Any remaining shares will interact with Direct Edge liquidity and then post to the book at the order`s limit price. SWPC will still sweep the market when the order quantity is less than the total protected quantity that is better than or at the price of the order.

Limit order.

Limit orders allow users to buy or sell a security at a desired price or better. TIF availability: DAY, GTD, IOC, GTC, GTX.

PEG order.

BATS allows orders to peg to the NBBO in four ways: primary, market, midpoint, alternate midpoint.

Hidden order.

Hidden orders allow users to hide the limit order on the BATS order book. Hidden orders have lower priority than visible orders at the same price level.

Intermarket Sweep Order.

An intermarket sweep order (ISO) defined as an immediate or cancel order (IOC) ignores the NBBO and does not route away from the BATS order book. Day ISO orders provide a day time frame rather than the default IOC order. Directed ISO orders are sent via BATS to a specified market center.

Discretionary Order.

Discretionary orders have a working visible price and an non-displayed discretionary price. The discretionary price is a hidden upward offset, which users are willing to buy, or a hidden downward offset, which users are willing to sell. A minimum amount of discretion necessary will be used to achieve execution.

Reserve order.

Reserve orders allow users to enter a limit order and only display a fraction of the order size. The entire size is available for execution. Also, the reserve portion of the order is last in priority after visible and hidden orders.

Post Only order.

Post only orders allow users to make a market and specify not to remove liquidity unless adequate price improvement is accessible. Any incoming post only orders that cross with a resting displayed order that does not offer adequate price improvement will be rejected.

Partial Post Only @ Limit Order.

Partial Post Only at Limit offers liquidity removal with price improvement while allowing users to designate a Maximum Remove Percentage to allow for removal of liquidity at the limit price.

Parallel D routing strategy.

Splits a routable order and sends it to multiple market centres simultaneously at the same price level. Liquidity is exhausted at each price level to the limit price

Parallel 2D routing strategy.

Splits a routable order and sends it to multiple market centres and multiple price levels simultaneously.

Parallel T - Top Only routing strategy.

Parallel T accesses top of book liquidity only. Splits a routable order and sends it to multiple market centers executing against only the protected (top) quotes to the limit price.

TRIM routing strategy.

TRIM orders access low-cost market centers (as defined by BATS and are subject to change). Optionally, TRIM may be combined with BATS DRT strategy. After routing to low-cost and DRT markets, the order returns to the originating exchange BZX Exchange or BYX Exchange. Orders originating on BZX Exchange, may optionally access the BZX Exchange order book first. TRIM2 and TRIM3 offer variations to TRIM with fewer market centers.

SLIM routing strategy.

SLIM orders originating on BZX Exchange first scrape that book then route to BYX Exchange. Orders originating on BYX Exchange first scrape the BYX Exchange order book. SLIM next accesses low-cost protected market centers, followed by DRT markets, unless Memberselect to skip DRT. SLIM then looks at additional low-cost protected market centers before routing to all remaining protected market centers. Finally, the order returns to the originating exchange.

BZX Exchange-only routing strategy.

Identical to SLIM, except it first routes to BYX Exchange prior to accessing the BZX Exchange order book.

BATS to BATS routing strategy.

B2B allows Members to route to both BATS Exchanges order books at-cost of the target platform. Orders will first check the originating order book (BZX Exchange or BYX Exchange), and optionally the BATS DRT strategy before routing to the BATS sister exchange at-cost.

Access liquidity at all market centers by sending order flow to BZX Exchange or BYX Exchange with the default, or ALL, routing strategy. This order makes use of routing strategies available within the BATS Smart Order Router.

Dark Scan order.

The Dark Scan order type offers BATS Members the opportunity for price improvement and lower access fees via interaction with Dark Liquidity Partners (DLPs). Orders matched against Dark Scan DLPs will be free of charge. BATS Dark Liquidity Partners: Alternet Securities, Inc., GETCO Execution Services, Liquidnet H20 and Morgan Stanley Electronic Trading DLP.

Access only BATS liquidity by sending the order to BZX Exchange or BYX Exchange with the BATS ONLY routing strategy. By default this order isn`t routed to away markets.

BATS+ DRT first access the BATS order book, then remaining shares route to participating Dark Liquidity Partners (DLPs), offering potential price improvement and lower access fees.

Dark Routing Technique

Routes to dark pools offering possible price improvement and lower access fees.

Sequential routing strategy.

CYCLE targets one protected market at a time and then sends the full remaining quantity on to the next market center. If the order can`t be filled completely at the National Best Bid and Offer (NBBO), the CYCLE strategy will, in an iterative manner, route to other markets at the limit price of the original order.

Aggressive routing strategy.

Re-Route is designed to aggressively re-route and fill orders. Orders come off the BATS order book and target a locking or crossing quote at another market center, matching or improving upon the limit price. This behavior occurs anytime BATS receives an updated quote from another market that locks OR crosses the order resting on the BATS order book. Re-routing may continue until the order is completely filled.

Trades aggressively and employs the AES Fair Value model to minimize market impact without displaying bids or offers. Uses advanced signal-reduction methodologies to minimize market impact while finding liquidity wherever it resides.

Adds near side protection to your Guerrilla strategy by floating a small visible portion on the near touch to ensure your are trading when your side of the book becomes active.

Trades aggressively up to your limit without showing visible bids or offers. Aggressive stealth strategy for active traders, Sniper sniffs out and probes for hidden liquidity across a huge number of venues at blistering speed.

Seeks to minimize implementation shortfall against the arrival price, increasing participation when the price is favorable.

Work to a VWAP benchmark driven by the historical volume curve

Seeks liquidity from Crossfinder and an ever increasing list of both independent and broker owned dark pools.

Seeks to minimize implementation shortfall against the market adjusted fair value price.

Sends orders into the market evenly over time.

Works the order in line with the volume.

Intelligently works orders into the close to minimize market impact.

Pegs the order to the prevailing order book with or without a reserve quantity.

Intelligently routes orders to all available liquidity venues.

Places your order at a specific limit price, showing only either your specified display size or an AES optimized display size to hide your full order quantity.

*** For Historical Purposes Only***

Similar to FAN, but is limited to dark pools only. No public markets are accessed.

*** For Historical Purposes Only***

Find And Nail.

Sweeps and probes dark pools and public markets for liquidity. Simultaneously rests and intelligently circulates shares throughout dark pools (and back to ATSs and public markets).

*** For Historical Purposes Only***

Uses real time and historical liquidity measures to determine speed in completing an order.

*** For Historical Purposes Only***

Uses adaptive liquidity sourcing and anti-gaming logic that leverages both historical information and intraday feedback to execute orders in Small and Mid-cap equities while minimizing market impact.

Speed routing strategy.

After 9:30 a.m., ET, DOTA behaves as SCAN. Prior to 9:30 a.m., NYSE- and NYSE MKT-listed security orders will be sent to the primary for the open.

Speed routing strategy.

After 9:30 a.m., ET, DOTM behaves as STGY. Prior to 9:30 a.m., NYSE- and NYSE MKT-listed security orders will be sent to the primary for the open.

Speed routing strategy.

First attempts to execute against orders available on the NASDAQ book at a price equal to or better than the NBBO. If shares remain unexecuted after routing they are posted on the NASDAQ book. Once the order is posted to the NASDAQ book, if it is subsequently locked or crossed, the system will not route out again.

Speed routing strategy.

Behaves similar to SCAN, except that the order will route out again after posting to the NASDAQ book if the order is subsequently locked or crossed.

Speed routing strategy.

Behaves like SCAN but does not send orders to non-Reg NMS protected market centers.

Speed routing strategy.

Behaves like STGY, but opts out of sending orders to non-Reg NMS protected market centers.

Speed routing strategy.

Routes to all protected quotes for display size only. Depending on the time-in-force on the order, the remaining shares will be posted to the NASDAQ book or be cancelled back to the entering party. Once an order posts to NASDAQ, it is no longer eligible for routing. Customers can use MOPP to post on the NASDAQ book and sweep all protected quotes, and then print to the FINRA/NASDAQ Trade Reporting FacilityTM (TRFTM).

Speed routing strategy.

Behaves like MOPP, but MOPB orders will be cancelled immediately without executing if the MOPB order`s quantity is insufficient to clear the protected quantity across all Reg NMS destinations. Additionally, MOPB orders will not post on NASDAQ after sweeping the market.

Savings routing strategy.

Attempts to execute against orders in the NASDAQ book at a price equal to or better than the NBBO. If unfilled, it will then route to BX where it will also attempt to execute at the NBBO or better. If still unfilled, the order will route to NYSE or NYSE MKT where the order will remain until it is executed or cancelled. DOTZ behaves as DOTI but does not route to BX.

Savings routing strategy.

Thrifty (TFTY) accesses BX, low-priced liquidity venues, PSX and NYSE. All orders using the TFTY strategy must have a limit price. QTFY acts the same as TFTY but checks the NASDAQ book before routing. QTFY behaves similar to TFTY but checks the NASDAQ book before routing to other destinations.

Savings routing strategy.

Behaves like SAVE in that it accesses BX, PSX, NASDAQ, all other protected quotes and additional destinations before posting unexecuted shares to the NASDAQ book, but routes out after posting if the NASDAQ book is subsequently locked or crossed.

Savings routing strategy.

SAVE accesses BX, PSX, NASDAQ, NYSE, all other protected quotes and additional destinations. If shares remain unexecuted after routing they are posted on the NASDAQ book. Once the order is posted to the NASDAQ book, if it is subsequently locked or crossed, the system will not route out again. QSAV behaves similar to SAVE but checks the NASDAQ book before routing.

Savings routing strategy.

Behaves similarly to QDRK, but additionally accesses the BX, EDGA and BATS-Y exchanges.

Savings routing strategy.

Simultaneously accesses NASDAQ and low cost liquidity venues.

Simplicity routing strategy.

Orders are routed to the primary listing market for the opening and closing processes. If received outside of the open or close time frame, orders will check the NASDAQ book and then route to Reg NMS protected quotes before posting unexecuted shares on the NASDAQ book.

Simplicty routing strategy.

Checks the BX, PSX and NASDAQ books before optionally posting to the NASDAQ book.

Simplicty Directed Order routing strategy.

This unique order is directed to a market center other than NASDAQ as specified by the entering party. Directed orders do not check the NASDAQ book and are routed at the entered price and entered quantity. If unexecuted, the order (or unexecuted portion thereof) shall be returned to the entering party. This order type can be entered as an Intermarket Sweep Order (ISO), and may only be used for orders with time-in-force (TIF) of Immediate or Cancel (IOC).

Routing strategy.

Simultaneously accesses PSX and low cost liquidity venues.

Routing strategy.

Behaves similarly to XDRK, but additionally accesses the BX, EDGA and BATS-Y exchanges.

Routing strategy.

First attempts to execute against orders available on the PSX book at a price equal to or better than the NBBO. If shares remain unexecuted after routing they are posted on the PSX book. Once the order is posted to the PSX book, if it is subsequently locked or crossed, they system will not route out again.

Routing strategy.

Behaves similar to PSCN, except that the order will route out again after posting to the PSX book if the order is subsequently locked or crossed.

Routing strategy.

Thrifty (PTFY) accesses low-priced liquidity venues, NASDAQ, BX, PSX and NYSE. All orders using the BTFY strategy must have a limit price. TFYX acts the same as PTFY but checks the PSX book before routing.

Routing strategy.

Routes to all protected quotes for display size only. Depending on the TIF on the order, the remaining shares will be posted to the PSX book or be cancelled back to the entering party. Once an order posts to PSX, it is no longer eligible for routing. Customers can use MOPP to post on the PSX book and sweep all protected quotes, and then print to the FINRA/NASDAQ Trade Reporting Facility (TRF).

Routing strategy.

Checks all the BX, PSX and NASDAQ books before optionally posting to the PSX book.

Routing strategy.

Simultaneously accesses BX and low cost liquidity venues.

Routing strategy.

Behaves similar to BDRK, but additionally accesses the EDGA and BATS-Y exchanges.

Routing strategy.

First attempts to execute against orders available on the BX book at a price equal to or better than the NBBO. If shares remain unexecuted after routing they are posted on the BX book. Once the order is posted to the BX book, if it is subsequently locked or crossed, they system will not route out again.

Routing strategy.

Behaves similar to BSCN, except that the order will route out again after posting to the BX book if the order is subsequently locked or crossed.

Routing strategy.

Thrifty (BTFY) accesses low-priced liquidity venues, NASDAQ, BX, PSX and NYSE. All orders using the BTFY strategy must have a limit price. TFYB acts the same as BTFY but checks the BX book before routing.

Routing strategy.

Routes to all protected quotes for display size only. Depending on the TIF on the order, the remaining shares will be posted to the BX book or be cancelled back to the entering party. Once an order posts to BX, it is no longer eligible for routing. Customers can use MOPP to post on the BX book and sweep all protected quotes, and then print to the FINRA/NASDAQ Trade Reporting Facility (TRF).

Routing strategy.

Checks all the BX, PSX and NASDAQ books before optionally posting to the BX book.

Limit order that can interact with a broker's own order flow, order flow from other brokers, or orders within LeveL's book. Resting orders are not part of the marketplace and are not routed out of LeveL to another executing venue or publicly disseminated as part of the national quote streams.

IOC Orders have an immediate or cancel duration and will only match against Resting Orders residing in the LeveL book. If a match is not available with a Resting Order it will be canceled back to the client.

IOC Orders can be priced at the market, midpoint or as limits IOC Orders can support both minimum quantity and block minimum quantity.

Market Order.

An order to buy or sell that is to be executed at the best price obtainable. Bound by the NBBO.

Limit Order.

An order to buy or sell at a specified price or better. A marketable limit order is a limit order to buy (sell) at or above (below) the protected best offer (bid) for the security.

Inside Limit Order.

Marketable inside limit orders will be matched within the Book at the best obtainable price or routed to the market participants at the NBBO. Any residual volume will not be routed to the next price level until all quotes at the current best bid or offer are exhausted. Non-marketable inside limit orders will be posted in the Book at the limit price.

Reserve Order.

A limit order that replenishes the displayed order size as executions are received, up to the total order quantity; away markets are routed at their quoted size or larger (if applicable) when hitting the bid or taking the offer. Reserve orders look only at protected quotes.

Adding Liquidity Only order.

The ALO order is a limit order that is posted to the NYSE Arca book in order to add liquidity. The Order assists Users in controlling their costs. Once accepted and placed in the NYSE Arca book, ALO orders will not route to away market centers. The ALO order shall be Day Only, and may not be designated as Good Till Cancel (GTC). ALO orders will be rejected when interacting with Passive Liquidity (PL) Orders. Aggressively priced ALO PNP Blind orders, that are moving (or changing price) due to an NBBO update, may result in receiving liquidity removing.

Good-Till-Cancel Order.

A limit order to buy or sell at a specified price that remains active from one day to the next, until the order is either executed or canceled.

Primary Only order.

A market order that is to be routed as a market-on-open order to the primary market for participation in the primary market opening or re-opening process. A primary order entered after the primary market opens is processed as a normal market order.

Primary Only Plus order.

An order type that allows users to send a directed order for immediate routing to the primary, listing exchange, without first sweeping the NYSE Arca Order Book. The order can be entered as an Immediate-or-Cancel (IOC) order, or as a Day Order that will remain open until the order is either executed or cancelled. Additionally, the new PO+ order type supports reserve orders.

Primary Sweep Order.

A market or limit order that sweeps the NYSE Arca Book and routes any remaining balance to the primary listing market. All orders with a PSO designation should be marketable. Non-marketable orders will function as regular limit orders.

Immediate Or Cancel order.

A market or limit order that is to be executed in whole or in part on NYSE Arca as soon as the order is received. Any residual balance is cancelled. IOC orders may not trade through protected quotes.

Fill or Kill Order.

A limit order that is to be executed in full as soon as the order is received. If execution is not possible, the entire order will be immediately cancelled. FOK orders will not route away from NYSE Arca to other market centers.

Post No Preference order.

A limit order to buy or sell that is to be executed in whole or in part on NYSE Arca. The portion not executed is posted in the Book without routing any portion of the order to another market center. PNP Orders that lock or cross the market will be rejected.

Post No Preference Blind order.

The PNP B order is an undisplayed limit order priced at or through the Protected Best Bid and Offer (PBBO), with a tradable price set at the contra side of the PBBO. When the PBBO moves away from the price of the PNP B and the prices continue to overlap, the limit price of the PNP B will remain undisplayed and its tradable price will be adjusted to the contra side of the PBBO. When the PBBO moves away from the price of the PNP B and the prices no longer overlap, the PNP B shall convert to a displayed PNP limit order.

Tracking Limit Order.

A tracking limit order is an undisplayed, priced round lot that is eligible for execution in the tracking order process against orders equal to or less than the aggregate size of the order if interest is available at that price. Orders may be entered at any price. Orders will only execute at the NBBO. Incoming ISO orders will not interact with tracking orders.

Passive Liquidity order.

An undisplayed limit order that resides in the NYSE Arca limit order book. All displayed orders at the same price as a PL order will have priority over a PL order unless the PL order is priced more aggressively. The PL order will not trade through a protected quote.

Mid-Point Passive Liquidity order.

The MPL order is an undisplayed limit order that is priced at the midpoint of the Protected Best Bid and Offer (PBBO). MPL orders will generally interact with all order types including contra MPLs excluding: cross or directed orders. MPL orders will be entered as a limit order but are executable only at the midpoint of the NBBO. MPLs will not execute if the market is locked/crossed.

Discretionary Order.

An order with two price components a display price and a discretionary price that is displayed at your specified price, not your discretionary price. When a bid or offer appears at or within your discretionary price range, your order will be matched on NYSE Arca or proactively routed externally to protected quotes.

Discretion Limit Order.

An order that is displayed at your specified price, not your discretionary price, along with a share quantity minimum requirement for routing discretionary prices outside the Book. When a protected bid or offer appears on an away market at or above your share quantity minimum, your order will be routed to protected Quotes.

Passive Discretionary Order.

The order is displayed at your specified price (not your discretionary price) and is not eligible to route. When a bid or offer appears in the Book at or within your discretionary price range, it will be executed against the Book as long as it does not trade through a Protected Quote. A discretionary price can be used in combination with a reserve order.

Cross Order.

A cross order is a two-sided order with both a buy and sell component combined that trades at a stated price for a stated size specified by the user. Cross orders must satisfy better prices displayed in the Book and any Protected Quotes before matching the remaining shares as a cross.

Midpoint Cross Order.

A two-sided order with both a buy and sell component combined that trades at the midpoint of the PBBO. Orders will never be broken up and will always execute as `clean crosses.` Orders cannot trade ahead of the Book.

IOC Cross Order.

A two-sided order with both a buy and sell component combined that trades at a price specified by the user. An IOC Cross will not interact with the Book or Protected Quotes, and will be rejected if order interaction would occur. Orders will never be broken up and will always execute as `clean crosses.` Orders cannot trade ahead of the Book.

Post No Preference Cross and Post Order.

A cross order to buy or sell that is to be executed in whole or in part on NYSE Arca. Any residual share balance that has been broken up and not crossed initially is immediately posted in the Book without routing any portion of the order to another market center. The posted share balance will be treated as a normal limit order.

Pegged Order.

An order with a price that will track the protected best bid or offer. Pegged orders may also make use of offsets from the same side bid (offer) or offsets from the contra side (peg buy offset from offer). The order is displayed in the Book.

NOW Order.

A limited price order that is executed in whole or in part that will be routed to one or more NOW recipients (those venues that respond immediately with a fill or a cancel) that are protected quotes for immediate execution if the order cannot be executed on NYSE Arca. Orders are immediately canceled if not executed at the quoted price or better.

Primary Until 9:45.

The Primary Until 9:45 Order type will allow users to route orders directly to the primary listing market for the first fifteen minutes of the trading day. If the order is not executed by 9:45 a.m. ET the order will be cancelled from the primary market and a new order will be entered in the NYSE Arca Book. Upon returning to the NYSE Arca Book, the new order will receive a new time priority. The Primary Until 9:45 Order may be Day, GTC, or GTD. Orders that return to the NYSE Arca Book after routing to the primary market will retain their original order attributes.

Primary After 3:55.

The Primary After 3:55 Order type will allow users to submit an order to the NYSE Arca Book where it will remain until 3:55 p.m. ET. If the order remains unexecuted at 3:55 p.m. ET the order will then be cancelled from the NYSE Arca Book and routed to the primary listing market for execution. The Primary After 3:55 Order may be Day only and may not be designated as GTC or GTD. When the order is routed to the primary market at 3:55 p.m. ET it will retain its original order attributes.

Market-On-Close order.

A market order that is to be executed only during the closing auction.

Limit-On-Close order.

A limit price order that is to be executed only during the closing auction.

Market Order.

A Market Order is defined as an order entered to access or execute against the opposite side of the market at the best available price, immediately.

Market NSX Only.

A Market NSX Only Order is entered to access or execute against the opposite side of the NSX market at the best price available, within the NBBO, immediately. This order will NOT route out.

Limit Order.

A Limit Order is entered at a specified price. The order can execute at that price or better. This order can route out and can be posted to the NSX Book.

Limit Immidiate Or Cancel order.

A Limit IOC Order is entered at a specified price and seeks immediate execution at that price or better. This order will not route out.

Limit NSX Only Order.

This order is entered at a specified price seeking execution at that price or better only within NSX. The order will not route out.

Limit Post Only Order.

seeks to be a liquidity provider. It has a specified price. This order will reject upon entry if marketable. This order will not route out.

Limit Destination Route order.

Limit DR order is entered at a specified price and to be routed to a specified market center/ destination. This order always executes against the NSX book first and then routes to the specific destination.

Limit Reserve order.

A limit order with an order quantity greater than the display quantity. The Display Quantity must be a Round Lot.

Sweep and Post order.

SAP order will walk the NSX book and all the protected market centers, up to the order quantity and limit price. Any residual shares will be posted in the NSX book at the order price.

Sweep and Cancel order.

SAP order will walk the NSX book and all the protected market centers, up to the order quantity and limit price. Any residual shares will be canceled.

Destination Sweep order.

DS order will execute against the NSX book first then sweep an away market center. NSX routes this order as Intermarket Sweep Order to the specified destination.

Intermarket Sweep Order.

An ISO executes against NSX Protected Quote, regardless of the NBBO.

Zero Display NSX Only order.

ZD Only order is entered with a valid order quantity and a display quantity of zero. Zero display orders will only participate on the NSX BLADE and are not routed.

Zero Display Post Only order.

ZD PO is entered with a valid order quantity and a display quantity of zero. Zero Display Post Only orders can be marketable upon entry. Zero display orders only execute on the NSX BLADE as liquidity providers.

SuperX Plus algorithm.

SuperX Plus intelligently seeks dark liquidity while offering a sophisticated level of order protection for smarter execution. It is dark trading made intelligent, bringing you global access to the best pools of liquidity.

Stealth liqudity seeking algoritm.

Stealth is Deutsche Bank's next generation liquidity seeking algorithm. The strategy utilizes advanced high frequency models to source dark and bright liquidity, identifying market signals to generate smarter executions. By continually adapting to intraday market conditions, Stealth rapidly captures trading opportunities when quality liquidity is discovered. Stealth is underpinned by SuperX Plus, the industry's leading dark liquidity seeking algorithm* and is highly customisable for all trading styles.

Percentage of Volume strategy.

The Percentage of Volume strategy aims to pace the execution of single-stock orders to match a target percentage of market volume. Variable participation can be applied to capitalize on expected short-term price movements: the target percentage may be set to vary with absolute or relative stock performance.

Implementation Shortfall strategy.

The IS strategy is designed to minimize slippage from the arrival price while balancing the trade-off between market impact and risk.

Volume-weighted average price strategy.

The VWAP strategy is designed to pace the execution of single stock orders to match the historical distribution of volume within user-specified time periods. Expected market volume is estimated from historical volume profiles calculated on a per-stock basis. An order placement algorithm determines the size and timing of child orders to account for the expected volume and short-term market signals.

Time-weighted average price strategy.

The TWAP trading strategy seeks to minimize the expected negative deviation of the average trade price compared to the time weighted average price during the life of the order. Traders have the added flexibility of controlling participation levels to limit impact and of opting out of trading at the Open or Close for a targeted user-defined time period

Target Close strategy.

The Target Close strategy is designed to execute single-stock orders benchmarked to the official closing price. The algorithm executes orders on an optimized trading schedule, customizable by user-specified levels of risk aversion.

Seeker strategy.

Seeker is architected to meet the demands of program trading (high sustained order volume) and high frequency statistical arbitrage trading (low latency). The strategy engine typically adds a latency of approximately 1ms under a load of 2,000 orders/sec

Liquidity seeking algorithm.

Neutral strategy that identifies optimal trading points based on liquidity, price and fair value of the stock. The strategy yields a participation rate that is relatively moderate, while performing well against both arrival price and interval volume weighted average price (VWAP).

Liquidity seeking algorithm.

A momentum strategy best used to augment DarkSweep by identifying favorable price levels in the quoted market. The strategy may be used over the day, yielding participation rates that are relatively passive.

Liquidity seeking algorithm.

Aggressive strategy that trades quickly and achieves high participation rates with minimal market impact. The strategy is best used when a trader wants to take liquidity aggressively without posting the order.

Volume Weighted Average Price strategy.

Trades along with volume throughout the day over a user-specified time horizon. VWAP utilizes proprietary volume forecasting method to determining order placement.

Target Volume strategy.

Designed to forecast and trade along with market volume at user-defined rate.

SNAP strategy.

Strategy aimed to minimize the Implementation Shortfall of an order. Optimizes the trade-off between market impact, liquidity and time risk.

Time Weighted Average Price strategy.

Uses a time-based slicer for the order, resulting in more evenly-spaced executions over a specified time period.

Target Price strategy.

Allows a trader to work an order around a given target price. The strategy scales up the participation rate if the price moves favorably and scales down the participation rate if the price moves away.

Market On Close strategy.

Minimize slippage or improve on the Closing Price. The strategy may trade well before the close of the market if the algorithm determines that the order will incur material market impact.

FADE strategy.

Passive strategy for situations when a trader believes that the price will come to the order. Throughout the trading interval, FADE will not improve the NBBO or step into a locked or crossed market.

Liquidity-sourcing algorithm.

Strike is an aggressive, liquidity-sourcing algorithm that accesses hidden and displayed liquidity across dozens of venues. It exploits trading opportunities through a variety of tactics and proprietary liquidity signals, while keeping an eye on market impact to provide clients with an intelligent, aggressive solution for urgent orders.

Aggressive DMA alternative.

Smart DMA provides an intelligent solution when immediate access to liquidity at specific price points is required. Smart DMA can source a significant portion of all the available liquidity in the market (hidden and displayed) very quickly.

Volume Weighted Average Price strategy.

VWAP enables investors to achieve a targeted average price during a specified time interval.

Time Weighted Average Price strategy.

Allows investors to even distribute their trading activity over a specified time interval.

Percentage Of Volume strategy.

Allows investors to target trading a specific percentage of market volume.

Implementation Shortfall strategy.

IS dynamically updates the investors trading activity to minimize market impact for a given level of risk aversion.

Optimal Alpha strategy.

OA uses a proprietary index that estimates the cost of liquidity over the course of the day to generate a trading profile.

Smart Order Router.

?SOR enhances trades so clients have liquidity while benefiting from real-time prices. GETCO is able to capture more than 99 percent of the quoted prices to further assist clients who are concerned with being able to effectively capture liquidity when they see it.

Opportunistic algorithm.

Single source access to ITG's universe of high quality dark liquidity that combines traditional POSIT buyside liquidity with other dark destinations. ITG's unique Liquidity Filter technology attempts to avoid information leakage and protects against gaming.

• Trading large blocks while minimizing information leakage and market impact
• Seeking out non-displayed liquidity

• Industry-leading breadth of dark pool access
• Protects against gaming
• Access to POSIT Alert
• Maximizes price improvement

Opportunistic algorithm. ITG Raider Algorithm

Rapidly adapts to volatile market movements to stealthily seize trading opportunities. Simultaneously strikes the open market and dark venues to capture favorable liquidity. Does not display in the open market.

• High urgency to get in and out of positions quickly while minimizing market impact
• Low urgency to maximize dark fills while scanning the market for liquidity opportunities

• Fully integrated with POSIT Marketplace
• Protects orders from gaming and information leakage
• Offers various levels of urgency for precise levels of trading aggressiveness
• Adapts quickly to changing market conditions

Opportunistic algorithm. ITG Float Algorithm

Seeks to earn the spread by actively posting to the passive side. Aims to optimize the preservation of price/time priority in order queues.

• Trading into favorable momentum
• dealing in long queue stocks
• dealing with downtick and short selling rules

• Good for maintaining priority in markets with long queues at the touch
• Anti-gaming logic
• Blends into the book to limit footprint

Opportunistic algorithm. ITG Hedge Pro Algorithm

Offers a flexible and automated solution to satisfy virtually any equity pairs trading style. Designed to maximize the number of investment opportunities by streamlining workflow and intelligently sourcing liquidity.

• Merger/Risk Arbitrage scenarios such as takeovers, mergers
• Statistical Arbitrage/Switch Trades based on historical price ratio or deviation from a benchmark
• Efficiently swapping two positions by minimizing impact and risk

• Supports multiple execution styles
• Captures in-the-money spreads quickly
• Minimizes risks with automated hedging control
• Trade any U.S./Canadian/LatAm pair combination

Opportunistic algorithm. ITG SDMA Algorithm.

Intelligent direct market access (dMA) incorporating algorithmic logic.

• To ensure auction participation or when common order types are not supported on a market
• To guarantee immediate execution

• Order queuing during non-trading hours
• Automatically uses exchange order types
• Creates synthetic order types if not supported

Opportunistic algorithm. ITG Flex Algorithm.

Offers users the ability to build a custom algorithm utilizing the full suite of ITG Single Stock Algorithms. Users can select their preferred strategies and benchmarks to dynamically trade complex orders and simplify workflow.

• For traders looking to automate complex workflows
• Momentum and reversion trading
• Adjusting risk versus benchmark

• Utilizes full suite of ITG Single-Stock Algorithms to achieve best execution
• Allows for customized order based on market conditions
• Provides saved settings for user generated scenarios
• Exposes multiple fixed and dynamic benchmarks
• Up to four different algos in one

Implementation Shortfall. ITG Active Algorithm.

Capitalizes on trading opportunities to outperform the arrival price. It uses intelligent float logic to capture the spread while stealthily issuing opportunistic orders to help ensure that trading completes as anticipated. Uses POSIT Marketplace to maximize dark liquidity.

• Attempting to beat arrival price
• Identifying and exploiting liquidity opportunities

• Dynamically optimizes opportunistic strategies
• Highly configurable levels of urgency
• Utilizes ITG dynamic Open logic to trade at opening auction
• Fully integrated with POSIT Marketplace's deep liquidity sources

Implementation Shortfall. ITG Dynamic Implementation Shortfall Algorithm 2.0 (ITG DIS 2.0).

Balances cost against risk to determine optimal trading strategy for a basket of stocks. The algorithm considers each order's marginal contribution to risk, its expected cost, and the expected intraday variation in cost and risk over the trading horizon to determine each order's trading strategy. The algorithm trades opportunistically in lit and dark markets, and dynamically adjusts to real-time market conditions. Traders have ability to minimize total, cash or beta risk, or can choose risk-neutral mode to minimize cost.

• Baskets of any size, containing any mix of liquidity, order sizes, or market capitalizations
• Rebalances, transitions, or cash inflows/outflows
• Either dollar-balanced, long (short)-biased, or single-sided baskets
• Orders lasting a few minutes to, multiple days

• Leverage both passive and aggressive trading tactics to reduce market impact
• Manage risk by optimally trimming unwanted market exposure
• React to changing market, conditions by opportunistic trading and dynamic reoptimization
• Access dark liquidity to further decrease cost and risk
• Support low/medium/high/risk-neutral urgencies that offer the flexibility of how to minimize cost and/or risk

Participation Based. ITG Dynamic Close Algorithm.

Trades into the closing auction using an optimization to improve performance versus the close benchmark. With logic based on proprietary research, it intelligently allocates between the closing auction and openmarket trading to minimize cost.

• Orders benchmarked to the closing auction
• Flow mode: Cash Flow Trades
• Rebalancemode: Rebalance Trades

• Two modes - Flow and Rebalance - represent the different motivations traders have for trading into the close in the US
• Recognizes the advantages of trading ahead of the MOC imbalance announcement
• Dynamically interacts with imbalances only when favorable

Participation Based. ITG Dynamic Open Algorithm.

Intelligently participates in the opening auction. It minimizes price impact by adjusting the share quantity in the auction.

• For traders who are using the open as a benchmark price or seek to take advantage of the liquidity opportunities it presents
• Optimal for transitions, rebalances, and multi-day trades

• Intelligently participates in the opening auction using a proprietary impact model
• Easy-to-use interface and workflow

Participation Based. ITG Flexible Participation Algorithm.

Works orders using a scaling minimum and maximum participation rate relative to a specified benchmark and trading style. Trading styles: Layering, reversion, and momentum

• Layering: Accelerates trading when the stock moves your way
• Reversion/Momentum: Accelerates/decelerates trading when the stock moves your way and decelerates/accelerates trading when stock moves against you

• Trade at specified volume participation rates
• Vary volume participation rates
• Access dark liquidity
• Customizable

Participation Based. ITG VWAP Algorithm.

Uses predicted volume profiles to target the volume-weighted average price. The algorithm achieves price improvement by employing dark liquidity and passive order placement while remaining in line with a VWAP schedule.

• With volume and price limits
• Low urgency, over the day, fairly liquid stocks
• Can use TWAP as an alternative

• Option to expose a percentage of the order to POSIT Marketplace(ITG's dark liquidity aggregating algorithm), potentially accelerating the speed of the trade
• Accesses alternative dark liquidity venues to assist in obtaining price improvement

Participation Based. ITG Volume Participation Algorithm.

Works orders by trading at a specified percentage of printed volume until the order is completed or the market closes. It optimally allocates shares to POSIT Marketplace to maximize midpoint or better crossing opportunities without deviating from volume specifications.

• To target exact percentage of market volume
• For high percentage of AdV orders
• For less liquid names

• Manages workflow during busy market times
• Accesses alternative dark liquidity venues to assist in obtaining price improvement
• Option to expose a percentage of the order to POSIT Marketplace (ITG's dark liquidity aggregating algorithm), potentially accelerating the speed of the trade

Benchmark-Driven Strategy. BARX Implementation Shortfall

Objective: Minimize implementation shortfall (slippage relative to arrival price).

Trading Style: Calculate trade horizon that optimizes trade off between price impact and price risk.

Benchmark-Driven Strategy.

Objective: Minimize slippage relative to the market Volume-Weighted Average Price (VWAP) over a user-specified time horizon.

Trading Style: Trade proportionately with expected market volume to spread the order over the user-specified horizon.

Benchmark-Driven Strategy.

Objective: Minimize slippage relative to the market Time- Weighted Average Price (TWAP) over a user-specified time horizon.

Trading Style: Spread the order evenly over the user-specified time horizon.

Benchmark-Driven Strategy.

Objective: Participate with actual market activity at a user-specified percentage.

Trading Style: Track the participation target, intelligently reacting to actual activity to avoid information leakage and market impact.

Benchmark-Driven Strategy.

Objective: Minimize implementation shortfall on a portfolio level.

Trading Style: Dynamically update the optimal trade schedule to balance price risk against price impact, subject to user-specified long-short neutrality constraints and aggressiveness level.

Benchmark-Driven Strategy.

Objective: Minimize market impact into the close and control participation in the closing auction.

Trading Style: Send a slice to the closing auction, then work the balance over an optimal trade horizon, matching expected liquidity.

Trader-Defined Strategy.

Objective: Maximize execution rates in dark pools and opportunistically execute on traditional markets.

Trading Style: Execute in dark and lit venues, intelligently adjusting exposure whenever liquidity is discovered.

Trader-Defined Strategy.

Objective: Intelligently sweep liquidity whenever available.

Trading Style: Aggressively take displayed and reserve liquidity any time stock is available within a certain range of the arrival price; post in dark venues when price moves away from its threshold level.

Trader-Defined Strategy.

Objective: Adjust aggressiveness dynamically based on price.

Trading Style: Participate at a target percentage of market volume, scaling up aggressiveness as the market moves in your favor relative to the arrival price

Trader-Defined Strategy.

Objective: Automatically execute paired buy and sell orders in relative value trades. The user specifies the deal terms, target spread and execution method.

Trading Style: Monitor market spread in real time and trade pairs order when the current spread is within the target range.

Trader-Defined Strategy.

Objective: Enhance trading tactics with opportunistic liquidity capture at a user-specified size and spread range.

Trading Style: Work order with choice of benchmark strategy or trading tactic, but execute aggressively whenever significant liquidity is available within a certain range of the current quote.

Aggressively captures the maximum amount of available liquidity while controlling market impact.

Actively searches for liquidity across crossing engines and other nondisplayed trading venues, while also executing opportunistically on traditional exchanges.

Executes according to an optimized trading schedule, while simultaneously placing a percentage of the original order on ATSs and Crossing Networks.

VWAP, Participate, TWAP, Close and Implementation Shortfall strategies are also available.

Price & Liquidity-Seeking algorithm

1CLICK offers a single point of access to the range of Goldman Sachs strategies to meet the unique trading objectives of clients. 1CLICK launches orders into the marketplace after the user selects a preferred trading strategy, ranging from `ultra passive` to `super aggressive`.

Price & Liquidity-Seeking algorithm

Aggregates liquidity across multiple public and dark venues while mitigating adverse executions

Price & Liquidity-Seeking algorithm

Aggregates liquidity across multiple dark and grey venues while mitigating adverse executions

Price & Liquidity-Seeking algorithm

Allows traders to capture all displayed and dark liquidity up to the order's limit price without posting to public markets.

Price & Liquidity-Seeking algorithm

Benchmark-Matching algorithm

Benchmark-Matching algorithm

Benchmark-Matching algorithm

Benchmark-Matching algorithm

Dynamic Volume participation algorithm

Dynamic Volume participation algorithm

Dynamic Volume participation algorithm

A strategy that provides clients with the ability to search for block liquidity in various nondisplayed liquidity pools while simultaneously working the order using the algorithm's existing logic.

BlockStrike will add opportunistic dark posting behavior to seek block executions while trading Participate, VWAP and TWAP algorithms, based on their trading objectives. BlockStrike on Sonar and Sonar Dark will convert their dark posting to block-only dark posting. A standard block is defined as 10,000 shares or $200,000 in value, but these values can also be customized.

BlockStrike simultaneously places a contingent order with a block-sized minimum execution in SIGMA X, GSET's non-displayed ATS that matches buyers and sellers anonymously. With an average of 125 million shares crossed in SIGMA X each day (single counted) and over 13% of those in blocks, BlockStrike enables clients to better source desired block liquidity when available.

Optimization-based Implementation Shortfall algorithm.

OptimIS is designed to minimize implementation shortfall by balancing impact cost and price risk while sourcing liquidity. Implementation shortfall is the difference between the decision price and the final execution price for a trade.

OptimIS simultaneously optimizes when and where orders are sent to the market by constantly evaluating the `make or take` decision - whether to take liquidity now and pay the spread, or to provide liquidity in hopes of being paid the spread.

Designed to attain the best price at the NBBO. The algorithm works the order on the bid or offer and removes liquidity only when necessary.

Designed to be placed as an intelligent stop loss order, covering positions in a manner that will prevent stop losses from being executed until absolutely necessary.

Customers can have their orders that are unfilled or partially filled by PDQ's LPs routed directly to the dark pools recently providing executions for the symbol and side of the order. Time is not wasted routing to dark pools not active in the symbol and side in the recent past time interval.

Marketable limit order that can generate and discover liquidity and price improvement at PDQ.

This order is the same as the commonly known type and can be improved by PDQ just like a Limit Order.

A liquidity seeking order whose unmatched residual will be cancelled if not matched at PDQ within 20 milliseconds.

A liquidity seeking order that will reside at PDQ and interact with other liquidity seeking flow as a Liquidity Provider.

Customers may have their orders that are unfilled or partially filled by PDQ's LPs posted simultaneously at multiple dark pools (and/or exchanges). Orders are intelligently divided and sent to rest in the dark. After orders are filled down to a certain level the shares outstanding are re-balanced, boosting the percentage of the order resting at the dark pools filling the order.

Maximizes queue position on midpoint orders by leveraging low latency infrastructure to place orders at the earliest possible opportunity.

LMT orders are evaluated for marketability. If not marketable at CBSX or away markets, the order will be booked automatically. If marketable at CBSX and CBSX is part of the NBBO, it executes immediately up to the disseminated size.

If marketable at any away exchange, but not at CBSX an Intermarket Sweep Order (ISO) will be automatically routed to away exchange(s) showing prices equal to or better than the order limit price.

If there is not enough size at away exchanges to execute at a better price than CBSX, the remainder will be executed at CBSX, subject to the order's limit price. Any remaining quantity that is no longer marketable will be booked.

MKT orders are treated similarly to LMT orders with the exception that they are never booked. Additionally, market orders will be cancelled if they cannot be fully executed at CBSX or away markets.

IOC orders are immediately executed at CBSX if CBSX is part of the NBBO. If CBSX is not part of the NBBO, an IOC order will be cancelled immediately. If an IOC order is partially executed, the remainder will be cancelled immediately.

AON orders are executed in full as soon as it is possible to do so. If an AON order cannot be executed in full, it will be booked. The publicly disseminated price and size will not include resting AON orders. However, the AON price and size will be shown to API users as contingent quantity, so market participants will know about the resting order.

ISOs are IOC orders executed up to the LMT price of the order, regardless of the NBBO, as the sender has satisfied all other markets concurrent with the transmission of the ISO to CBSX.

Orders marked Sell Short are evaluated according to the appropriate short sale rule. Currently, no securities are subject to seperate `short` handling.

Reserve orders allow a user to display only a certain amount of the order in the disseminated quote. The user indicates the display quantity and only that amount is displayed. The remainder of the reserve order will trade against incoming orders; however, it will not retain time priority over other orders that are displayed. The display quantity will be replenished once 100 shares have traded. CBSX rules may require a minimum display amount of the order. The display quantity will be replenished once 100 shares have traded. CBSX rules may require a minimum display amount on the order.The display quantity will be replenished once 100 shares have traded. CBSX rules may require a minimum display amount on the order.

Cross only orders are used when two parties are planning to cross or meet between the current market. The two orders will be executed against one another as long as they are between the CBSX market and at or better than the NBBO. Both orders must match on price and size. If the orders cannot be executed according to the rules, both orders will be cancelled immediately. If the sell order is marked as short and the price violates the short sale rules in place, both orders will be cancelled. Cross orders can be sent paired or separately. May be priced in 4 decimals.

Similar to Cross orders except that they can trade at or better than CBOE's current market and NBBO trade through is allowed. May be priced in 4 decimals.

Similar to Cross orders, except that they can only trade at a price better than CBOE's current market. May be priced in 4 decimals.

Similar to Tied-Cross orders, except that they can only trade at a better price than CBOE's current market and NBBO trade through is allowed. May be priced in 4 decimals.

A cross-only order with a price of MKT. Both orders will automatically cross at the midpoint of the NBBO. Mid-point cross orders can be sent paired or separately.

Combination of Autolink Cross and Autolink Cross Match Orders.

Auto Link Cross is an order that will be routed-away if CBOE is not the NBBO and the order is tradable at other markets. If there is remaining quantity, then this order will trade against an AutoLink_Cross_Match order (see below). Autolink_cross orders and autolink_cross_match orders can route in a single paired message or as two separate orders. Both orders must be for the same price but do not necessarily need to be for the same size. The autolink_cross order will not execute unless an autolink_cross_match order is received.

An order-pair that specifies whether the orders should cross at the NBBO bid price, or 'x' higher than the NBBO bid (where 'x' can be designated as a value in pennies including up to 4 decimal places to indicate sub-penny values).

An order-pair that specifies whether the orders should cross at the NBBO ask price, or 'x' lower than the NBBO ask (where 'x' can be designated as a value in pennies including up to 4 decimal places to indicate sub-penny values).

CBSX accepts orders with a Time in Force of DAY and IOC.

A CBSX-only order is an order to buy or sell that is to be executed in whole or in part on CBSX without routing the order to another market center or market participant, and without being exposed.

ISO-Book orders are the same as ISO (IOC) orders, except any unexecuted balance will not cancel but rather post in the CBSX book at the limit price of the order.

A silent order is an order that is resting and not displayed publicly on the CBSX Book but is to be executed at the National Best Bid (`NBB`) (for a `buy` order) or National Best Offer (`NBO`) (for a `sell` order).

A silent-mid order is an order that may rest on the CBSX Book or remove liquidity, and is to be executed at the mid-point between the NBBO. If resting, the interest will not be displayed publicly.

A silent-post-mid order is an order that is resting and not displayed publicly on the CBSX Book but is to be executed at the mid-point between the NBBO. If a silent-post-mid order is to trade upon its arrival into the system (thereby `removing` liquidity), it will not trade, but instead rest until another order comes in for it to trade against.

A silent-mid-seeker order is a take-only order that will never rest in the CBSX Book and is to be executed only at the mid-point between the NBBO. If, upon the entry of a silent-mid-seeker order, there is undisplayed interest resting on the CBSX Book at the mid-point between the NBBO, the silent-mid-seeker order will interact with this interest. If there is no undisplayed resting interest at the midpoint of the NBBO, the silent-mid-seeker order will be canceled. A silent-mid-seeker order will never be routed to an away market. When the NBBO is locked or crossed, a silent-mid-seeker order will be canceled.

Upon receipt of both the Buy and Sell (Sell-Short) orders, CBSX will execute the TWO_DAY_CROSS at the limit price, for the full quantity of the orders, regardless of the Exchange?s current market (BBO) or NBBO at the time of execution. Settlement will occur T+2.

Upon receipt of both the Buy and Sell (Sell-Short) orders, CBSX will execute the NEXT_DAY_CROSS at the limit price, for the full quantity of the orders, regardless of the Exchange's current market (BBO) or NBBO at the time of execution. Settlement will occur T+1.

An order-pair that specifies both a limit price, and cash settlement (non-regular way). If executed prior to 9:15am CST, settlement is processed immediately following the Exchange?s next transmission to DTCC. If executed after 9:15am CST, the trade must be directly settled by each clearing participant.

POSIT Alert is an indications system that anonymously delivers block crossing opportunities to your desktop. Suitable for all stocks, POSIT Alert eliminates time-consuming negotiations, reduces costs, and improves performance.

• Access unique liquidity. Notifies you of liquidity opportunities from the unplaced shares on participating buyside clients` blotters as well as from order flow in POSIT and ITG Algorithms. In Canada, includes order flow within MATCH Now.
• Depend on execution quality. Prevents price manipulation through proactive monitoring and doesn`t allow third-party liquidity.
• Maintain anonymity. Does not disclose order size or leak information. Helps you maintain anonymity throughout the clearing and settlement process by acting in an agency capacity and settling with each party separately.
• Trade with multiple buyers and sellers. Multi-party crossing allows all parties to participate in a match; operates without time priority.
• Reduce trading costs. Matches orders at the midpoint, no charge for system use, and commissions levied only upon execution.
• Comply with reporting requirements. In Europe, reports all orders executed in POSIT Alert as required by MiFID. Accessible on Bloomberg and Reuters.
• Integrate into your workflow. Install our light-weight POSIT Alert desktop application to sweep your EMS or OMS blotter for uncommitted shares, alerting you to POSIT crossing opportunities. You control order submissions. Also provides access to ITG Algorithms.

POSIT Match overcomes the negative effects of both market and time fragmentation by creating a liquidity event at 9:45 AM EST - a single point in time that hits the best balance between liquidity and price formation.

• Unload risk and cross blocks. You can use POSIT Match to unload risk by crossing offsetting positions with other institutions soon after the open. List traders can produce dollar-neutral executions with POSIT, reducing trade size before going out for principal bid.
• Avoid market impact. Early session trading is volatile and expensive. A 9:45 AM trade gives you the benefit of better price formation while still getting an early fill. Unlike in the opening auction, you can submit unlimited quantities without affecting price discovery.
• Keep your orders in the dark. Order protection is our highest priority. To protect the quality of the pool, POSIT Match executes orders at random 15-second intervals starting at 9:45 AM. Your order stays in the dark and will be matched at the midpoint of the current NBBO.
• Navigate with ease. You can access POSIT Match from your OMS or EMS. If you are using ITG Algorithms, we will automatically submit your order to benefit from POSIT Match`s 9:45 AM liquidity.

A stealth liquidity aggregation algorithm that simultaneously accesses most major pools of dark liquidity, including Liquidnet H20, NYFIX Millennium, Pipeline and Instinet`s various sources of upstairs liquidity. Users can also add an ECN sweep module to Nighthawk, providing access to Nasdaq`s INET, NYSE Arca and the BATS ECN.

Nighthawk, which is available immediately through Instinet`s Newport and Instinet Trading Portalfront-ends, allows traders to choose among three visibility levels-gray, dark gray and black-depending on their desired execution timeframe and visibility preferences. The algorithm helps traders avoid paying the spread through passive pricing tactics and intelligently manages the allocation of the order to the various market venues.

A stealth order-management algorithm that opportunistically removes portions of liquidity when available, thereby leaving the stock's spread unchanged. Performing like a seasoned trader, the algorithm will take into account a stock's historical quoting trends to determine the best execution point, making the trade largely undetectable by the market.

Cobra, which is available immediately through Instinet's Newport and Instinet Trading Portal front-ends, allows traders to choose among four different execution styles-passive, normal, aggressive and super aggressive. It remains virtually unnoticed by placing hidden orders in a completely randomized manner

Arrival price algorithm

Wizard sets its trading schedule by balancing a stock`s historical and option-implied volatility risk with the estimated market impact and the trader`s short-term alpha estimate. Wizard relies on the well-known U.S. Shortterm Equity Risk Model from Northfield Information Services, one of Wall Street`s most respected providers of risk forecasting models.

Wizard Portfolio Risk Optimizer. Implementation shortfall algorithm

Optimizes a portfolio`s trading schedule based on the correlations and natural hedges that exist among the component stocks. Like Instinet`s Wizard algorithm, Wizard PRO relies on the well-known U.S. Short-term Equity Risk Model and Open Optimizer from Northfield Information Services, one of Wall Street`s most respected providers of risk forecasting models and portfolio construction tools.

Portfolio traders often use cash balancing and sector neutrality as basic hedging techniques when executing a trade. Wizard PRO, however, takes this approach one step further by identifying hedges that might not be as apparent, such as those between airline and technology stocks, for example.

Dynamically scanning for available liquidity in displayed and hidden sources, ITG Smart Router delivers rapid fills, enhances performance with price and size improvement, reduces opportunity costs, and minimizes market impact.

• Access broad, safe liquidity. Connects to the unique liquidity in POSIT as well as Exchanges, ECNs, ATSs, and MTFs. Continuous research ensures each venue meets our high standards and swift venue changes facilitate best execution.
• Maintain control. Manages and monitors execution quality at all times-it does not rely on other entities to search on its behalf.
• Enjoy speed. Event-driven, it rapidly responds to the best-priced quote, beating other market participants to new liquidity.
• Search intelligently. Proprietary logic maximizes fill rates, minimizes market impact, and improves execution quality.

Available exclusively to retail broker dealers, ITG Smart Retail Router provides access to a wide range of institutional liquidity pools, including exclusive POSIT liquidity, exchanges, ECNs, and ATSs and is supplemented by a broad wholesaler network.

• Fill client orders faster. Using an event-driven, low-latency model, our router rapidly responds to every best-priced quote, beating other market participants to new liquidity.
• Locate best prices. Handling a variety of order types, the router uses proprietary logic to process real-time signals, makings decisions to maximize fill rates, minimize market impact, improve execution quality, and find liquidity others cannot.
• Maintain quality. We continually research all execution venues to ensure that they measure up to our superior standards. We dynamically adapt and respond to changes, as needed, to support quality executions.

Algorithmic Trading

Minimize market impact for large orders by slicing the order into smaller increments, and buying or selling over time, at pre-defined, randomized time intervals. Available for stocks, options, futures and forex.

Time to Market

An AON (All or none) order will remain at the exchange (or in the IB system) until the entire quantity is available to be executed.

Algorithmic Trading

This IBAlgo attempts to achieve the midpoint price at the time the order is submitted, and considers the user-defined urgency/risk aversion and max percent of daily volume values.

Speed of Execution

An auction order is submitted at the Calculated Opening Price (COP). If the order doesn't execute, it is resubmitted as a limit order at the COP or best bid/ask.

Advanced Trading

A group of individual orders that are saved in a single file and submitted as a package.

Speed of Execution

A Sweep-to-Fill order identifies the best price and the exact quantity offered/available at the price, and transmits the corresponding portion of your order for immediate execution. Simultaneously it is identifying the next best price and quantity offered/available, and submits the matching quantity of your order for immediate execution.

Limit Risk

An LIT (Limit-if-Touched) is similar to a trailing stop limit order, except that the sell order sets the initial stop price at a fixed amount above the market price instead of below. This order is held in the system until the trigger price is touched, and is then submitted as a limit order.

Limit Risk

A TRAIL MIT (Trailing Market-if-Touched) is is similar to a trailing stop order, except that the sell order sets the initial stop price at a fixed amount above the market price instead of below. This order is held in the system until the trigger price is touched, and is then submitted as a market order.

Algorithmic Trading

This IBAlgo attempts to achieve the time-weighted average price calculated from the time you submit the order to the time it completes.

Algorithmic Trading

This IBAlgo achieves the Volume-Weighted Average Price on a best-effort basis, without exceeding the user-defined max percent of daily volume.

Privacy

The VWAP for a stock is calculated by adding the dollars traded for every transaction in that stock (`price` x `number of shares traded`) and dividing the total shares traded. By default, a VWAP order is computed from the open of the market to the market close, and is calculated by volume weighting all transactions during this time period. TWS allows you to modify the cut-off and expiration times using the Time in Force and Expiration Date fields, respectively.

Limit Risk

You can attach one-time adjustments to stop, stop limit, trailing stop and trailing stop limit orders which modify the stop trigger price, trailing amount and stop limit price.

Limit Risk

A trailing stop limit for a sell order sets the stop price at a fixed amount below the market price and defines a limit price for the sell order. If the market price rises, the stop loss price rises by the increased amount, but if the stock price falls, the stop loss price remains the same. When the order triggers, a limit order is submitted at the price you defined. The reverse is true for a buy trailing stop limit order.

Limit Risk

A trailing stop for a sell order sets the stop price at a fixed amount below the market price. If the market price rises, the stop loss price rises by the increased amount, but if the stock price falls, the stop loss price remains the same. The reverse is true for a buy trailing stop order.

Limit Risk

A Stop Limit order becomes a limit order once the specified stop price is attained or penetrated.

Limit Risk

For Futures orders on Globex. A Stop with Protection order combines the functionality of a stop limit and market with protection order. The order triggers at a set stop price and fills within a specified protected price set by Globex.

Limit Risk

A Stop order becomes a market order to buy or sell securities or commodities once the specified stop price is attained or penetrated.

Time to Market

A FOK (Fill or Kill) order must execute as a complete order as soon as it becomes available on the market, otherwise the order is canceled.

Time to Market

A Good After Time/Date order is held in the IB system and sent to the exchange on the date and time you enter.

Time to Market

A Good-till-Canceled order will continue to work within the IB system and in the marketplace until it executes or is canceled by the customer.

Time to Market

A Good-till-Date/Time order will remain working within the IB system and in the marketplace until it executes or until the close of the market on the date specified.

Limit Risk

Bracket orders are designed to help limit your loss and help lock in a profit by `bracketing` an order with two opposite-side orders using the same quantity as the original order.

Advanced Trading

A Conditional order is an order that will automatically be submitted or cancelled ONLY IF specified criteria for one or more defined contracts are met.

Algorithmic Trading

The Dark Ice IB Algo lets you specify a display size different from the order size that is shown in the market. Additionally, the Dark Ice algo randomizes the display size +/- 50% and, based on the calculated probability of the price moving favorably, decides whether to place the order at the limit price or one tick better.

Speed of Execution

A Discretionary order is a limit order for which you define a discretionary amount (which is added to or subtracted from the limit price) that increases the price range over which the order is eligible to execute. The original limit price is displayed to the market.

Speed of Execution

A Market order is an order to buy or sell an asset at the bid or offer price currently available in the marketplace.

Speed of Execution

An ISE stock order that executes at the midpoint of the bid/ask price.

Speed of Execution

A market order that is executed at the market's open at the market price.

Limit Risk

A Market-to-Limit order is sent in as a market order to execute at the current best price. If the entire order does not immediately execute at the market price, the remainder of the order is re-submitted as a limit order with the limit price set to the price at which the original order executed.

Price Improvement

A LOC (Limit-on-Close) is an order that executes at the closing price if the closing price is at or better than the submitted limit price, according to the rules of the specific exchange. Otherwise the order will be cancelled.

Price Improvement

A LOO (Limit-on-Open) order is a limit order executed at the market's open if the opening price is equal to or better than the limit price.

Price Improvement

A limit order is an order to buy or sell a contract at a specified price or better.

Speed of Execution

An MIT (Market if Touched) is an order to buy (or sell) an asset below (or above) the market. This order is held in the system until the trigger price is touched, and is then submitted as a market order.

Speed of Execution

A market order that is submitted to execute as close to the closing price as possible.

Privacy

This order type may be appropriate if you are trying to buy or sell a block of stock by trading against other IB customers without exposing your interest to the public markets. If you want an immediate or faster fill or if you want to expose your trading interest in the public markets, you should not route your order to IBDARK as these orders will not be routed or displayed outside of IB.

Privacy

An Iceberg order allows you to submit an order (generally a large volume order) while publicly disclosing only a portion of the submitted order.

Time to Market

Any portion of an IOC order that is not filled immediately is cancelled.

Price Improvement

An LIT (Limit if Touched) is an order to buy (or sell) an asset below (or above) the market, at the defined limit price or better. This order is held in the system until the trigger price is touched, and is then submitted as a limit order.

Privacy

A Hidden order (generally a large volume order) shows no evidence of its existence in either the market data or the deep book.

Price Improvement

When terms allow, your order will be submitted for inclusion in the price improvement auction, based on price and volume priority.

Algorithmic Trading

This IBAlgo balances the market impact of trading the option with the risk of price change over the time horizon of the order, and considers the user-defined urgency/risk aversion and max percent of daily volume values.

Price Improvement

A large volume limit order with a minimum of 50 contracts.

Price Improvement

A market order that is automatically changed to a limit order if it doesn't execute immediately at the market price.

Limit Risk

A Market with Protection order is a market order that is cancelled and resubmitted as a limit order if the entire order does not immediately execute at the market price. The order's limit price is set by the exchange to be close to the current market price, slightly higher for a sell order and lower for a buy order.

Algorithmic Trading

This IBAlgo minimizes market impact by slicing the order over time to achieve the market average without going over the user-defined max percent of daily volume.

Price Improvement

IB is now offering enhanced execution services for customers seeking greater flexibility, execution speed and enhanced representation during the NYSE closing auction.

Advanced Trading

Orders in a one-cancels-all group of orders will be canceled when one of the other orders executes.

Price Improvement

A Passive Relative order derives its price from a combination of the market quote and a user-defined offset amount. While similar to a Relative order, it applies the offset in the opposite direction to make the order less aggressive, versus the Relative order which applies the offset to become more aggressive.

Speed of Execution

An order that is pegged to buy on the best offer and sell on the best bid.

Price Improvement

An order that is pegged to buy/sell at the midpoint of the NBBO.

Speed of Execution

Specifies that the option price will adjust automatically relative to the stock price, using a calculated value based on data you enter.

Algorithmic Trading

This IBAlgo participates with volume at a user-defined rate.

Speed of Execution

A Relative or Pegged-to-Primary order derives its price from a combination of the market quote and a user-defined offset amount. The order is submitted as a limit order and modified according to the pricing logic until it is executed or you cancel the order.

Limit Risk

Request market quotes for non-US options, futures and options on futures.

Price Improvement

The Retail Price Improvement (RPI) order is a liquidity-adding order that works within the parameters of the NYSE Retail Price Improvement program. This program allows qualified stock orders to fill against eligible, hidden RPI orders that offer price improvement over the current best bid and offer.

Algorithmic Trading

The scale orders command automatically creates a series of buy (sell) limit orders with incrementally lower (higher) prices, based on your original limit order.

Advanced Trading

A combination of individual orders (legs) that work together to create a single trading strategy. You can combine stock, option and futures legs into a single spread.

Advanced Trading

A TWS-specific order where the limit price of the option or combo is calculated as a function of the implied volatility.

Benchmark Solutions

Trade in line with volume on the primary or consolidated market

Benchmark Solutions

Balances volatility and market risk to achieve best execution while tracking arrival price

Benchmark Solutions

Match VWAP over a specified timeframe

Benchmark Solutions

Trade uniformly over a specified time

Benchmark Solutions

Balance order size, volatility, and market impact to optimally trade into the close

Liquidity Solutions

Aggressively executes in all displayed and non-displayed markets

Liquidity Solutions

Uncover liquidity opportunities in both displayed and non-displayed markets

Liquidity Solutions

Uncover liquidity opportunities in non-displayed markets

Liquidity Solutions

Passively participate in the market

Workflow Solutions

Enable traders to interact dynamically with a working order in an algorithm with one click

Workflow Solutions

Offers multiple trading strategies on a single working order

Workflow Solutions

Trade two stocks simultaneously without getting legged. Offers Ratio, Risk Arb, and Net Return modes

Workflow Solutions

Executes a basket of names with a defined objective like cash balancing, sector neutral, beta balancing and risk optimization

Workflow Solutions

Executes an order while dynamically varying its speed in line with how the stock is trading relative to its peer group stocks

Trade directly with Wells Fargo`s retail flow and other institutions resting in the pool.

Use stealth participation strategy to minimize information leakage.

Simultaneously post in 17 dark pools at midpoint or better.

Sweeps the spread, then posts the balance in the dark.

Sweep depth of market to a desired limit including lit, reserve, and dark markets.

Use the Adaptive Peg Strategy to post out loud.

Gain access to all NMS market centers, including dark and lit venues through a proprietary smart router.

Minimize slippage to volume weighted average price (VWAP).

Minimize slippage to time weighted average price (TWAP).

Target a percentage of volume participation.

Optimized Implementation Shortfall algorithm.

Use the Wells Fargo forecasting model to minimize slippage from arrival price.

Customize pairs to include various formulas including relative performance, spread, ratio, index/benchmark trading, and merger arbitrage.

Create custom strategies of various parameters.

Liquidity-based algorithm

Mercury amplifies the usage of alpha-driven trading tactics to intelligently source liquidity from many available venues, including the market`s largest available sources of dark liquidity. Mercury is designed with a single urgency parameter, which controls execution speed based on an investor`s specifications. A lower level of urgency allows Mercury to execute at attractive price levels over a longer horizon, in accordance with alpha signals. Higher urgency levels prioritize liquidity capture at prevailing price levels. By giving the algorithm discretion to follow our proprietary alpha models, investors can execute opportunistically even on difficult small-cap and mid-cap names, without pushing price. These qualities make Mercury an ideal trading tool for investors who have flexibility on execution speed and trading horizon.

Liquidity-based algorithm

Mercury Dark amplifies the usage of alpha-driven trading tactics to intelligently source dark pool liquidity. Much like Mercury-its public-venue analogue-Mercury Dark is designed with a single urgency parameter, which controls execution speed based on an investor`s designation, subject to available dark liquidity. Selecting a lower level of urgency allows Mercury Dark to execute at attractive price levels over a longer horizon, in accordance with alpha signals. Higher urgency levels prioritize liquidity capture at prevailing price levels. Mercury Dark is an ideal algorithm for investors who can tolerate sporadic execution speed in the service of minimizing information leakage.

Liquidity-based algorithm

Market Access intelligently sources liquidity from all available venues. Like our flagship algorithms-Mercury and Mercury Dark-Market Access is controlled by a single urgency parameter configurable to investors` specifications. Lower urgency levels favor price improvement at the potential expense of execution speed by looking for liquidity between the spread in dark pools before crossing the spread in lit venues. Market Access also probes for hidden liquidity on lit venues, waiting for potential replenishments before advancing to the next price level. Higher urgency levels will favor execution speed at the potential expense of price improvement, using tactics such as checking dark pools only when lit liquidity within the limit price has been exhausted. A higher urgency level will also cause Market Access to interact with various price levels on lit venues without waiting for potential replenishments at previous price levels. Market Access offers an ideal strategy for investors seeking execution with intelligent routing and order placement.

Opportunistic and price-sensitive algorithm that will become more or less aggressive depending onprice movements.

Used for price-sensitive ordersthat are large relative to theaverage daily volume

Dynamically routes orders to destinations based on where executions occur. Will interact with dark or displayed orders depending on your urgency level

Used when the primary goal is to access dark and hidden liquidity

Intelligently takes advantage of the increased volume, tighter spreads and lower volatility towards the end of the trading session

Provides more options when trading into and on the close

Optimally trade off market impact, price risk, and opportunity cost

Minimize implementation shortfall and risk; user can specify risk aversion and urgency due to expected price move

Trades a target percentage of the market volume over the specified interval

Manages impact through participation rate

Minimize dispersion of VWAP shortfall

Minimize deviation versus VWAP benchmark

Trade at constant rate over interval

Works orders over a specified time horizon

Setup or unwind a pair according to specific ratio or dollar spread

Merger arbitrage, dollar spread and ratio pairs

Intelligent DMA that provides access to liquidity at specific price points

For sourcing a significant portion of all the available liquidity (hidden and displayed) in the market up to a specific price point

Provides an award-winning, alpha generating, arrival price algorithm

Grabs lit and dark liquidity intelligently to reduce impact and maximize fill rates

Provides a single input that allows you to pick your spot within bid/ask to grab hidden liquidity

Delivers intraday and end-of-day portfolio gamma hedges

Allows traders to profit from volatility while outperforming simple, non-marketable limit orders

Trades two stocks in user defined relation to each other

Participates in volume while adding alpha

Allows use of multiple algorithms and participation rates within one order ticket

Provides multiple intelligent liquidity taking strategies

Offers an innovative ETF trading algorithm that allows traders to locate and leverage true liquidity

Paces trade evenly while looking for opportunities to add value

Seeks outperformance relative to VWAP through alpha generating Trader Logic

Liquidity-seeking strategy

Searches for displayed and non-displayed liquidity and dynamically recalibrates among venues based on real-time fill rates.

Seeks liquidity in the marketplace by intelligently routing orders and posts at the limit.

Liquidity-seeking strategy

Searches for non-displayed liquidity and dynamically recalibrates among venues based on real-time fill rates.

Utilize dark pool liquidity to complete the order

Liquidity-seeking strategy

Intelligently executes in displayed and non-displayed liquidity venues without posting based on proprietary pricing models

Seek liquidity and try not to impact the quote.

Liquidity-seeking strategy

Pegs the passive side of the quote.

Stay on the passive side of the inside quote

Benchmark strategy

Creates a pre-trade schedule based on historical volume patterns and targets the volume weighted average price.

Match the volume-weighted average price over the day/number of hours.

Benchmark strategy

Executes desired quantity at a constant rate over a user-defined interval.

Spread it out over the day/number of hours

Benchmark strategy

Minimizes risk-adjusted trading costs relative to the arrival price and dynamically adjusts aggression as a function of real-time market conditions relative to a chosen benchmark.

Be as close to the arrival price as possible and adjust aggression in response to market conditions.

Benchmark strategy

Tracks and reacts to real-time market volumes to target a user-defined participation rate.

Be X percent of the volume

Benchmark strategy

Builds on the POV strategy by dynamically adjusting target market participation rate as a function of real-time market conditions relative to a chosen benchmark.

Scale between X and Y percent of the volume, depending on market conditions.

Benchmark strategy

Minimizes risk-adjusted trading costs relative to the closing price by creating a back-weighted trajectory

Try to beat the closing price.

Single stock strategy

Trades over specified time horizon using historical volume distribution

Single stock strategy

Actively or passively participates, grabbing liquidity at 'I would' level

Single stock strategy

Slices trades over specified time horizon

Single stock strategy

Participates at specified percentage of market volume with option to ignore block volume and dynamically increase/decrease participation rate based on stock or index movement

Single stock strategy

Pegs stock to some relation to the bid/offer

Single stock strategy

Targets the arrival price by skewing volume profile towards arrival time and trading aggressively when in-the-money

Single stock strategy

Targets the closing price by skewing volume profile towards close and taking advantage of the MOC facility

List based strategy

Trades on an optimized trading schedule determined by considering trade off between market impact vs opportunity cost of the list

List based strategy

Keeps list dollar neutral on a notional or ratio basis

List based strategy

Keeps list sector neutral on a notional or ratio basis

Arbitrage strategy

Pairs trade executed when the price difference between two stocks hits a specified trigger level

Arbitrage strategy

Pairs trade executed when the price ratio between two stocks hits a specified trigger level

Arbitrage strategy

Pairs trade executed when the price difference between the stock and the underlying warrant hits a specified trigger level

Arbitrage strategy

Pairs trade executed when the price difference between the stock and the underlying convertible debenture hits a specified trigger level

Arbitrage strategy

Pairs trade executed when the relationship between two stocks involved in a merger proposal hits a specified level

Arbitrage strategy

Multiple securities bought/sold against the sale/purchase of a second list of securities

An arrival price algorithm, Best X seeks to minimize market impact and price slippage. Best X removes dependence on extraneous parameters and settings, relying instead on a proprietary predictive model that works the order in an effort to obtain the best possible price.

• Model continuously evaluates all relevant market centers, including dark pools, to seek the best possible execution opportunities.
• Execution duration is based upon the real time liquidity and market activity of the security.
• Designed to handle all orders in any sector, market capitalization, or average daily volume.
• Capable of managing any order size.

Sweep X is designed to meet the need for immediacy in order execution while leveraging Best X logic. Sweep X maximizes order execution by accessing available liquidity to a specified limit price through direct linkages and simultaneous order routing.

• Orders are routed to the exchange(s) with the highest probability of execution.
• Proprietary logic aggressively seeks liquidity for marketable orders to quickly capture displayed and hidden liquidity.
• Any unfilled quantities will be posted to order books with the highest probability of execution at the limit price.

The WEX VWAP works orders using Best X's proprietary execution logic to execute trades along a historical volume distribution within a specified time period.

• Utilizes Best X logic (see Best X description above) to work the order with minimal market impact and slippage.
• Time parameters can be set to as little as 5 minutes or the entire trading day.

Designed to work with long/short equity or market neutral baskets, the WEX Basket VWAP manages executions for basket or index components using Best X logic and historical volume distributions. When executing long/short baskets this approach strives to keep the basket neutral throughout the execution.

• Utilizes Best X logic (see Best X description above) to work the order with minimal market impact and slippage.
• Time parameters can be set to as little as 5 minutes or the entire trading day.

Limit Orders are orders to buy or sell a stock at a specified price or better. A Limit Order is marketable when, for a Limit Order to buy, at the time it is entered into the System, the order is priced at the current inside offer or higher, or for a Limit Order to sell, at the time it is entered into the System, the order is priced at the inside bid or lower. Limit Orders may have a Time in Force (or "TIF") of FOK, IOC, DAY, or GTT (all terms defined below), where the GTT time is later than 9:30 a.m. and earlier than 4:00 p.m.

Market Orders are un-priced orders to buy or sell a stated amount of a security that is to be executed at the NBBO when the order reaches the ATS. Market Orders shall not trade through Protected Quotations, and IEX will cancel any portion of a Market Order that is unexecuted. Market Orders may have a TIF of IOC or FOK.

Peg Orders are non-displayed limit, or un-priced, orders that, upon entry into the System and while resting on the Order Book, are priced automatically as determined by the System to the "pegged" price. All Peg Orders must be designated as IEX Only.

Upon entry, a Primary Peg Order is priced by the System to be equal to the primary quote, the NBB for buy orders, NBO for sell orders. Unexecuted shares are posted to the Order Book priced equal to the primary quote and automatically adjusted by the System in response to the changes in the NBB or NBO. Primary Peg Orders are not eligible for Book Recheck or routing and must have a TIF of DAY or GTT.

Peg Orders are non-displayed limit, or un-priced, orders that, upon entry into the System and while resting on the Order Book, are priced automatically as determined by the System to the "pegged" price. All Peg Orders must be designated as IEX Only.

Upon entry, a Midpoint Peg Order is priced by the System to be equal to the midpoint of the NBBO ("Midpoint Price"). Unexecuted shares are posted to the Order Book priced equal to the Midpoint Price and automatically adjusted by the System in response to changes in the NBBO. Midpoint Peg Orders are not eligible for routing and must have a TIF of FOK, IOC, DAY or GTT.

Peg Orders are non-displayed limit, or un-priced, orders that, upon entry into the System and while resting on the Order Book, are priced automatically as determined by the System to the "pegged" price. All Peg Orders must be designated as IEX Only.

Upon entry, a Discretionary Peg Order is priced by the System to be equal to the Midpoint Price. Unexecuted shares are posted to the Order Book priced equal to the primary quote and automatically adjusted by the System in response to changes in the NBB or NBO. Discretionary Peg Orders can exercise price discretion to the Midpoint Price and respond to quote stability signals from the System. Discretionary Peg Orders are not eligible for routing and must have a TIF of FOK, IOC, DAY, or GTT.

Smart Order Router

Limit or Market Day or IOC ("Immediate or Cancel") orders should be sent to IEX designated as a "RouteToTake" order. IEX's SOR will first check the IEX Book, accessing any resting liquidity, and then sweep the Reg NMS "protected" market centers. If shares remain unexecuted after routing, they are posted on the IEX Book.

Route to Take is a routing option whereby the System checks an order against the Order Book for available shares, and routes any remaining unexecuted shares as IOC orders to external destinations based on the System Routing Table. If shares remain unexecuted after routing, and TIF allows, they are posted on the Order Book. Route to Take must have a TIF of DAY, GTT, or IOC.

Smart Order Router

Limit Day or IOC orders (IEX does not accept Market Day orders) should be sent to IEX designated as "RouteToTakeResweep" orders. When the order is aggressive, it will behave exactly like RouteToTake described above. When the order is passive, it will rest hidden on IEX. While resting, if a quote appears in the market within the order's limit, the IEX SOR will route to that quote (in accordance with Reg NMS). When the TIF is IOC, the Route to Take with Re-sweep order will function as a Route to Take order, i.e. there is no opportunity for a "re-sweep" from resting.

"Route to Take with Re-sweep" is a routing option whereby the System checks an order against the Order Book for available shares and then routes any remaining unexecuted shares as IOC orders to external destinations based on the System Routing Table. If shares remain unexecuted after routing, and TIF allows, they are posted on the Order Book. Route to Take with Resweep Orders must have a TIF of DAY, GTT, or IOC. When the TIF is IOC, the order will function as a Route to Take order, i.e. there is no opportunity for a "re-sweep" from resting. This routing strategy may be applied to Displayed Orders, Reserved Orders, and Hidden Orders.

Re-sweep on Locked Market: If the booked limit price of the order becomes locked or crossed by the best price national bid (for sell orders) or the best price national best offer (for buy orders), the resting order, or portion of the resting order, will be decremented/removed from the Order Book and routed to the applicable destination(s), with any remaining shares being returned to the Order Book. This cycle may be repeated until the order is fully executed or cancelled, subject to the limit price of the order.

Smart Order Router

Route to Rest is a routing option whereby the System checks an order against the Order Book for available shares and then routes any remaining unexecuted shares as IOC orders to external destinations based on the System Routing Table. If shares remain unexecuted after routing, all or a portion of remaining displayed shares are posted on one external Reg-NMS protected venue in addition to posting on the Order Book. The reserve portion of Reserve Orders will be posted on the Order Book and used to replenish executed portions of displayed orders at the external destination and the Order Book. Route to Rest Orders must have a TIF of DAY, GTT, or IOC. When the TIF is IOC, the order will function as a Route to Take order, i.e. there is no opportunity for resting.

Smart Order Router

Route to Take with Re-sweep is a routing option whereby the System checks an order against the Order Book for available shares and then routes any remaining unexecuted shares as IOC orders to external destinations based on the System Routing Table. If shares remain unexecuted after routing, and TIF allows, they are posted on the Order Book. Route to Take with Resweep Orders must have a TIF of DAY, GTT, or IOC. When the TIF is IOC, the order will function as a Route to Take order, i.e. there is no opportunity for a "re-sweep" from resting. This routing strategy may be applied to Displayed Orders, Reserved Orders, and Hidden Orders.

Re-sweep on Locked Market: If the booked limit price of the order becomes locked or crossed by the best price national bid (for sell orders) or the best price national best offer (for buy orders), the resting order, or portion of the resting order, will be decremented/removed from the Order Book and routed to the applicable destination(s), with any remaining shares being returned to the Order Book. This cycle may be repeated until the order is fully executed or cancelled, subject to the limit price of the order.

Smart Order Router

Route to Rest Away is a routing option under which the System checks an order against the Order Book for available shares and routes any remaining unexecuted shares as IOC orders to an external destination on the System Routing Table. If shares remain unexecuted after routing, or if the order price was not marketable on arrival at IEX, the order is posted as a fully displayed order on the external destination. Route to Rest Away orders must not have a MaxFloor (FIX Tag #111) value specified. Route to Rest Away orders must have a TIF of DAY, GTT, or IOC. When the TIF is IOC, the order will function as a Route to Take order, i.e. there is no opportunity to "rest away" on the external destination

IEX Only Orders are limit or market orders that are to be executed, booked, or cancelled on the IEX ATS without routing away to another external destination.

ALPHA Managed Algorithm. Implementation Shortfall algorithm.

Minimizes the slippage between the benchmark and the actual average execution price by minimizing both opportunity cost and impact cost. Appropriate usage when user has a specific volume participation range but wants to execute intelligently within that range.

ALPHA Managed Algorithm

Aims to match VWAP for a specified time interval by dynamically following multiple trading indicators. Usage: for low volume variance names when VWAP is your benchmark.

ALPHA Managed Algorithm

Works an order by actively using a target percentage of volume defined by the user. Usage: when a users wants to trade inline with market volume and aims to target a certain percentage of volume and when target % Volume is not strict.

ALPHA Managed Algorithm

Seeks to minimize the slippage of an opening benchmark by participating in both the Opening auction and volume traded after the Opening print. Appropriate to use when the benchmark is the Opening price and when the user would like to minimize impact at the Open

ALPHA Managed Algorithm

Seeks to minimize the slippage of a Closing benchmark by participating in both the auction and volume traded before the Closing print. Appropriate to use when the benchmark is the Closing price and when the user would like to minimize impact at the Close

ALPHA Managed Algorithm

To spread executions out evenly over a specified time period. Usage: For liquid stocks when the user is concerned about time.

ALPHA Managed Algorithm

Floats orders at a level pegged within the bid/offer spread based on the user's instructions, with a display size being either a specific share amount or a percentage of the total order size of the order (total order size is hidden). The peg price will float with the quote; if the stock moves away, the order is cancelled and replaced to join the new offer or bid.

Usage:

• When you want to passively follow the market automatically.
• Appropriate for stocks with wide spreads.
• Choose the Conservative mode to follow the bid for buys and offer for sells.
• Choose the Neutral mode to peg to the middle of the bid/offer spread.
• Choose the Aggressive mode to follow the bid for sells and offer for buys.

Quantitative Electronic Services(QES). For Institutional Investors use only

Liquidity-seeking algorithm seeks to capture both lit/dark liquidity whilst minimising market impact.

Trading style controls level of aggressiveness. Block only style will execute in AlphaX and Dark only

A more aggressive style can be set per client. Eclipse never posts orders but will only use aggressive orders

Quantitative Electronic Services(QES). For Institutional Investors use only

Participation style algorithm which varies its % volume as stock performance diverges from the sector index.

Min/Max % controls range of participation. Initial participation is average of the two Trading style controls rate of increase/decrease in participation as relative value changes.

Can use either index or sector for relative performance Divergence from index/sector can be set as trigger to start order.

Quantitative Electronic Services(QES). For Institutional Investors use only

Order is pegged relative to the bid/offer and will float as the quote moves displaying an iceberg quantity

Trading style controls pegging to passive (Conservative), Mid (Neutral) or touch (Aggressive)

Iceberg quantity can be user defined as share amount or % of order

Quantitative Electronic Services(QES). For Institutional Investors use only

Aims to match VWAP for a specified time period. Start and end time will ensure order executes over specified period; max vol % can be used to limit impact. Can be optionally configured to take less discretion and trade more closely to the volume curve.

Quantitative Electronic Services(QES). For Institutional Investors use only

Executes order evenly over a specified time period whilst randomising time and size of slices. Start and end time will ensure order executes over specified period; max vol % can be used to limit impact. Randomises timing and sizes of orders sent to market to prevent gaming

Quantitative Electronic Services(QES). For Institutional Investors use only

Participates at a user defined target %. Can be optionally configured to take less discretion and trade more closely to the volume curve

Quantitative Electronic Services(QES). For Institutional Investors use only

Seeks to minimise slippage between execution price and benchmark by balancing market impact versus risk. Benchmark is set using Ref price; use Trading Style to manage level of participation; min/ max % volume can be used to cap the max or limit the min % participation. Choice of reference price (snap, open, close, previous close)

Quantitative Electronic Services(QES). For Institutional Investors use only

Executes the order in the auction. To limit impact in the auction the Residual flag can be set to Y allowing the order to trade after the auction (open) or before (close). Option to execute part of order during continuous trading; will cross in AlphaX on close; style of trading in continuous phase can be set

Adaptive liquidity seeking strategy

Used to achieve a broader set of trading objectives and takes advantage of a quantitative impact model that tunes parameters on an order-specific basis.

Adaptive liquidity seeking strategy

Dark pool aggregator that uses crossing networks, hidden order types and anti-gaming pricing logic to stealthily execute an order. MLXN-only option available.

• BLOCK Mode - Minimum cross quantity determined by stock specific model
• STANDARD Mode - Default mode; pricing of midpoint or better
• TARGETED Mode - Responds to displayed market liquidity events

Adaptive liquidity seeking strategy

Executes in-line and responds to real-time market changes. Price Sensitivity parameter allows order to speed up or slow down as price moves in/out of favor.

Adaptive liquidity seeking strategy

Smart Market Access. Exhausts liquidity at each price level up to the order's limit price, then smart posts residual quantity. Support for peggin, no-post option, pre & post market trading.

Classic strategy

VWAP crossing, GetDone price and benchmark driven customizations supported.

Classic strategy

Stock specific heuristics optimize slice intervals, GetDone price supported

Classic strategy

Stock specific large block prints are excluded from volume calculations. GetDone price supported.

Classic strategy

Entire order can be sent as an MOC, subject to MOC cutoff time

Pairs strategy that executes when Buy-Sell price spread is marketable.

Pairs strategy that executes when Sell-Buy price spread is marketable.

Pairs strategy that executes when Buy/Sell ratio is marketable.

Pairs strategy that executes when Sell/Buy ratio is marketable.

Pairs strategy that executes when delta of % change in Buy- % change in Sell is marketable.

Pairs strategy that executes when delta of % change in Sell- % change in Buy is marketable.

Advanced strategy

Advanced algo for ETF execution that enhances liquidity and improves price performance by optimizing execution of the ETF, its constituents and futures

Adaptive liquidity seeking strategy

Urgent liquidity seeking with intelligence to pause and adapt if causing impact. Only GETDONE mode will post.

Liquidity-based algorithm

Ideal for investors who wish to work in line with market volume. Target a specified percentage of composite volume.

Benchmark-based algorithm

Ideal for investors seeking to minimize shortfall to arrival price. Optimize the tradeoff between market impact and execution risk.

Schedule-based algorithm

Ideal for investors who wish to spread execution over a fixed time horizon in accordance with a VWAP benchmark. Target volume-weighted average price by tracking historical/linear volume profiles.

Schedule-based algorithm

Ideal for investors who wish to spread execution over a fixed time horizon in accordance with a TWAP benchmark. Target time-weighted average price by tracking historical/linear volume profiles.

Minimises the execution shortfall relative to the midpoint of the bid/ask at the time of order entry, based on acceptable level of risk and impact

Minimises the execution shortfall relative to the midpoint, while increasing participation in the market as the stock moves favourably in the trader's direction

Distributes an order over a specified time period based on historical trading patterns, with price and volume constraints

Executes trades evenly over a specified time period based on historical trading patterns

Intelligently participates with the composite volume at a targeted rate and dynamically adjusts to real-time changes in volume

Navigates select dark liquidity pools and quoted markets to provide clients with access to the most natural liquidity possible. NightOwl is available as a direct trading destination or indirectly through Morgan Stanley's existing algorithmic trading offerings. The new stealth algorithm utilizes Morgan Stanley's proprietary analysis of dark liquidity pools to avoid interaction with those dark pools that disclose client order information through Indications of Interests (IOIs). This, in turn, minimizes information leakage in the handling of its clients' orders.

Intelligently interacts with broker crossing systems and dark liquidity pools, including MS Pool

Display price will float with best bid offer for short sell orders

Global Portfolio-Level Trading Algorithm

Trading algorithm that enables the implementation of multiple portfolio level instructions such as risk neutralization and cash balancing. Using over 70 different risk metrics, MS PORT optimizes execution at the portfolio level by taking into account correlations between assets, as well as volatility and projected market impact. The result is better overall execution and risk management. MS PORT also offers traders improved performance by reducing the variance of execution costs. With this launch, buy-side traders can directly access the new portfolio-trading algorithm used by Morgan Stanley's Portfolio Trading desk.

Directed IOC ISO routed to AMEX

Directed IOC ISO routed to ARCA

Directed IOC ISO routed to BATS

Directed IOC ISO routed to Nasdaq BX

Directed IOC ISO routed to CHSX

Directed IOC ISO routed to EDGA

Directed IOC ISO routed to EDGX

Directed IOC ISO routed to LavaFlow

Directed IOC ISO routed to Nasdaq

Directed IOC ISO routed to NYSE

Directed IOC ISO routed to PHLX

Directed IOC ISO routed to BYX

FAN(find and nail) is the algorithmic solution that delivers robust liquidity sourcing in a fragmented market. FAN's cutting-edge Order Awareness technology makes informed routing decisions based on Knight Direct's unique real-time execution data. This smart order execution technology built within FAN sweeps and posts orders in both displayed and non-displayed venues while re-circulating to the destinations where executions are taking place. In addition, FAN leverages KCG's broad inter-market connectivity and internal liquidity, resulting in faster routing and increased liquidity capture.

• FAN's Order Awareness technology utilizes execution data to intelligently develop a real-time view of the liquidity landscape, allowing for faster, more proactive and more precise routing decisions.
• As FAN sources non-displayed liquidity inside the NBBO, new methodologies increase the likelihood of price improvement and access to liquidity. A quantitative assessment engine then continuously optimizes these strategies in real-time, making FAN faster and more effective as it executes on those non-displayed venues.
• FAN takes in direct feeds from exchanges. This gives our clients' order flow the technology benefits enjoyed by other technologically advanced market participants.
• FAN settings are adaptive and configurable to the individual client's preferences and trading style.
• FAN's advanced technology increases the efficiency of all smart order execution, benchmark and participation algorithms.

Oasis is a unique and focused smart order execution strategy that is tailored specifically to source small- and mid-cap liquidity. There are increased overall costs and risks associated with trading small- and mid-cap stocks, such as higher volatility, less liquidity and wider spreads. Traders need a specialized strategy to handle the complexities of navigating through intricate trade scenarios rather than a one-size-fits-all approach. Using innovative liquidity sourcing logic, Oasis was created to optimally handle the obstacles typically related to trading thin and difficult-to-trade names.

• Upon order submission, a pre-trade study is instantly performed to gain an understanding of the scenario characteristics by evaluating liquidity, volatility, price trend, momentum, etc.
• Oasis seeks to minimize explicit costs such as market impact and disguises its footprint by never displaying the orders in the public quote, and will not create a visible supply/demand imbalance in the marketplace.
• Logic was specifically designed for Oasis to minimize information leakage and avoid potentially adverse market participants.
• The development of Oasis was based on in-depth feedback from our clients, and our quantitative team continues to make enhancements and customizes our algorithmic strategies to meet the specific trading styles and objectives of our clients.
• Clients receive training from our team. We ensure that clients understand how an algorithm operates and fits within the context of each user's trading style.

Sumo provides clients with a holistic approach to current equity markets, intelligently determining appropriate speed, interaction rate, and size to maximize performance in fragmented markets. The strategy is designed to work a market order with an urgency setting between a smart order router and a traditional arrival price strategy. Sumo optimizes dark vs. lit liquidity, where execution expense is not the primary driver.

Sumo is available in three aggression settings:

• Balanced: Appropriate for when a trader is looking to achieve a balance of price improvement and liquidity sourcing beyond what is displayed in the market
• Proactive : Appropriate for when a trader has determined that they wish to capture liquidity quickly, maximize the fulfillment rate, but continue to capture any available price improvement
• Adaptive: Appropriate for smaller orders as it will attempt to generate price improvement while still maximizing the speed of execution

Knight Direct provides clients a comprehensive solution for portfolio trading that leverages Knight's industry leading liquidity and technology. The portfolio trading algorithm allows the user to trade the Portfolio Strategy according to Arrival Price, VWAP, and TWAP benchmarks.

The Arrival Price benchmark strategy works to reduce slippage by employing Oasis on the most difficult to trade portions of the portfolio.

Users can choose how the algorithm will react to short-term changes in market trends by activating a Trend Response setting:

• None: The algorithm will behave normally, reacting to imbalances outside of the Max Imbalance limit by catching up the lagging leg with a general target of zero imbalance
• Follow: User is assuming that market trends will generally be long and continue over several minutes (passive-in-the-money). The strategy will adjust the aggression to get ahead on the buy orders in an uptrend and the sell orders in a downtrend
• Against: User is assuming short-term mean reversion in market trends (aggressive-in-the-money). The strategy will adjust the aggression to get ahead on the sell orders in an uptrend and buy orders in a downtrend

Knight Direct's Multi Asset Algorithm enables clients to seamlessly execute orders in non-US-listed ordinary securities that have US-listed ADRs while the security's local market is closed. The algorithm eliminates the cumbersome multi-asset conversions of the trade, the ordinary versus ADR and FX conversions, by facilitating ordinary executions principally using the ADR accumulation price and prevailing FX rates as a benchmark.

The Value of KCG's scale:

• The coupling of the expertise of our international equity operations team with the technological savvy and efficiency of our algorithmic trading business
• Leveraging Knight's industry-leading market share in ADRs, garnering unparalleled access to liquidity in these securities

Full Service Offering:

• Knight Direct's MAAE algorithms support all traditional algorithmic trading strategies (i.e. FAN, Oasis, Sumo, etc.) in execution of the traded security
• Our dedicated sales, client service and operations teams provide clients with a "high touch" feel for this intricate strategy, providing Knight Direct clients with multi-faceted resources to handle all inquiries through setup and throughout ongoing strategy application

VWAP enables investors to achieve a targeted average price during a specified time interval. For traders who:

• Want to minimize their market impact
• Need to finish their order
• Want to participate over a specified trading interval

TWAP allows investors to even distribute their trading activity over a specified time interval. For traders who:

• Need to evenly distribute their trade over a specified time.
• Need to finish their order.

Percentage of Volume allows investors to target trading a specific percentage of market volume. For traders who want to match a set participation rate

The DARK algorithm actively scans for dark only liquidity. The connected market places are probed systematically to maximize the probability of execution. The Dark algorithm is configurable to access any available dark venue, whether it is an exchange or a MTF.

Useful for accessing liquidity with a minimized market impact and footprint without crossing the spread. The minimum accepted quantity can be set to prevent information leakage and unwanted fills.

The MOC algorithm targets the closing price. The algorithm automatically switches between MOC strategy and target close strategy depending on the order and user-provided input.

Useful for trading orders where the closing price is used as a benchmark. Algorithm strategy can be controlled by the user, overriding the calculated strategy. Limit can be applied to prevent fills below or above a specified market level.

The Participate algorithm trades in proportion to actual market activity. The algorithm targets a user-defined percentage rate of the traded volume in the market, using proprietary short-term indicators to opportunistically lag the target rate to improve the price. The algorithm uses sophisticated profiling techniques to prevent participation price spikes and carefully reacts to block prints or exceptional activity to minimize market impact.

Useful for trading inline with volume for both illiquid and liquid instruments. Limit, minimum and maximum participation rates can be set to limit market impact and prevent unwanted fills. Would levels can be applied in order to finish the order if the market moves in a favorable direction.

The SNAKE algorithm combines lit and dark liquidity with aggressive and passive behavior, actively interacting with lit liquidity if the market is within range. Dark pools are used to scan for dark liquidity when the lit market is out of range.

Useful for static or illiquid instruments with a large spread, or when execution is needed at a specific market level. Minimum accepted quantity can be set to prevent unwanted fills.

The SoftStop algorithm is a Stop Loss/Limit strategy designed to minimize market impact when entering into or exiting out of a position. As opposed to a single venue Stop Loss/Limit order, the SoftStop algorithm further minimizes market impact by using all available venues.

Useful for trading out of a position in a instrument when a minimized market impact is key and/or when market liquidity is unreliable. Instead of a single market stop, the algorithm uses a participation strategy. Limit and maximum participation rate can be applied as parameters for managing behavior.

The TWAP algorithm trades at a constant rate over the specified duration, slicing the order into smaller portions spread over the defined duration.

Useful for trading an order over a set time. Suitable for instruments without an apparent and repeated trade pattern that effectively manages impact during the specified time period. Limit and volume caps can be applied to minimize impact. The algorithm can be combined with the ”I would” functionality if the market moves in a favorable direction.

VWAP targets the volume weighted average price for the specified time duration. Trade patterns are used to slice orders to the market targeting the VWAP benchmark.

Useful for trading an order over a set time duration, when the VWAP is used as benchmark. Limit and volume caps can be applied to minimize impact. The algorithm can be combined with the ”I would” functionality if the market moves in a favorable direction.

The Discretionary strategy is a passive strategy that turns aggressive if sufficient volume exists within a specified price range from the limit price.

Suitable for aggressive liquidity taking executions where sizable liquidity appears sporadically. The Discretionary strategy submits a passive limit order in the market with an aggressive component that captures liquidity to the Discretion Offset and Discretion Volume.

EFFECTIVE TIME sends a single order to the market at a specific time.

Useful for both liquid and illiquid instruments when execution is needed at a certain point in time. Trigger is entered as local time, and can be entered intraday.

FO+ is an extension of the Fill or Kill order. It is used to find hidden volume in the market. FO+ iteratively submits fill or kill orders to the market to execute as much as possible, not executing less than the specified threshold.

Suitable for aggressive liquidity taking execution. The order type leaves no footprint in the market.

HIDDEN does not show any volume in the market, but sends orders to the market when the market is within reach. HIDDEN is a fully synthetic strategy, meaning that no orders are sent to any market prior to trigger.

Useful for illiquid instruments when no footprint is required in the lit book. HIDDEN will trigger when there is liquidity within the limit.

PEG follows market movements, pegging orders to bid or offer based on the user input parameters, thereby facilitating passive executions.

Suitable for passive and low-impact trading, when there is no urgency in executing the order.

STEP is a passive strategy that becomes aggressive when the market moves away. STEP always places a passive order at the BBO and becomes aggressive, crossing the spread as specified by the user.

Useful for static instruments with a large spread, which often implies large volumes on the BBO. STEP triggers and crosses the spread when liquidity falls below the user-defined threshold.

STOP will execute a single market order or an aggressive limit order when the market trades at the user-defined trigger level.

Useful for trading out of a position at a user-defined market price, or as protection from adverse market movements.

TRIGGER will execute a single order when the market has traded at the the trigger level. Orders sent to the market can either be aggressive or passive.

Useful for low liquidity instruments when no footprint in the lit order book is required.

Benchmark algorithm. Bloomberg Volume-weighted Average Price.

Executes seeking a VWAP benchmark scheduled strategy that uses dynamic real-time intelligence to seek better executions.

Benchmark algorithm. Dynamic Volume-weighted Average Price.

Executes a VWAP seeking unscheduled strategy that uses dynamic real-time intelligence to seek better executions.

Benchmark algorithm. Time-weighted Average Price.

Executes evenly over a time scheduled interval strategy that uses dynamic real-time intelligence to seek better executions.

Benchmark algorithm.

Executes using a target participation rate.

Benchmark algorithm. Volume In Price.

Executes using a target participation rate without catching up if volume is missed due to the price being above the set limit.

Benchmark algorithm

Un-scheduled strategy that opportunistically determines when to crank up aggression levels dynamically to seek more efficient executions at your specified benchmark or better.

Tactical algorithm.

Stealth version of B-Smart Auto that does not display out loud, it posts your order in the most active venues hidden order books and dark pools. All other features remain the same.

B-SMART trading algorithm with a sophisticated statistical price predictor model (PPM) that further assists traders by automatically adjusting the aggression levels of the algorithm. The enhancement - B-SMART AUTO - seeks to statistically do what a trader does - make an assessment of a stock's probable price path using a variety of inputs such as activity on the tape, volatility of the stock, bid/offer spread, as well as peer group and sector analysis.

Depending upon prevailing market conditions and predicted price movements, B-Smart AUTO uses three underlying aggression levels: passive React mode, normal trading and aggressive liquidity capture.

The Price Predictor Model seeks to create a clone of the trader by making statistically-based decisions of what the trader would likely do if he or she was trading the stock

In addition to regulating its aggressiveness, B-SMART AUTO also smart quotes by constantly reassess which venues are most active - placing lit and dark orders in those venues - in an effort to optimize spread capture and avoid being traded around.

Tactical algorithm.

Strategy that sweeps market or nibbles at it when your price & size is there. You control it by adjusting its Aggressive level.

Tactical algorithm.

Stealth strategy that sweeps the market or nibbles at it when your price & size is there without posting. You control it by adjusting its Aggressive level.

Tactical algorithm.

Stealth strategy that sweeps the market when your price is displayed out loud without posting.

Tactical algorithm.

Stealth version of B-Smart that uses Statistical analysis to optimally post your order using only hidden orders in the lit venues and dark pools. All other features remain the same.

Tactical algorithm.

Intelligently posts your order out loud in the most active venues using dynamic real-time market information and proprietary probing results, seeking to maximize your exposure market sweeping. You control it by adjusting its Aggressive level.

Exchange undisclosed volume order; display only a portion of your entire limit order to the market to avoid adverse market impact; remaining portion is hidden to market, and the exchange itself re-fires the display quantity into the market until your order is filled.

Can be a simple limit order or can be made into a sophisticated custom algorithm with our customization options.

Market order. Seeks to capture all the liquidity at the going market price.

Immediate or Cancel. Buy or sell all or part of your limit order immediately and cancel any portion that is not executed.

Good Till Date order. Orders remain on the exchange order book until they are fully executed, cancelled or expire. The TIF(time-in-force) field on the pop-up ticket will accept a date of 30 days from today's date.

Fill Or Kill. Buy or sell the total quantity of your limit order immediately, or cancel if not executed in full.

Limit on close order.

Market on close order.

An undisclosed limit order type maintained by the Central Limit Order Book (CLOB). The order is fully disclosed in terms of execution price but undisclosed regarding volume. CLOB orders will trade against each other in a price/time priority. Minimum order size is A$500K. If partially traded and the balance falls below the minimum, the remaining quantity will automatically be disclosed without affecting priority

Tradebook does not support naked short selling of any type in any market.

Stop/Target (Limit) Order: Send your order when the limit/target price reaches your specified level of decline or gain. Once the trigger price is reached, the order becomes a live Limit order with all of the trading tools and anonymity that are available to any Tradebook Order.

Electronically execute the odd lot portion of DMA or algorithmic orders.

Works a limit order in the market and will place any unfilled balance into the closing auction as a market-on-close order.

Synthetic order. Fires IOCs to the exchange taking as much stock as possible trader can leave a residual order with a user defined display for any unfilled balance.

Passive strategy posts your order in the lit, gray and dark markets intelligently to seek price improvement.

Multi-asset strategy that executes Long/Short Arbitrage, Spread and Ratio strategies through an easy-to-use interface. Supports Equity/Equity, Equity/Option, and Option/Option.

Strategy lets you enter your order before the market opens and utilize a Tradebook algorithm to effectively manage auction participation. Decide whether or not your residual shares automatically flow into continuous trading.

Tactical algorithm.

Automates participation, constraints, or urgency level depending upon user specified price thresholds.

Tactical algorithm.

A high touch DMA tool which allows you to manually create a child order and automatically decrease the remaining volume from your working algorithm (parent order), ensuring that the combination of manual and algorithmic orders never results in overtrading.

Tactical algorithm.

U.S. only. Treats ETFs as a unique asset class and intelligently trades seeking optimal price improvement based on user specified urgency.

Tactical algorithm.

U.S. only. Algorithm fulfills the requirements needed for issuers seeking the rule 10b-18 safe harbor.

Tactical algorithm.

Through EMSX only. Executes a portfolio (list) of equities on a ratio or dollar neutral basis using either an arrival price or interval VWAP benchmark.

Tactical algorithm.

Executes using a target volume participation rate in both the US and Canadian markets for interlisted names.

Tactical algorithm.

U.S. only. Reverse Implementation Shortfall that determines the proper aggression levels dynamically to seek more efficient executions.

Tactical algorithm.

Executes seeking to minimize impact and maximize size by trading only with dark liquidity pools.

Targets Volume Weighted Average Price by adhering to historical volume patterns throughout the trading day

Spreads order evenly throughout the defined time interval with randomized order sizes to protect anonymity.

Targets the Arrival Price and trades positions based on a model that balances alpha capture and market impact.

Follows the eligible volume on a real time basis and participates at the client defined rate

Places orders on the passive side of the spread to maximize performance through capture of the spread.

Liquidity seeking model that fills the order aggressively, accessing both displayed as well as non-displayed liquidity.

Real time model that trades a dollar neutral pair to buy and sell positions with minimal slippage.