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ure Experts
Market Structu
© 2008 UNX, Inc., Member FINRA/SIPC. All rights reserved. Not to be reproduced without permission. 1[UNX]
About UNX®UNX is an innovative electronic trading and technology company that is constantly evolving and developing new products and services with one thing in mind: keeping
h d f th k b h i t di biliti i th t tl h iyou ahead of the pack by enhancing your trading abilities in the constantly changing marketplace.
Founded in 1999, UNX is an electronic broker/dealer serving both buy-side and sell-Founded in 1999, UNX is an electronic broker/dealer serving both buy side and sellside institutional clientsWe remain one of the only agency independents; we have no proprietary trading or conflicts of interest with our clients200+ li t b th i th US d E
ure Experts
200+ clients, both in the US and EuropeFull agency offering, including
Unique execution fabricFine-grained transaction cost analysis
Market Structu Fine grained transaction cost analysis
Desktop trading applications, for both single-stock and programsFull commission management solutionsCentralized clearing
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Provider of ASP solutions to the financial community
Products and ServicesAlgorithmic Market Access
Direct Market AccessAdvanced Execution ServicesAdvanced Execution ServicesAlgorithmic Server Solutions
Advanced Trading ApplicationsBasket Center MetaBook®
Post-Trade MeasurementHigh-touch and Program Trading Services
ure Experts
Outsourced Trading DeskCommission Management Services
28e facilitation, easy-to-use web management toolsIndependent Agency Brokerage
Market Structu Independent Agency Brokerage
Consolidated ticket serviceProactive Service and Support
Support staff include experienced traders
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© 2008 UNX, Inc., Member FINRA/SIPC. All rights reserved. Not to be reproduced without permission. 3
pp p
Connectivity/Routingy/ gure Experts
Market Structu
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© 2008 UNX, Inc., Member FINRA/SIPC. All rights reserved. Not to be reproduced without permission.
* ‐ integration process is underway
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Rule Based RoutingRule Based RoutingRules Based Routing ‐ Combines a series of layered user defined filters
to select trade implementation strategies. These filters include:
Security type (Listed, OTC, BB, Pink sheet, and ETF)
Order type (Market/Limit)
Average daily volume (ADV)
Order sizeure Experts
Order size
Time filter (Pre‐Open, End of Day)
Market Structu
© 2008 UNX, Inc., Member FINRA/SIPC. All rights reserved. Not to be reproduced without permission. 5[UNX]
Rule Based Routing ExampleRule Based Routing ExampleSecurityType
OrderType
ADVOrderSize Tactic
0 – 999 shares
1,000 – 9,999
IOC MidpointProbe
ImpactManagement
ListedOTCETF
Market
Li i
< 2 % ADV
shares
> 10,000 shares
ManagementEngine
Ma
Limit
M k t
> 2 % ADV
> 1 % ADV
Agency Desk Or
Algo Trading Tools
Order
arket Centers
Bulletin BoardPink Sheet
Market
Limit< 1 % ADV
> 250 shares
0 – 249 shares STORM
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Execution Fabric ‐ TacticsExecution Fabric Tactics
Sweep
Synthetic Order Type PostDiscretion yp
(Tactic)PostDiscretion
ure Experts
Pegging
Market Structu
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Execution Fabric – Defining a TacticExecution Fabric Defining a Tacticure Experts
Market Structu
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Execution Fabric ‐ PlansExecution Fabric Plans
Stage 3Stage 2Stage 1
Ladder STORM
NASDAQ Hidden Post
Sweep AUTO‐MARKET
ure Experts
Hidden Post
Dark Sweep STORM
Market Structu
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Execution Fabric – Defining a PlanExecution Fabric Defining a PlanA rule‐based environment for combining tactics and order handling logic to create complex
h i dsynthetic order types
– Technical service organization
– Technical service team
ure Experts
Market Structu
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Putting it all togetherPutting it all together
Algorithms
Plans
TacticsTactics
ure Experts
DMA
Market Structu
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UNX AlgorithmsUNX AlgorithmsGOAL STRATEGY PARAMETERS
Sweeps multiple venues and then hides User choice between hidden post and UNX
STEALTH Aggressively take available liquidity without ever posting out loud.
orders in UNX engines which seize discretion opportunities across the
marketplace.
dark server. Limit orders of any size. Does not accept market orders. Orders may be replaced for price and quantity.
ECLIPSEParticipate at as many venues as
possible without showing your order out loud.
Hides orders at multiple price levels and at a variety of venues - both traditional and
dark.
3 aggressiveness levels control pricing of stages. Limit orders only up to 100,000 shares. No market orders. Orders may be replaced
for price and quantity only.
ORBITMaximize liquidity extraction across
fragmented marketplace while minimizing quote impact.
Periodic, randomized liquidity probes allowing for quotes to fill in.
3 aggressiveness levels control pricing and frequency of probes. Market orders up to
10,000 shares are accepted and limit orders up to 100,000 shares.
DARK SPIN Trade outside traditional markets without affecting prevailing quotes.
Repeated, periodic sweeps and posts in numerous Dark Pools. Limit orders of any size, no market orders.
ure Experts VWAPSeeks to match or beat the
consolidated VWAP for a user-determined trade duration.
Slices orders based on historical, intraday volume arcs and executes with price-
improving tactics.N/A
VOLUME PARTICIPATION
Actively participates with volume using a rate of execution that is in
proportion to the actual volume traded in the security
Employs a variety of tactics at different price points simultaneously.
Market or limit orders of any size. Start time, End time, participation rate, and 3 levels of
adherence.
Market Structu traded in the security.
ATOM Seeks to price-improve small orders. Efficiently sweeps and posts at most liquid destination. Limit orders of any size, no market orders.
CUSTOM Design your own trading strategy.
Work with software implementation specialists to build virtually any
strategy using UNX's component Your imagination and our building
blocks.
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tactics.
UNX web‐based TCA: http://tca.unx.comUNX web based TCA: http://tca.unx.comure Experts
Market Structu
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Customizable TCACustomizable TCAUNX TCA is designed to allow the easy creation of customized reports.
ure Experts
Market Structu
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TCA – Component by ComponentTCA Component by ComponentThe ability to also measure functional components allows us to continually drill‐
down and refine the quality of execution
ure Experts
Market Structu
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LifecycleLifecycleConcept Custom Tactics TCAConceptConcept Custom Tactics TCAConcept
Custom Rule Based RoutingTCA
ure Experts
TCACustom Plans/Algos
Market Structu
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© 2008 UNX, Inc., Member FINRA/SIPC. All rights reserved. The material is not intended to rate or recommend any security or any type of strategy or service for trading any security. Market conditions and system performance may delay system access, real‐time data and trade execution. UNX and MetaBook are trademarks of UNX, Inc. 062508A 16