UNX integrates electronic trading services and algorithms from Mismi
First Published 15th July 2011
Algorithmic trading and smart order routing strategies for equities now live on Catalyst Execution Management System
Thomas Kim, CEO, UNX
"Catalyst empowers broker-dealers to integrate proprietary content and services themselves using the SDK."
UNX LLC has welcomed broker-dealer Mismi, Inc., into the UNX multi-broker Marketplace. Institutional traders can now access Mismi's trading strategies and route orders directly to Mismi via UNX's Catalyst Execution Management System (EMS).
Mismi's algorithms include Portfolio IS, its portfolio implementation shortfall technology that provides portfolio execution capabilities in today's fragmented and volatile markets. Portfolio IS aims to continuously re-optimize its trading schedule in response to real-time changes in portfolio and market conditions, and seeks liquidity in displayed and dark markets. Other strategies include VWAP and participation algorithms, as well as Mismi's latest SCALE and SMART strategies.
The firm advocates Catalyst as a delivery platform for its services because Catalyst's open technology framework and advanced software development kit (SDK) allow Mismi to directly control the integration, customization and deployment of new services and strategies as they are being developed.
"Our objective is to provide state-of-the-art trading strategies that offer superior, unconflicted execution to our clients, and Catalyst's technology facilitates rapid implementation and customization," said Dr. Costis Maglaras, Head of Research for Mismi. "We can tailor our offerings to specifically address the trading style and considerations of each client, as well as quickly respond to market structure changes with new and enhanced algorithms and smart order routing."
According to UNX CEO Thomas Kim, the ability for brokers to quickly integrate and update their own specific offerings into a multi-broker platform represents a dramatic departure from-and significant advantage over-existing trading technology: "The problem with traditional EMS providers is that they take too long to onboard a new client or integrate additional trading products and services," explains Kim, "all while charging significant IT fees. Catalyst empowers broker-dealers to integrate proprietary content and services themselves using the SDK, as well as customize deployment to clients at their own discretion, on their timetable," he adds. "And our open technology requires substantially less IT support than legacy EMSs, saving clients both time and money."