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Alternative Trading Systems Directory

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September 2009

directory

sponsored by

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An A-TeAmGroup Publication page 3

Published by A-Team Group

Editor Andrew P. [email protected] AssistantGeorge Bailey-KirbyDesignVictoria [email protected] ManagerSharon [email protected] Angela Wilbraham [email protected]

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A-TeAmGroup

Alternative Trading Systems Directory

Welcome to the inaugural edition of the A-Team Alternative Trading Systems Directory. As with our sister publication – the A-Team Algorithmic Trading Directory – we have set out to describe and define a specific segment of the electronic trading marketplace, in the hopes of helping practitioners navigate the increasingly complex world of alternative liquidity venues.

Since we conceived the idea of a directory of alternative trading systems – that is, of electronic trading platforms that offer alternative liquidity venues from the world’s primary exchanges – the execution venue landscape has expanded significantly. This has been particularly true in Europe, where the EU’s Markets in Financial Instruments Direcive (MiFID) has spawned a host of Multilateral Trading Facilities (MTFs) and encouraged the proliferation of both independent and broker-sponsored dark liquidity venues, or dark pools. In short, the ATS landscape has become more complex and confusing than ever.

We hope this directory helps to shed some light on the activities of ATSs worldwide. In this premier edition, we have focused on alternative trading venues for listed securities: equities, futures and options, and their associated, listed financial instruments. We expect to expand the directory to include ATSs for over the counter securities and foreign exchange and related markets, in future editions.

Again, we are indebted to our sponsor – Fidessa – whose support has been critical in developing the A-Team Alternative Trading Systems Directory. Andrew Delaney, Editor-in-Chief, A-Team Group

Foreword

page 4 An A-TeAmGroup Publication

Contents

IntroductionThe Battle for Liquidity: Who Will Win the War? 6 by Steve Grob, Director of Strategy, Fidessa

Europe

North America

Baikal 14BATS Europe 14Barclays Capital 17BIX 14Blink 14Burgundy 15Chi-X Europe 15Citi Match 15Crossfinder 18Equiduct Trading 18Euro Millennium 18Instinet BlockMatch 18Liquidnet 19MLXN 19

MS Pool 19NYSE Arca Europe 20NYSE Smartpool 20Pipeline 21Quote MTF 21Plus Pool 22POSIT 23Sungard Global Trading 24SWX Swiss Block 24Tradeweb 24Turquoise 24SIGMA X 25UBS PIN Cross 26

Alpha 28Aqua 28BATS 28Barclays Capital 31BIDS ATS 28BlockBook 29Block Cross 29CBX 32Chi-X Canada 32CitiMatch 33ConvergEX Cross 33CrossFinder 33CrossStream 33DirectEdge 34GETCO 34Knight Link 35Knight Match 35Lattice 36LeveL ATS 36LiquidNet 36Liquidnet H2O 37

Match Now 37Midpoint Match 37Mismi ATS 38MLXN 38MS Pool 38Nasdaq Crossing 39NYBX 39NYFIX Millennium ATS 40NYSE Arca 40NYSE MatchPoint 41Omega ATS 41One Pipe 41POSIT 42Pipeline 43Pure Trading 43Rivercrossing 43Track ECN 43SIGMA X 44TSX Photon 45UBS PIN Cross 45VortEX 46


contentsAxe ECN 48BIX 48BlocSec 48CBX Asia 49Chi-X Asia 49Chi-X Australia 49Citi Match 49CrossFinder 49Japan Crossing 50Knight Match 50Korea Cross 50LiquidNet Asia 51LiquidNet Australia 51LiquidNet Japan 51MLXN 52MS Pool 52NYFIX Millennium ATS 52POSIT 53UBS PIN Cross 54SIGMA X 55

Asia Pacific

Further Information

To receive news updates on developments in alterna-tive trading services, sign up for A-Team’s Electronic Trading service atwww.electronic-trading.com

For more information about A-Team Groupwww.a-teamgroup.com


Introduction

ONE OF THE most startling facts about the fragmentation of European liquidity is that it shows no sign of slowing. The graphs on Pages 7 and 8 show the rate of fragmentation across major European indices over the past year.

The graphs use the Fidessa Fragmenta-tion Index* (FFI) which measures the av-erage number of venues you should visit in order to achieve best execution when completing an order. Despite a few hic-cups it is clear that the overriding trend is upwards (Chart 1) and, in fact, frag-mentation is now spreading to smaller and mid cap stocks too (Chart 2).

This raises some interesting questions. Where has this liquidity gone, why have some alternative venues fared better than others and what will be the impact of the new dark pools that have emerged

through 2009? Most important of all, will fragmentation continue on its cur-rent trajectory or will the primary venues manage to reverse the trend?

Looking more closely, the data shows that London has borne the brunt of fragmentation so far, although main-land Europe is not far behind. One of the reasons for this has been the runaway success of the London based MTF, Chi-X, which, in a little over two years, has grown its volume to become a top five European trading destination. Its combination of low cost and simply being first has meant that it is the envy of the alternative trading community. Interestingly, however, as new MTFs have launched they have continued to eat away at the primary exchanges’ volumes rather than cannibalise each other’s flow (see Cadbury example).

The battle for liquidity: who will win the war?By Steve Grob, Director of Strategy, Fidessa


This looks like further proof that frag-mentation still has a long way to go and may even mirror the situation in the US where no single venue has more than about 25 per cent of market share.

The battle for second place behind Chi-X has, for some time, looked likely to be fought by Turquoise and BATS Europe. This may well remain the case although, with the former’s original backers exploring strategic options for the business, it’s unlikely that Turquoise will carry on in exactly its current form.

BATS has sought to capitalise on its posi-tion with an aggressive “inverted” pricing model that essentially pays people to come and shop at its store. This is why it is so popular with High Frequency Trad-

ers who are essentially arbitraging the different pricing promotions between venues.

As of September 2009, however, the Lon-don Stock Exchange (LSE) has eschewed these maker taker pricing models and re-verted to the wholesale discount model that rewards its traditional customers, the big banks and brokers. This is a tacit recognition that the price incentives offered by the upstart MTFs cannot be maintained forever and a clear state-ment that the LSE is not going to play this game.

At some point the MTF community will have to abandon its price incentives and it will be interesting to see what impact this has on liquidity. One thing that does

Chart 1

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CAC 40

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Sept. 08 Oct. 08 Nov. 08 Dec. 08 Jan. 09 Feb. 09 Mar. 09 Apr. 09 May 09 Jun. 09 Jul. 09 Aug. 09 Sept. 09

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Introduction

look certain is that those alternative venues that compete solely on price will inevitably become part of consolidation plays from the more successful opera-tors. Some observers believe that we will see a repeat of the US market experi-ence where the primary exchanges bought back liquidity from the ECNs that formed. This is perhaps less likely to occur in Europe, however, as one of the main drivers behind these transac-tions was the desire to acquire the more updated technology that ECNs had built. In Europe the primaries have equivalent, or better, electronic platforms in place and so they have less incentive to buy into the MTF space.

Perhaps a better strategy for alternative venues might be to focus on particular

market segments, users or trading styles. This would allow these venues to main-tain margin based around the specialisa-tion of their service offering or the user community they serve. This approach is being adopted by Burgundy, for exam-ple, which focuses exclusively on trading Nordic stocks from within and outside Scandinavia. This will allow Burgundy to leverage its greater expertise in this particular market and to position itself as the alternative venue for Nordic equi-ties. It’s too early to tell how successful Burgundy will be but the early signs are encouraging.

In any event, the primary exchanges have been unable to ignore these develop-ments and have responded by launching their own alternative platforms. NYSE Eu-

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Introduction

Chart 2


ronext has already unveiled SmartPool and Arca Europe while the LSE has launched Baikal.

One of the challenges these exchanges face, however, is to ensure that they actu-ally take on the MTFs rather than eating away further volume from their own pri-mary platforms. NYSE Euronext’s approach has been to focus Arca Europe on the stocks that are not listed on Euronext and to provide incentives for members to trade on its own MTF platform.

The approach taken by the London Stock Exchange with Baikal has been imaginative, too. Baikal has described it-self as the first neutral liquidity aggrega-

tion service, able to offer a MiFID-com-pliant best execution service that shields customers from the complexity and costs of direct membership of multiple mar-kets and central counterparties. Baikal’s first service will be a smart order routing capability that it claims will provide a one-stop shop for navigating fragmented liquidity across Europe.

This move which, in part, is also the stance taken by NASDAQ OMX Eu-rope, highlights another dimension to liquidity fragmentation in Europe. Large broker dealers, primary exchanges and MTFs are all offering onward routing services in a bid to step over each other and get to the front of the queue for

Turquoise (9.073%)

NASDAQOMX Europe

(3.91%)

Chi-X(21.4%)

BATSEurope(6.96%)

LSE(58.58%)

Turquoise (0.31%)

Chi-X(19.41%)

LSE(80.28%)

Turquoise (9.073%)

NASDAQOMX Europe

(3.91%)

Chi-X(21.4%)

BATSEurope(6.96%)

LSE(58.58%)

Turquoise (0.31%)

Chi-X(19.41%)

LSE(80.28%)

Week ending 28 August, 2009 - FFI = 2.49Week ending 29 August, 2008 - FFI = 1.47

CBRY.L Cadbury Ord 10p Market Share by Lit Venue Source: Fidessa Fragmentation Index

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Our front office solutions are supported by connectivity to the DMA, Algorithmic, Program and Care order execution destinations of more than 400 brokers worldwide, as well as numerous ECNs, crossing networks and ATSs, providing you with all the global execution destinations you require in your continual search for liquidity.

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A5 LZ ATS .indd 1 10/9/09 08:15:47


order flow. The result of this is that the activities of smart brokers and smart venues are increasingly overlapping.

Nowhere is this more true than when one looks at the growing trend towards trading in dark venues where prices are not published to the outside world. The advantages, of course, are that informa-tion leakage is minimal thereby allowing large block orders to be executed more effectively. As with lit venues, many offer onward routing services to other pools of dark liquidity. A good example of this is Liquidnet which is, in effect, a broker dealer disguised as a buy-side crossing network. As well as crossing orders with other buy sides, Liquidnet participants can also elect to use a secondary pool of liquidity, called H20, in the event that the order is only partially filled. This service “pings” a range of broker dealers’ algorithmic trading engines to see if they have a match. Anonymity is preserved and the broker dealer in question gets a free execution.

Aside from buy-side networks like Liq-uidnet and Pipeline there are two other categories of dark pool. The first in-cludes those pools operated by exchang-es such as Baikal (LSE) and SmartPool (NYSE Euronext) and the second covers those operated by broker dealers such as Sigma X (Goldman Sachs), MLXN (Bank of America Merrill Lynch) and

NYFIX Euro Millennium.

The growing diversity and complexity of dark liquidity has now forced the market to rethink its smart order routing tech-nology and combine it with dark algos so that traders can navigate intelligently and continuously between the two.

The established exchanges have a num-ber of other weapons to wield against the new alternative venues. First among these is their ability to list products other than just equities. NYSE Euronext and Deutsche Börse already have very well established derivatives platforms in terms of Liffe and Eurex. The LSE is also investing significantly to build up its EDX and IDEM platforms through partnership with Toronto’s TMX ex-change. Their aim is to create multi-asset supermarkets where traders are attracted by the diversity of products available and the ability to offset margin and risk between them.

Of course there is nothing to stop the new MTFs from listing alternative products, too, and some are doing just that. The difference is that the prima-ries already have a head start and have deeper pockets from which to fund their supermarket franchises. The fact that we are now starting to see genuine co-operation and interoperability between the different European CCPs will come


Introduction

to the aid of the smaller players as this moves the opportunities to offset risk margin away from the exchanges and more fully back to the clearing firms. It’s an interesting distinction with the US where there is only one central clearer for equities in the form of the DTCC. This is one reason why alternative venues have been so successful there.

Against this backdrop the regulators are furiously trying to keep track of all these innovations and understand the new market landscape their directives have created. Because of the rate of ap-plications for new trading entities, these regulators may find themselves in the unwanted position of kingmakers depen-dent upon which venues they approve and in which order.

It’s difficult to predict the final form that the European landscape will take but a number of themes are starting to emerge. Trading on primary exchanges will increasingly break away from na-tional boundaries as they seek to stock their shelves with the broadest array of products with which to entice customers. Whether Europe needs three such super-markets is open to debate. At the same time there will be consolidation amongst alternative lit venues, especially the ones that can’t create their own “special sauce” to justify their niche positioning.

The real winners, though, will be those platform operators that can successfully bridge the lit/dark divide and reconstitute all the different pools of liquidity onto the traders’ screens. Given that over half of European equities are currently traded away from lit venues, it’s likely that this is where the final battle will be played out. MiFID has ensured that this game is open to all – primary exchanges, alternative venues and the broker dealer community, too. Success or failure will be determined by three key factors – innovation, regula-tion and distribution.

* The Fidessa Fragmentation Index is available at http://fragmentation.fidessa.com

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europe



Europe

BaikalCategory MTFOwners London Stock ExchangeTarget Audience European Equity Markets. Business Model Non-displayed/dark liquidity venue, Separate Entity Main Features Combi tech and strong algoActive Nondisplayed order book due for launch in 2009Members N/AUsers N/AInstruments Traded Equities Philosophy As a neutral liquidity venue, Baikal is aiming to address the growing complexity of order execution requirements by allowing both buy-side and sell-side participants to trade larger orders in a “trusted” environment – so minimizing market impactManagement John Wilson, CEO Tel +44 (0) 20 7797 1222Email [email protected] www.baikalglobal.com

BATS EuropeCategory MTFOwners BATS TradingTarget Audience European equity markets Business Model BATS Europe’s platform is about 95 percent the same as the U.S. System. The BATS platform is internally developed by a dedicated core team of market and technology professionals, catering to the needs of the broker-dealer and trading community Main Features BATS is wellknown for its innovative fee and rebate pricing scheduleActive October 2008Members Participants can offer clients direct access through the sponsorship schemeUsers Applicants must be either an EEA regulated investment firm or credit institution.Instruments Traded Equitie. Philosophy Similar to its U.S. counterpart, BATS Europe aims to offer a deep pool of liquidity, superior technology, aggressive pricing and industry-leading customer service. Aims to bring greater efficiency and reliability to traders

in Europe, following their mission of making markets betterManagement Mark Hemsley, CEO Tel +44 (0) 20 7012 8906Email [email protected] www.batstrading.co.uk

BIXCategory Internal Crossing NetworkOwners BNP Paribas Target Audience Internal Insitutional Clients Business Model Not disclosed Main Features Apart from the regular benefits, such as reduced market impact and opportunity cost provided by dark pools, BIX provides anonymous, non-displayed order posting and trading in a unique pool of liquidity, offering all parties the opportunity for price improvementActive Not disclosedMembers BIX is utilized by BNP institutional and retail (aggregated flows) clients with various types of order flow as well as BNP algorithms, smart routing and proprietary businessesUsers Not disclosed Instruments Traded Equities Philosophy Not disclosedManagement Not disclosedTel +44 (0) 20 7595 1144Web www.bnpparibas.co.uk

Blink Category Internal Crossing NetworkOwners CA Cheuvreux Target Audience Internal Insitutional Clients. Business Model Designed to match retail, institutional, algorithmic, program and direct-market-access flow coming into the firm, with a focus on European equities Main Features Since the broker-dealer is an agency broker, clients would not be crossing with any proprietary orders Active November 2008Members Institutional clients onlyUsers Not disclosedInstruments Traded Equities Philosophy Just as the trend in the U.S. has been for the major broker-dealers to create


internal crossing engines, this may now be seen in Europe as well Management Bertrand Patillet, Executive Vice President Tel +33 1 41 89 70 00Email [email protected] www.cheuvreux.com

BurgundyCategory MTFOwners Swedbank, Handelsbanken, SEB, Kaupthing, Carnegie, Nordnet, Ohman, Avanza, Evli and Neonet Target Audience Nordic Equity Markets. Business Model Offer trading in equities listed in Stockholm, Oslo and Copenhagen. Aim to ensure high liquidity, low transactional costs, short response times and best execution Main Features Consortium Appeal to rival Turquoise. Regional focus as benefit to Nordic Banks/BrokersActive May 2009Members N/AUsers N/A Instruments Traded Equities Philosophy Aims at taking on Nasdaq OMX and the London-based MTFs that offer trading in Nordic equities. Desire to have a real Nordic focus on the equity marketManagement Olof Neiglick, CEO Tel +46 8613 1200Email [email protected] www.burgundy.se

Chi-X EuropeCategory MTFOwners Nomura/Instinet, Bank of America, Citadel Investment Group, Citi, Credit Suisse, Getco, Goldman Sachs, Morgan Stanley, Optiver, UBS Target Audience European Equity Markets. Business Model Faster, Cheaper, Smarter – looking to give traders more options and connectivityMain Features Offers a continuous auction market, based on strict price/time priority, is fully anonymous and offers advanced order types

Active March 2007Members N/AUsers Widespread usageInstruments Traded Equities Philosophy Focus on accessibility, primary objective to make money from simple trading. The game plan over the next 12 months is to provide a “cost-effective solution” to the problems raised by European trading, clearing and settlementManagement Mark Howarth, Acting CEOTel +44 (0)20 7131 3333Email [email protected] www.chi-x.com

Citi MatchCategory Internal Crossing NetworkOwners Citi Target Audience Internal Insitutional Clients. Business Model Citi Match allows institutional flow, orders from the firm’s internal desks, and flow from Citi algos to rest within its system to match up against retail flow. The internal Citi flow includes orders from Citi sales traders, traders, program traders and other internal desksMain Features Citi’s internal flow includes orders from its sales traders, traders, program traders and other internal desksActive December 2007Members N/AUsers So far 30 institutions are connected to Citi Match Instruments Traded Equities Philosophy Citi Match’s new and broader customer base is intended to push its executions higher. Focused on creating a mechanism whereby all ATD flow and Citi flow--Smith Barney, Lava, Citi’s various desks and algos--can wash through one box.Management Steve Swanson, managing director and head of global electronic market makingEmail [email protected] www.citi.com

Introduction


LX is Barclays Capital’s dark liquidity crossing network, which sources order flow from internal desks, our clients, and non-displayed trading partners to provide users with opportunities for enhanced execution quality. LX includes our alternative trading system, a true dark pool where no institutional client order information is published.

WHY CHOOSE LX?Unique Liquidity: The amount of unique flow available to clients in LX is made possible by the breadth of our equities franchise. In addition to Barclays Capital order flow, we have formed a network of over 20 partner dark pools.

User-Defined Access: Institutional clients are able to define acceptable trading counterparties when taking and providing liquidity. They are also able to set a minimum execution quantity parameter by client type.

Anti-Gaming Surveillance: Direct LX flows are monitored closely for performance before being eligible for crossing with institutional clients. Reports measuring toxicity are available to clients and used internally to determine which participants should be excluded from LX.

Price Improvement: When order limits overlap, price improvement is provided to both trad-ing parties based on an 80/20 breakdown for providers and takers.

Reliable Technology: The scalable architecture on which LX was built is capable of handling 25 million orders per day with an average roundtrip

latency of less than 2 milliseconds. Co-location initiatives and additional system enhancements are in progress.

HOW TO ACCESS LX?LX can be accessed through BARX Equities Algorithmic Trading Strategies, Smart Router, or directly from any FIX-compliant OMS or EMS.

Barclays Capital is planning to expand LX into Europe during the first half of 2010.

James DayDirector, Electronic Trading Services 5 The North ColonnadeCanary Wharf, LondonE14 4BB, United KingdomTel +44 (0) 20 313 48105 Email [email protected]

Web www.barcap.com


Europe

CrossfinderCategory Internal Crossing NetworkOwners Credit Suisse Target Audience Internal Insitutional Clients. Business Model CrossFinder, Credit Suisse’s internal crossing network, anonymously matches buy and sell orders Main Features As one of the world’s largest internal crossing engines, CrossFinder offers clients immense liquidity, anonymity, and the ability to execute large blocks of stock with less impact than would be likely in the public marketsActive 2005Members N/AUsers CrossFinder is available to all Credit Suisse clients and liquidity partners Instruments Traded Equities Philosophy The purpose of CrossFinder is to catch all the 300- and 400-share orders that pass through Credit Suisse’s algorithmic strategies and cross the opposite side of the tradesManagement Dan Mathisson, Head of Advanced Execution Services (AES) Tel +44 (0) 20 7888 8912Web www.credit-suisse.com

Equiduct TradingCategory MTFOwners Citadel, Boerse Berlin Target Audience European Equity Markets. Business Model Equiduct Trading is an independent, pan-European stock market offering international growth companies and investors seamless cross-border trading, clearing and settlement within a unified market infrastructure Main Features Equiduct Trading offers very low cost per transaction relative to other exchanges as well as unique settlement flexibility and guaranteed execution in a protected environment Active Spring 2009Members Initial launch to on-boarding clients. Aims to have 20 firms on board by the end of 2009 Users N/AInstruments Traded Equities

Philosophy Equiduct Trading will offer a range of services to enable financial institutions to meet their statutory commitments to provide best execution and transparency to their clients for all equity instruments listed on the EEA in a single point of contact and cost effective manner. Management Peter Randall, CEO Tel +44 (0)20 3102 4080Email [email protected] www.equiduct-trading.com

Euro MillenniumCategory Block Trading SystemOwners NYSE Euronext Target Audience European Equity Markets, buy and sell side Business Model Euro Millennium is a continuous real-time matching system and offers both anonymous electronic executions as well as access to liquidity at other execution venues Main Features Neutral venue working off an existing U.S. model operational for the past seven yearsActive March 2008Members N/A Users Open to all Instruments Traded Equities Philosophy Built off US model and leveraging established technology to create European dark pool. Looking to provide a service everyone can use for the type of trading and the trading strategy that they are trying to adhere to Management Chris Smith, CEO Tel +44 (0)20 7634 5396Email [email protected] www.thinkliquidity.com

Instinet BlockMatch Category Block Trading SystemOwners Instinet Target Audience Internal Insitutional Clients. Business Model Buy-side matchingMain Features BlockMatch pan-European buy-side matching network. BlockMatch Closing Cross, operating as continuous cross 16:40 to 17:00 UK time


Active N/AMembers N/AUsers Institutional investors only Instruments Traded Equities Philosophy BlockMatch constituted as MTF, not systematic internalizer, to give users complete control over how orders are revealed and interact with other participants. Smart-routing, price-pegging and other advanced functionality to optimize best execution. BlockMatch Closing Cross executes at the primary exchange’s closing auction price. Orders are dark by default but can be disclosed to the Instinet trading desk at a client’s request. Minimum fill quantity supported. First pan-European closing crossManagement Richard Balarkas, Managing Director, Instinet Europe Tel +44 (0) 20 7154 7354Web www.instinet.com

LiquidnetCategory Block TradingOwners Liquidnet. Target Audience Global Buy Side. Business Model Gives North American and European fund managers the ability to negotiate large blocks of equities directly and anonymously with each other across one integrated trading venue, bypassing all exchanges and intermediaries Main Features Cross-border trading through Liquidnet Europe means using a single broker instead of multiple parties for multiple markets. Liquidnet Europe uses only one clearing firm for all international trades. Expanded trading hours and international trading capabilities allow Members to actively trade with one another from 2 a.m. to 6 p.m. (New York time). Liquidnet’s U.K. trade executions print to the London Stock Exchange and are counted with the existing market volume traded through the exchange Active November 2002Members Most large buy side institutions (514) Users Active members Instruments Traded Block Equities Philosophy Liquidnet Europe aims to simplify the complex process of cross-border trading, by removing the barriers that erode trading

performance, leaving Members with seamless, efficient institutional-size executions. Members can access liquidity across major markets through a single access pointManagement John Barker, Head of European Operations Tel +44 (0)20 7614 1600Email [email protected] www.liquidnet.com

MLXNCategory Internal Crossing NetworkOwners Merrill Lynch (Bank of America)Target Audience Internal Institutional Clients. Business Model Merrill Lynch’s Internal Crossing Network (MLXN) is a registered ATS that offers unique access to the diverse pool of liquidity within Merrill Main Features Claims that if you consolidated all the substantial flow in Merrill Lynch and ranked it, their liquidity would outrank a number of exchange marketplaces. Active 2007Members N/AUsers Users of MLXN include institutional clients such as hedge funds, mutual funds, broker-dealers and Merrill Lynch trading desks. Average Daily Volumes N/AInstruments Traded Equities Philosophy Believes that only pools that have critical mass will survive and that linkage with other pool offerings is crucial to succeed.Management Andrew Thompson, Managing Director Tel +44 (0)20 7996 5117Email [email protected] www.ml.com

MS PoolCategory Internal Crossing NetworkOwners Morgan Stanley Target Audience Internal Insitutional Clients Business Model MS Pool brings together orders from Morgan Stanley’s retail, institutional and broker-dealer clients, as well as algorithmic flow and orders from the firm’s internal trading desks. The latter include the cash, program and proprietary desks.Customers can opt out of trading against flow


Europe

from these desks in MS Pool Main Features MS Pool is a dark liquidity pool with no order information leakage, minimal market impact and transaction costs by executing well within the NBBO. Also has the ability to set a minimum execution quantity to ensure larger execution sizes with zero to negligible latency added to the execution of ordersActive September 2006Members N/AUsers Institutional asset managers, hedge funds and retail Instruments Traded Equities Philosophy Agency orders always take priority over principal and Morgan Stanley does not does not provide any post trade information. Vows to stay purely dark, as believes that sending indications out is something that removes the dark aspect of a dark poolManagement Richard Evans, Head of Strategy, Electronic Trading, European Equity MarketsTel +44 (0)20 7425 3222Email [email protected] www.morganstanley.com

NYSE Arca EuropeCategory MTFOwners NYSE EuronextTarget Audience Global markets for users of NYSE platforms Business Model NYSE Arca Europe is NYSE Euronext’s pan-European Multilateral Trading Facility (MTF). NYSE Arca Europe extends the trading scope of Euronext’s regulated markets by adding blue-chip stocks from 11 European countriesMain Features NYSE Arca Europe provides easy and transparent access to pan-European equities. Integrated with existing NYSE Euronext systems, it offers clients ultra-low latency, high throughput and very low fees. It features a central limit order book trading a select group of top European liquid stocks from the following eleven countries: Austria, Denmark, Finland, Germany, Ireland, Italy, Norway, Sweden, Switzerland, Spain and the United Kingdom.

Active Spring 2009Members NYSE Euronext markets membersUsers NYSE Arca users. Instruments Traded All Philosophy Believes that every company deserves a chance to grow on a more ambitious scale. NYSE Arca’s broader eligibility requirements now allow smaller companies that meet their listings standards to join us -- and ultimately gain visibility opportunities and access that have never been available to them beforeManagement Roland Bellegarde, group executive vice president and head of European executionTel +33 1 49 27 10 00Email [email protected] Web www.euronext.com

NYSE SmartpoolCategory Dark poolOwners NYSE Euronext, BNP Paribas, HSBC Target Audience European equity markets Business Model Project SmartPool will operate as a multi lateral trading facility (MTF) and is specifically designed to meet the trading needs of large institutional order flow, and will complement the limit order book offered by Nyse Euronext in Europe already. The new system will enable users to interact anonymously, without disclosing the size or price at which they are willing to tradeMain Features Has advantage of existing infrastructure to build a dark pool on in Europe. It offers a powerful and simple solution with immediate accessibility to all European sell-side firms, minimal information disclosure concerning users’ identity and order details and post-trade publicationsActive Spring 2009Members Accessible to all European sell-side firms. Users N/A Instruments Traded Equities Philosophy Unlike a traditional exchange, which provides full pre-trade transparency,


Project SmartPool will enable users to interact without disclosing their identity or the size or price at which they are willing to trade. Project SmartPool puts Euronext’s extensive experience and outstanding infrastructure to work for its clients large order execution in Europe Management Les Hodgkinson, CEO Tel +33 1 49 27 10 00Email [email protected] www.nyse.com

PipelineCategory Block Trading PlatformOwners Pipeline Trading Systems LLCTarget Audience Block traders Europe and US. Business Model Pipeline empowers firms to execute block trades in single executions. Pipeline maintains a hidden book of large, executable limit orders with strict price time priority Main Features Has virtually no market impact; trading intentions are invisible, allowing your entire order to be actively available to trade all day. Pipeline Trading still has the highest execution ratesof the block crossing systemsActive Spring 2009Members N/AUsers 273 firms looking to trade block ordersInstruments Traded Equities Philosophy The philosophy of this ATS is based on giant minimums, which require users to have only large blocks available for trade. The large minimum order size requirement, along with the fact that all orders are firm, does not lend itself to gaming or “pinging” the system to find out market informationManagement Marcus Hooper, Executive DirectorTel +44 (0)20 3178 4643Email [email protected] www.pipelinetrading.com

Quote MTFCategory MTFOwners Quote MTF Ltd. is 60%-owned by BRMS Holding, a Canada-based company with activities in securities trading, and 40%-owned Gábor Kutas (director) and Tamás Madlena (CEO) via Abovethirty LtdTarget Audience European equity marketsBusiness Model Aims to provide subscrib-ers with a simple, easy to access, low latency trading platform for pan-european stocks with competetive price rates. Liquidity is provided by two committed high-frequency market makers offering very narrow spreads in Europe Main Features Offers the lowest liquidity removal fee (0.14 b.p.) in Europe and free trading when adding liquidity without any other hidden costs added, such as minimum monthly fees and the likeActive September 2009Members N/AUsers Buy and sell sideInstruments Traded Equities Philosophy Has the firm belief that the no frills business model geared to reduce complexity and to push costs further down brings value to the European trading community.Wants to keep things as simple and competitive as possible to create a “one stop shop” venue in EuropeManagement Tamás Madlena, CEOTel +44 750 926 3699 Email [email protected]


Europe

PLUS is a London-based exchange focused on retail liquidity. With full Recognised Investment Exchange (RIE) status, PLUS enjoys all the rights and privileges of a UK stock exchange including both primary and secondary markets.

Our primary market focuses around both UK and international growth companies, utilising our RIE status and agile size to bring new and innovative products to market. Our secondary market provides full stock coverage in all UK securities, and European liquids, underpinned by a strong market maker system which gives you guaranteed liquidity. PLUS’ volumes continue to grow year on year. From January to June 2009, volumes totalled over 36 billion up 216.92% against the previous year. Moreover, PLUS has consistently ranked high in the Thomson Reuters MiFID Market Share Reports, achieving third highest market share in UK equities trading for the months of April and August 2009. On 21st August, PLUS commenced coverage of all AIM securities on its market. During the final six business days of August, a total of 65,419 bargains in AIM securities took place on PLUS’s platform, representing 2,526,538,237 shares worth £187million. In addition, August proved to be a record month for PLUS, taking 10.4 per cent of UK equity volume as AIM stocks started trading according to analysis by Thomson Reuters: http://www.thomsonreuters.com/products_services/financial/financial_products/products_az/regulatory_compliance_mifid.

PLUS is committed to continue to bring core benefits to its members, specifically -

Lower cost of doing business•Guaranteed liquidity•

To see how we add value, visit www.plusmarketsgroup.com

Category Dominant venue for retail flow Owners PLUS Markets Group plcTarget Audience European equity markets; international marketsUsers Buy and Sell SideInstruments Traded Full stock coverage including London listed shares, liquid Euro-shares, PLUS-quoted, PLUS-listed stocks, and since August 2009, all AIM stocks Contact Ian-Patrick Lauder, Head of Trading ServicesOffices PLUS Markets Group, Standon House, 21 Mansell Street, London E1 8AA Tel +44 (0)20 7553 2000Email [email protected] www.plusmarketsgroup.com


POSITInvestment Technology Group (ITG)Investment Technology Group, Inc. (ITG), is a specialized agency brokerage and financial technology firm that partners with asset managers globally to provide innovative solutions spanning the investment continuum.

Traders rely on ITG’s trusted POSIT® crossing* to reach unique, buyside-to-buyside liquidity across a multitude of fragmented sources. POSIT fits a variety of trading styles, offering buyers and sellers opportunities to match equity orders with significant cost savings and no market impact. POSIT enables traders to efficiently execute large blocks of stock or small, illiquid names. With no human intervention, POSIT eliminates information leakage and market impact.

With scheduled matches throughout the day, POSIT Match® offers concentrated liquidity throughout the trading day.POSIT Now® offers continuous, intra-day crossing to help ensure a trading opportunity is not missed.

In the US, POSIT MarketplaceSM is the single source to access ITG’s liquidity offerings, giving clients a seamless way to cross anonymously with quality liquidity pools. With ITG’s proprietary Liquidity Filter, trades are proactively protected against toxic liquidity and information leakage is minimized. POSIT Marketplace brings all of ITG’s liquidity together in one place, across small-, mid-, and large-cap stocks. Plus, as an agency broker, ITG offers full transparency, providing clients with a POSIT Marketplace Report Card to evaluate the performance of each dark venue.

POSIT Alert contributes significant buyside liquidity to POSIT Marketplace. It leverages unplaced shares from the trade blotters of participating clients, providing the convenience of indications-based crossing with broader liquidity. *POSIT crossing varies by region. Please consult your ITG AE for more information about availability in your region.Category MTFOwners Investment Technology Group (ITG) Target Audience Global Equity markets Business Model ITG’s POSIT crossing destinations give buyers and sellers opportunities to match equity orders with complete confidentiality, access to diverse liquidity pools, no market impact and the cost savings of midpoint pricing.Main Features POSIT is indispensable for active, passive and quantitative trading styles. It covers domestic and international stocks as well as listed and OTC. POSIT is also a top venue for small, illiquid names and offers a unique after hours cross.Active 1998Members Buy and Sell Side Instruments Traded Equities Philosophy Designed to enable institutions to trade anonymously in block size and thus prevent adverse market impact.Management David Stevens, CEO, ITG EuropeTel +44 (0) 207 670 4000Email [email protected] www.itg.com


Europe

Sungard Global TradingSunGard Global Trading provides multi-asset, front- to back-office trading solutions, as well as information services and worldwide market connectivity.Having implemented many MiFID-related projects with clients across Europe, we have been extensively involved in helping brokers ensure they have the right connectivity and technology in place to meet their legal obligations, to access liquidity in size at the best prices, and to develop their own dark pool platforms.The comprehensive and proven suite of software that we have built to meet these varied client requirements provides Best Execution audit/analysis and advanced smart routing capability, together with extensive market connectivity and associated managed services. We can help you to develop and deploy a pan-European liquidity management programme, rapidly and cost-effectively.Contact David Morgan, 25 Canada SquareLondon E14 5LQTel +44 (0)20 8081 2000Email [email protected] http://www.sungard.com/globaltrading

SWX Swiss BlockCategory Block Trading PlatformOwners SWX EuropeTarget Audience European equity markets Business Model Providing a secure and high performance non-displayed trading venue, SWX Swiss Block ensures that the international investment community can extend their electronic and automated trading strategies to the largest and most liquid stocks that comprise the SLI Swiss Leaders Index Main Features SWX Swiss Block offers all of the benefits of trading on SWX Europe, including our dual CCP model for post trade processing. SWX will become the first in Europe to offer a dark pool trading facilityActive August 2008Members Exchange members, investors and intermediariesUsers N/AInstruments Traded Equities Philosophy There is increasing demand for such venues as order sizes on displayed order books are becoming smaller because of the growth of algorithmic-driven trading. Institutions increasingly want to execute large trades without revealing their intentions to the broader public marketManagement N/A Tel +41(0)58 854 54 54Web www.six-swiss-exchange.com/trading/swiss_block

TradewebCategory MTFOwners TradeWeb LLCTarget Audience North American and European Fixed Income, Derivatives and Equity markets Business Model TradeWeb operates a proprietary electronic trading system (the “TradeWeb ETS”) which permits users to simultaneously access information, and request bids and offers, respecting foreign debt securities from United States broker-


SIGMA XSIGMA X is Goldman Sachs’ broker-operated non-displayed liquidity pool. Goldman Sachs’ global crossing network offering consists of SIGMA X (US), SIGMA X (Japan and Hong Kong), and SIGMA (Europe).

Goldman Sachs aims to connect clients to the largest sources of liquidity available, across the global equity markets. Our SIGMA strategies connect customer-to-customer flow, while taking advantage of Goldman Sachs franchise liquidity.

Participation in SIGMA X offers access to the deep and diverse liquidity of the Goldman Sachs single shares, portfolio trading, and self-directed flows, resulting in reduced market impact and opportunities for price improvement.

Contact Goldman Sachs Electronic Trading

Europe Peterborough Court, 133 Fleet St., London EC4A 2BB North America 30 Hudson Street, Jersey City, New Jersey 07302Asia Roppongi Hills Mori Tower, Minato-ku, Tokyo 106-6147

Web gs.com/electronictradingEmail [email protected]

dealers via the InternetMain Features Over 2,000 institutional clients have access to pricing from more than 35 dealers on what is the world’s largest online fixed income and derivatives marketplace for institutional clientsActive 1996, continual development of different productsMembers Around 2300 institutions globally are connected up to the TradeWeb network and 35 banks provide liquidity in various regionsUsers Buy and Sell SideInstruments Traded US Treasuries, agencies, TBA-MBS, Euro sovereigns, commercial paper, Pfandbriefe, supranationals, agency discount notes and corporates Philosophy Today’s markets can move in a split second. That’s one reason why Tradeweb has operations, including data centers, in the U.S., Europe and Asia. Being close to their markets ensures that they can provide the best service to clients in their own time zone. With a highly experienced technology team, Tradeweb aims to offer the most complete network for processing fixed income and derivative tradesManagement Lee Olesky, President Tel +44 (0)207 776 3200Email [email protected] www.tradeweb.com

TurquoiseCategory MTFOwners Merrill Lynch (Bank of America)Target Audience European equity markets Business Model Hybrid system that allows trading both on and off traditional exchanges. Taker/Maker modelMain Features Consortium AppealActive September 2008Members Independent with Broker-dealer shareholdersInstruments Traded Equities Philosophy The consortium hopes the system will provide dealing services at a 50% discount to traditional exchanges and looks to compete head-to-head with domestic stock exchanges in Europe - in

Europe

particular the LSEManagement Eli Lederman, CEO Tel +44 (0) 20 7382 7600Email [email protected] www.tradeturquoise.com

UBS PIN CrossCategory Internal Crossing NetworkOwners UBS Target Audience Internal Insitutional Clients. Business Model This highly-selective network offers interaction with a subset of the firm’s equity order flow (almost half of which is retail order flow). This internal crossing pool was designed to discretely cross with only natural liquidity without information leakage whilst the new pool (PIN ATS) will allow clients to interact with UBS’s equity order flow Main Features The combination of two platforms gives clients the best of both worlds, a natural-only pool of liquidity for highly sensitive situations, and the much broader PIN ATS pool, which brings together a wide variety of order flowsActive 2006 (PIN ATS May 2008)Members N/AUsers Institutions, hedge funds of all sizes, broker-dealers Instruments Traded Equities Philosophy UBS Pinpoint, is focused around giving clients full access to their trading desks and vast liquidity pool, as well as to the markets and alternative trading systems worldwide whilst providing a intricate network of support systems and reports to aid the clients operations. Management N/ATel +44 (0)20 7568 2436Email [email protected] www.ubs.com/directexecution


north america



North America

AlphaCategory ECNOwners BMO Nesbitt Burns, Canaccord Capital, CIBC, CPP Investment Board, Desjardins Securities, National Bank Financial, RBC Dominion Securities, Scotia Capital, TD SecuritiesTarget Audience Canadian Equities markets Business Model Alpha is a continuous order platform, where trading occurs on a price-time priority basis. PIKUP AT Trades are made on the best market available taking into account the current exchanges in operation and other ATSsMain Features A distinguishing feature of Alpha is the considerable equities trading experience and resources that the dealers bring to the ATSActive September 2008.Members It will be open to all dealer institutions who want to join as participating organizations Users N/AInstruments Traded Equities. Philosophy Alpha aims to improve equities trading, competitiveness and market liquidity in Canadian capital marketsManagement Jos Schmitt, CEO Tel +1 (647) 259 0405Email [email protected] www.alphatradingsystems.ca

AquaCategory Block Trading PlatformOwners eSpeed and Cantor FitzgeraldTarget Audience Global Equity Markets Business Model The model aims at modernizing block trading between the buy side and the sell side, which had not advanced beyond traditional methods because of concerns over sensitive order information seeping into the marketMain Features Aqua harnesses buy-side OMS liquidity to facilitate anonymous trading between the buy side and brokers.Active January 2007Members Mostly buy side, institutional block traders and portfolio managers

Users Buy and Sell SideInstruments Traded Equities Philosophy Playing to market demand for new ways to access block liquidity. Institutions and brokers the world over are attracted by the opportunity to access unique, untapped pools of new liquidity, and Aqua will deliver what the marketplace wantsManagement Kevin Foley, CEO.Tel +1 (212) 821 1100Email [email protected] www.aquaequities.com

BATSCategory ATSOwners BATS TradingTarget Audience Mainly looking to provide alternate credible place to trade in US markets Business Model BATS ECN is an electronic trading platform for anonymous matching of US equity securities. It is designed to handle high-speed, high-volume, anonymous, reliable, algorithmic tradingMain Features Top 4 equity market in the US.Active June 2005.Members N/A Users N/A Instruments Traded Equities. Philosophy Aims to make markets better through innovations in technology, performance, pricing, market structure, and customer serviceManagement Joseph Ratterman, CEOTel +1 (212) 378 8522 Email [email protected] www.batstrading.com

BIDS ATSCategory Block TradingOwners Bank of America/Merrill Lynch, Barclays Capital, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Knight Capital, Morgan Stanley, NYSE Euronext and UBS Target Audience BIDS ATS is designed to bring counterparties together to


anonymously trade large blocks of shares. BIDS Trading ATS resolves the classic paradox of the block trader – the need to find legitimate trading counterparties without prematurely revealing trading intentions Business Model The BIDS Trading ATS is open to all qualifying broker-dealers and their institutional clients, subject to basic credit and regulatory requirements. The primary goal of BIDS Trading is to build an open network of buy side and sell side firmsMain Features The BIDS Trading ATS is designed to level the playing field for block trading and to treat all firms the same. It is highly customizable and anonymousActive Spring 2007Members Broker dealers and sponsored users, buy-side, asset managers, hedge fundsUsers Block Traders Instruments Traded Equities Philosophy Aims to create a highly liquid, low-cost, industry-sponsored service for block traders. The BIDS ATS is a block-crossing network that is designed to maximize the ability to execute large orders.Management Tim Mahoney, CEO Tel +1 (212) 618 2060Email [email protected] www.bidstrading.com

BlockBookCategory Block Trading PlatformOwners Perimeter FinancialTarget Audience Canadian Equity markets Business Model BlockBook provides access for buy- and sell-side participants to a consolidated pool of Canadian TSX-listed block liquidityMain Features Trading is done anonymously and without revealing side, size or price, in order to minimize the market impact of any trade and inhibit fishing and gamingActive September 2005Members Any institutional and sell-side subscribers that trade in blocks greater than the established minimum block sizes

would be eligible, subject to credit approval. Users Buy and Sell SideInstruments Traded Block equities. Philosophy Aims to be solution to play to trading desire by global players that was not translated into orders, providing an electronic facility where they could execute without impacting the market, (because of the liquidity conditions in place) and expanding choice for institutional investorsManagement Doug Steiner, CEO Tel +1 (416) 703 7800Email [email protected] www.pfin.ca

Block CrossCategory Block Trading PlatformOwners Pulse TradingTarget Audience US Equities, block trade focus Business Model BlockCross allows a trader to find block liquidity first, then decide how big a print to put up. Traders have complete control over which orders are eligible and the types of counterparties to which they are exposedMain Features Uses both sellside and dark algo liquidity to provide the broadest spectrum of block liquidity in the industry. Information leakage is minimized compared to other dark pool crossing networksActive May 2007Members N/A Users Buy-side block trading communityInstruments Traded Block equities. Philosophy BlockCross is designed and operated as an industry utility focused on staying responsive to the changing needs of the buyside block trading communityManagement Mark Enriquez, managing partner, Pulse Trading Tel +1 (617) 316 5620Email [email protected] www.pulsetrading.com

Introduction


LX is Barclays Capital’s dark liquidity crossing network, which sources order flow from internal desks, our clients, and non-displayed trading partners to provide users with opportunities for enhanced execution quality. LX includes our alternative trading system, a true dark pool where no institutional client order information is published.

WHY CHOOSE LX?Unique Liquidity: The amount of unique flow available to clients in LX is made possible by the breadth of our equities franchise. In addition to Barclays Capital order flow, we have formed a network of over 20 partner dark pools.

User-Defined Access: Institutional clients are able to define acceptable trading counterparties when taking and providing liquidity. They are also able to set a minimum execution quantity parameter by client type.

Anti-Gaming Surveillance: Direct LX flows are monitored closely for performance before being eligible for crossing with institutional clients. Reports measuring toxicity are available to clients and used internally to determine which participants should be excluded from LX.

Price Improvement: When order limits overlap, price improvement is provided to both trad-ing parties based on an 80/20 breakdown for providers and takers.

Reliable Technology: The scalable architecture on which LX was built is capable of handling 25 million orders per day with an average roundtrip

latency of less than 2 milliseconds. Co-location initiatives and additional system enhancements are in progress.

HOW TO ACCESS LX?LX can be accessed through BARX Equities Algorithmic Trading Strategies, Smart Router, or directly from any FIX-compliant OMS or EMS.

Barclays Capital is planning to expand LX into Europe during the first half of 2010.

William LibbyVice President, Electronic Trading Services

745 Seventh AvenueNew York, NY 10019 USATel +1 212 526 9190 Email [email protected]

Web www.barcap.com


North America

Bloomberg TradebookCategory ECNOwners BloombergTarget Audience US Equity, FX and Futures markets Business Model Bloomberg Tradebook provides front-to-back execution, clearing and settlement for equities, futures, options and FX instruments Main Features Tradebook offers the ability to connect directly to more than 30 global exchanges, bypassing market makers and specialists, as well as STP, news, analytics and data on a single platformActive 1996Members Used by institutional traders, broker-dealers, hedge fund managers, market-makers and portfolio broker managers Users Buy and Sell SideInstruments Traded Equities, futures, options and FX Philosophy Bloomberg Tradebook and its affiliates provide a true multi-asset class liquidity hub for institutional investors seeking better executions in global equities, futures, options and foreign exchangeManagement Kim Bang, President and CEOTel +1 (212) 617 7070Email [email protected] www.bloombergtradebook.com

CBXCategory Crossing NetworkOwners Instinet Target Audience Internal Insitutional Clients. Business Model Instinet CBX is a dark pool designed to allow institutions to trade confidentially with natural counterparties. Instinet CBX offers access to significant liquidity. Orders are passively exposed to Instinet’s entire order flow – more than one billion shares per day – for a natural matchMain Features With average response time below 10 milliseconds, Instinet CBX virtually eliminates the opportunity cost of seeking price improvement. And

because there’s no public quote, traders can exhaust liquidity on either side of the spread without moving the market Active February 2004Members N/AUsers Only Instinet’s clients can participate in Instinet CBX, and only Instinet CBX participants can see and interact with posted orders Instruments Traded Equities Philosophy Designed to give clients the capacity to trade blocks with each other to find their natural counterparty and reduce market impact, while at the same time ensuring that they will not miss opportunities in OTC marketplaces or on the floor of the NYSEManagement Mike Plunkett, President, Instinet North America Tel +1 (212) 310 9570Web www.instinet.com

Chi-X CanadaCategory ATSOwners Instinet Target Audience Canadian Equity Markets Business Model Chi-X Canada is an alternative trading system (ATS) that offers a continuous auction market in TSX-listed securities. Main Features Offers a continuous auction market, based on strict price/time priority, is fully anonymous and offers advanced order typesActive February 2008Members N/AUsers Widespread usage Instruments Traded TSX Listed Equities Philosophy Based on transparency and accessibility by creating a world class market place with a level playing field for all participants, Chi-X Canada aims to drive growth by attracting new entrants and global investors to the Canadian equity marketsManagement Matt Trudeau, COO Tel +1 (888) 310 1560Email [email protected] www.chi-xcanada.com


Citi MatchCategory Internal Crossing NetworkOwners Citi Target Audience Internal Insitutional Clients Business Model Citi Match allows institutional flow, orders from the firm’s internal desks, and flow from Citi algos to rest within its system to match up against retail flowMain Features Citi’s internal flow includes orders from its sales traders, traders, program traders and other internal desksActive December 2007Members N/AUsers So far 30 institutions are connected to Citi Match Instruments Traded Equities Philosophy Citi Match’s new and broader customer base is intended to push its executions higher. Focused on creating a mechanism whereby all ATD flow and Citi flow--Smith Barney, Lava, Citi’s various desks and algos--can wash through one boxManagement Steve Swanson, Managing Director and Head of Global Electronic Market Making Tel +1 (212) 793 0710Web www.citi.com

ConvergEx CrossCategory Block Trading PlatformOwners BNY ConvergexTarget Audience Designed for both buyers and sellers by accessing both institutional and broker order flow Business Model Works to provide anonymous execution at the midpoint with natural buy-side contraparties. The service aims to offer advanced, customizable functionality for both negotiated and automated crossingMain Features Fast, scalable trading platform that is differentiated in its ability to enable participants to customize their preferences and parameters through an intuitive, easy-to-use interface to meet their unique trading styles.Active April 2007Members N/A

Users Currently available to Eze Castle Software OMS clients and through the BNY ConvergEx Execution Solutions trading desksInstruments Traded Equities Philosophy BNY ConvergEx looked at how to best meet demand for liquidity post RegNMS and decided to develop a crossing product to address their trading requirementsManagement Gary Ardell, Managing Director Tel +1 (212) 468 7600Web www.bnyconvergex.com

CrossfinderCategory Internal Crossing NetworkOwners Credit Suisse Target Audience Internal Insitutional Clients Business Model CrossFinder, Credit Suisse’s internal crossing network, anonymously matches buy and sell orders Main Features As one of the world’s largest internal crossing engines, CrossFinder offers clients immense liquidity, anonymity, and the ability to execute large blocks of stock with less impact than would be likely in the public marketsActive 2005Members N/AUsers CrossFinder is available to all Credit Suisse clients and liquidity partners Instruments Traded Equities Philosophy The purpose of CrossFinder is to catch all the 300- and 400-share orders that pass through Credit Suisse’s algorithmic strategies and cross the opposite side of the tradesManagement Manny Santayana, Head of Advanced Execution Services AES Global SalesTel +1 212 325 2000 Web www.credit-suisse.com


North America

CrossStreamCategory Internal Crossing NetworkOwners Fidelity Capital Markets Target Audience Internal Insitutional Clients Business Model CrossStream is a proprietary crossing engine which is a completely anonymous, non-quoted, dark book. It allows clients to increase their fill rate by providing access to both large, liquid names that can be moved in bulk, as well as a wide range of smaller, less-liquid issues that are difficult to trade in the public markets Main Features Offers advanced order types including market, limit, pegging, discretion, derivative pricing and min/max execution quantity. Matching logic within the NBBO spread ensures quality executions with minimal market impact. Its pro-rata allocation algorithm ensures fair allocation of prints without constantly yielding to larger blocks or orders placed earlierActive November 2006Members N/AUsers All types of users, including retail investors, institutions, hedge funds, investment advisers and correspondent broker-dealers Instruments Traded Equities Philosophy Believes that it has become increasingly difficult for investors to execute large trades with minimal market impact and information leakage. CrossStream is designed to offer the firm’s institutional clients the ability to find an anonymous match and increase the percentage of their trades executed on the ATSManagement Bill Baxter, Senior Vice President and Head of Equity Tel +1 (800) 471 0382Email [email protected] www.fidelitycapitalmarkets.com

Direct EdgeCategory ECNOwners Consortium that includes International Securities Exchange, Knight Capital Group, Citadel Derivatives Group, Goldman Sachs, JPMorgan Chase, Deutsche Bank, Bank of America/Merrill Lynch, Nomura Securities and Sun TradingTarget Audience US Sell side Business Model Through multiple platforms and unique order types, the ECN matches complementary forms of liquidity based on sensitivity to transaction cost, fill rate, fill speed and contra-side sophistication, while maintaining high execution quality and low latencyMain Features One distinct advantage pf Direct Edge has is its dual platform model with its own MPID and pricing. EDGX offers the classic rebate pricing model, giving liquidity suppliers hjgh rebates. EDGA is a free/free model—it is free to take liquidity and free to supply itActive Not disclosedMembers Direct Edge ECN offers its services to SRO registered broker-dealers. Users Via broker dealers onlyInstruments Traded Equities Philosophy DirectEdge combines two distinct trading platforms, pricing schedules, and unique order types to match order flow based on sensitivity that aims to create opportunities for the trading community unlike any other market centreManagement William O’Brien, CEO Tel +1 (866) 472 5267Email [email protected] www.directedge.com

GETCO Execution Services Category ATSOwners GETCO LLCBusiness Model Essentially runs as a dark market making venue, a very simple, straightforward market where GETCO is the sole liquidity provider and enters firm buy and sell side quotes into the system. Any broker-dealer can be a customer and take liquidityMain Features Only 1 order type is


permitted (Blind Immediate or Cancel orders) and the executions are priced to the NBBO or better, returning in less than a few milliseconds. Also GES offers a flexible fee schedule, giving small fees to no fees for a small rebate. GES can change parameters on a client by client basis to give better price improvements, spreads or more varied liquidityActive Not disclosedUsers Buy and sell sideInstruments Traded Equities Philosophy Getco wanted to find a way to interact with growing chunks of liquidity that is never exposed publicly. Thus, the firm aimed to develop a simple formula which will be highly attractive to customers and generate huge volume, whilst simultaneously bringing GETCO into the wholesaling marketManagement Dave Babulak, Co-Head of Trading Tel + 1 312 242 4600Email N/AWeb [email protected]

Knight LinkCategory Crossing NetworkOwners Knight Capital Group Target Audience US Equity markets Business Model Knight Link is a dark, electronic access point into Knight’s deep, off-exchange liquidity Main Features Knight Link offers rapid order execution in more than 7,300 listed and Nasdaq securities with a strong focus in difficult-to-trade names. More than 80% of executed volume on Knight Link is made up of small- and mid-cap securities Active April 2008 (Q1 2009 release in Europe)Members Open to allUsers N/A Instruments Traded Equities Philosophy Knight Link is aimed at clients looking for little or no market impact and high fulfillment rates. Knight Link can significantly reduce transaction costs by saving exchange and ECN fees

Management Thomas Joyce, Chairman & CEO Tel +1 (201) 356 1514Email Erica Attonito: [email protected]; Tara Muller: [email protected] www.knight.com

Knight MatchCategory Internal Crossing NetworkOwners Knight Capital Group Target Audience Internal Insitutional Clients Business Model Knight Match is an agency-only crossing network that enables their institutional clients to cross with their broker-dealer order flow for cash equity securitiesMain Features Gives unrivaled liquidity in small- and mid-cap stocks, access to more than 75% of their broker-dealer order flow and direct access via Knight Direct, Knight’s sales traders or FIXActive Q2 2006Members Institutional Clients onlyUsers N/A Instruments Traded Equities Philosophy Aims to boost trade execution quality with benefits such as improved pricing and minimal market impact. By delivering access to their retail order flow, Knight Match aims to be a resource for their clients to passively interact with a pool of deep liquidityManagement Thomas Joyce, Chairman & CEO Tel +1 (201) 356 1514Email Erica Attonito: [email protected]; Tara Muller: [email protected] www.knight.com


North America

LatticeCategory ECNOwners State StreetTarget Audience US Equity, FX markets Business Model The Lattice Trading system allows institutional trading desks access to continuous crossing and integrated routing. The Lattice system is multi-broker and its sophisticated electronic trading system connects institutions, brokers and multiple exchanges together electronicallyMain Features By using the software’s toolkit, traders can generate their own trading strategies, buying and selling equities within set time parameters and price limitsActive May 1996Members Institutional traders, brokers, exchangesUsers Buy and Sell SideInstruments Traded Equities, FX (FX Connect) Philosophy Believes that automated trading and integration throughout the investment process are the way of the future. By helping investors to process their trades more efficiently, achieve better prices and access a unique pool of liquidity, Lattice gives clients much greater control over their orders, thereby enhancing portfolio returnsManagement Nicholas Bonn, President, State Street Brokerage Tel +1 (617) 786 3000Email [email protected] www.ssga.com

LeveL ATSCategory Crossing NetworkOwners eBX LLC, joint venture created by Citi, Credit Suisse, Fidelity Brokerage, Lehman Brothers (to Barclays Capital) and Merrill Lynch (to Bank of America)Target Audience US Equity markets Business Model LeveL has a sophisticated order matching engine that was designed to facilitate the crossing of order flow as well as contra-party trading. LeveL provides the

user with highly customizable options to maximize each firm’s own trading strategiesMain Features LeveL is a dark book trading platform that provides for multiple crossing opportunities. LeveL’s innovative structure maximizes liquidity and provides best execution while minimizing information leakage and market impactActive October 2006Members FINRA member firms can submit a LeveL Participation Agreement for approval to trade in the LeveL marketplace.Users Buy and Sell SideInstruments Traded Equities Philosophy LeveL aims to offer liquidity providers a dark book environment and the ability to provide enhanced execution quality to customers. With the use of intents, liquidity providers can use trading strategies to improve their customers’ execution quality. LeveL was created as a need was seen for a new trading environment in a post Reg NMS worldManagement Whit Conary, President.Tel +1 (617) 350 1601 Email [email protected] www.levelats.com

LiquidnetCategory Block TradingOwners Liquidnet. Target Audience Global buy side. Business Model An electronic market for block trading where members can execute institution size orders directly and anonymously – with better prices and little market impact Main Features Liquidnet counts nearly 60% of the top 100 U.S.-based asset managers as members. Using Liquidnet, Buy side firms access the largest institutional pool of liquidity in the industryActive US, April 2001; Canada, October 2006Members Most large buy side institutions (514) Users Buy side Instruments Traded Block Equities Philosophy Aims to provide buy-side traders ability to maintain complete control of their


orders, executing anonymously, securely and efficientlyManagement Seth Merrin, President and CEO Tel +1 (646) 660 8067Email [email protected] www.liquidnet.com

Liquidnet H2OCategory Dark PoolOwners Liquidnet Target Audience Global buy side Business Model Matches small orders with buy side block orders; H2O looks to provide a venue for buy side orders to gain actionable liquidity from third party sources without the pricing pressures of the main marketMain Features Advantages for buy side as liqudinet’s system but brings in retail-size order flow to match against the existing wholesale liquidity pool in the Liquidnet platformActive September 2005Members N/AUsers Buy side.Instruments Traded Equities Philosophy The system aims to reverse a problematic trend that finds wholesalers having to buy and sell their goods at retail stores. It looks to pull in streaming liquidity suppliers from a variety of sources, including direct-market-access (DMA) aggregators, ECNs, exchanges and agency brokersManagement Seth Merrin, President & CEOTel +1 (646) 660 8067Email [email protected] www.liquidnet.com

Match NowCategory Crossing NetworkOwners ITG Canada Corp Target Audience Canadian Equity markets Business Model Orders for TSX-listed securities can be matched passively or swept through Match Now to the TSX or any another public marketplace. Executions occur inside the Canadian bid-offer spread. Match Now is a broker-neutral facility; TriAct

does not participate as agent or principal in any tradeMain Features Offers a new method for matching equity orders with complete confidentiality while helping to ensure best executionActive July 2007Members Open to all Canadian dealers and their clientsUsers N/A Instruments Traded Equities Philosophy As the Canadian marketplace continues to evolve, customers are seeking alternative liquidity destinations to efficiently meet their trading needs. Match Now offers Canadian dealers and their clients a new method for matching equity orders with complete confidentiality while helping to ensure best executionManagement Nick Thadaney, CEO, ITG CanadaTel +1 (800) 433 3804Email [email protected] www.triactcanada.com

MidPoint MatchCategory ECNOwners ISETarget Audience Approved users of ISE Business Model MidPoint Match is a continuous, instantaneous, fully-automated and anonymous platform that executes orders at the midpoint price of the NBBO throughout the trading dayMain Features In particular, the product’s unique design makes it well-suited for orders generated from a variety of electronic trading strategies including algorithms, program trades, and statistical arbitrageActive September 2006Members Open to all members of ISE and broker-dealers who become members of ISE Stock ExchangeUsers Broad appeal for retail and instituional order flow. Open to buy and sell side, sell side access Instruments Traded Equity securities. Philosophy ISE Stock Exchange is


North America

continually enhancing its trading platform to add additional order types and functionality that support their customers’ needsManagement David Krell, President and CEO Tel +1 (212) 943 2400Email [email protected] www.iseoptions.com

Mismi ATSCategory ECNOwners Mismi Inc.Target Audience Mismi’s ATS will trade listed securities on all US exchanges, including NYSE, AMEX, NASDAQ and regional exchanges Business Model Spawned out of the need to enable some of the decision factors that portfolio managers consider every day find to their way onto the trading desks. Thus formed a new crossing network that enables the buy-side to put portfolio level controls on their tradingMain Features While most crossing networks and dark pools operate in a single stock trading world, Mismi hopes to meet the needs of portfolio managers that want to control the way their portfolio executes.Active Q3 2008Members Though it’s geared to portfolio-level trading, Mismi will allow trading in single names and it will allow algorithms to access its liquidity poolUsers Buy and sell side Instruments Traded Equities Philosophy Aims to be a next generation crossing network or dark pool. Within the Mismi matching engine there are features that allow the traders to control the way the portfolio is executing. By defining the decision factors that the portfolio manager would consider in constructing the portfolio and allowing some of the factors such as active risk to become part of the trading process, Mismi is able to collapse what used to be two steps into oneManagement Andrew Papandreadis, CEO Tel +1 (646) 839 6118

Email [email protected] Web www.mismi.com

MLXNCategory Internal Crossing NetworkOwners Merrill Lynch (Bank of America)Target Audience Internal Insitutional Clients Business Model Merrill Lynch’s Internal Crossing Network (MLXN) is a registered ATS that offers unique access to the diverse pool of liquidity within Merrill Main Features Claims that if you consolidated all the substantial flow in Merrill Lynch and ranked it, their liquidity would outrank a number of exchange marketplaces Active 2007Members N/AUsers Users of MLXN include institutional clients such as hedge funds, mutual funds, broker-dealers and Merrill Lynch trading desks Instruments Traded Equities Philosophy Believes that only pools that have critical mass will survive and that linkage with other pool offerings is crucial to succeedManagement Lee Morakis, Managing DirectorTel +1 (212) 449 7295Email [email protected] www.ml.com

MS PoolCategory Internal Crossing NetworkOwners Morgan StanleyTarget Audience Internal Insitutional Clients Business Model MS Pool brings together orders from Morgan Stanley’s retail, institutional and broker-dealer clients, as well as algorithmic flow and orders from the firm’s internal trading desks. The latter include the cash, program and proprietary desks. Customers can opt out of trading against flow from these desks in MS PoolMain Features MS Pool is a dark liquidity pool with no order information leakage,


minimal market impact and transaction costs by executing well within the NBBO. Also has the ability to set a minimum execution quantity to ensure larger execution sizes with zero to negligible latency added to the execution of ordersActive September 2006Members N/AUsers Institutional asset managers, hedge funds and retail Instruments Traded Equities Philosophy Agency orders always take priority over principal and Morgan Stanley does not provide any post trade information. Vows to stay purely dark, as believes that sending indications out is something that removes the dark aspect of a dark poolManagement Andrew Silverman, Head of Electronic Trading DistributionTel +1 (212) 761 8653Email [email protected] www.morganstanley.com

Nasdaq CrossingCategory Crossing NetworkOwners Nasdaq Stock MarketTarget Audience US Equity markets. Business Model The Nasdaq Crossing Network will provide a new execution option to market participants trading in Nasdaq and other exchange-listed securities that will facilitate the execution of trades quickly and anonymouslyMain Features All Nasdaq cross executions have a central, anonymous contra party and neither imbalance data nor separate indicative price data is disseminated for these crossesActive June 2007Members All Nasdaq market participants from the sell side, and buy-side firms can submit cross orders via their brokers or through Direct Market Access (DMA) platforms Users Buy and Sell SideInstruments Traded Equities. Philosophy Believes that Nasdaq’s strength lies within its trading model and

market participants. Competition and efficiency require constant evolution, so Nasdaq continually enhances the tools its clients need to trade wellManagement Brian Hyndman, Senior Vice President. Tel +1 (800) 846 0477Email [email protected] www.nasdaqtrader.com

NYBXCategory Block Trading PlatformOwners NYSE EuronextTarget Audience US Equity markets Business Model The NYBX unites the liquidity of the NYSE with the anonymity, speed and flexibility of the BIDS ATS. NYBX allows non-displayed block liquidity to anonymously access the liquidity of the NYSE market — both displayed and non-displayed liquidityMain Features Unlike crossing systems and broker-sponsored dark pools, this venture brings together dark liquidity and the NYSE’s deep order book of displayed and reserve, or non-displayed, ordersActive January 2009Members The NYBX is open to all members of the NYSE Users Trading is open to all broker-dealers, investment managers, hedge funds and algorithms via a sponsored access modelInstruments Traded Equities Philosophy NYBX’s block trading strategy seeks to help foster relative transparency and deliver lower market-impact costsManagement Joe Macane, Executive Vice President for US Markets, NYSE EuronextTel +1 (212) 656 3000Email [email protected] www.nyse.com


North America

NYFIX Millennium ATSCategory Block trading systemOwners NYSE EuronextTarget Audience US and Japanese (via MetaBit) Equity markets Business Model The NYFIX Millennium Alternative Trading System (ATS) is an automated execution venue designed to maximize execution quality and reduce overall transaction costs. A hybrid market system, Millennium enhances traditional auction markets by combining the electronic execution technology of an ECN with the liquidity of traditional primary markets Main Features Has the ability to accommodate both pass-through orders and conditional orders andvia Millennium Plus, the ability to generate anonymous liquidity alerts to external dark pools and other passive liquidity sources Active October 2000Members N/A Users Open to all. In addition to access provided by NYFIX, users can access NYFIX Millennium through many third-party software providersInstruments Traded Equities Philosophy Aims to provide investors with a valuable tool for achieving best execution. NYFIX Millennium seeks to help investors achieve price improvement, ensure anonymity and reduce market fragmentation through the electronic linkage of various liquidity sources, including exchanges and ECNsManagement Stanley Young, Chief Executive Officer of NYSE Technologies and co-CIO North America; Roland Bellegarde, Group Executive Vice President and Head of European Execution - Europe Tel +1 (212) 656 3000 – North America; +33 1 49 27 10 00- Europe Web www.euronext.com

NYSE ArcaCategory ECNOwners NYSE EuronextTarget Audience Global markets for users of NYSE platforms Business Model NYSE Arca is NYSE Euronext’s North American ECN, designed to trade both stocks and options as the second largest ECN in North America in terms of shares traded. NYSE Arca also provides a fully automated, totally transparent opening auction and closing auction for all stocksMain Features NYSE Arca delivers the advantages of both displayed and dark liquidity, significant transparency and tremendous efficiency. It aims to provide fast execution with open, direct and anonymous market access. Trades are executed both electronically and anonymously at the best available price. Among some of the securities traded on Arca are, exchange-traded funds, individual stocks and equity optionsMembers The new routing service will initially provide access to 29 destinations, which the exchange has not namedUsers N/AInstruments Traded Equities Philosophy Believes that every company deserves a chance to grow on a more ambitious scale. NYSE Arca’s broader eligibility requirements now allow smaller companies that meet their listings standards to join us -- and ultimately gain visibility opportunities and access that have never been available to them beforeManagement Lawrence Leibowitz, Group Executive Vice President and Head of US Markets and Global TechnologyTel +1 (212) 656 3000Email [email protected] www.nyse.com


NYSE MatchpointCategory ECNOwners NYSE EuronextTarget Audience US Equity markets Business Model NYSE MatchPoint is a portfolio-based, point-in-time electronic exchange facility that matches aggregated orders at predetermined times with no market impactMain Features Complete control of order information and execution remains in the hands of users. NYSE MatchPoint’s business and technology facilities are specifically designed to capture the existing benchmark matching business and to champion next-generation benchmark matching and call market innovations and developmentsActive January 2008Members NYSE member firms and their customersUsers Portfolio Traders, Block Traders, Algo and DMA providers, Prop desks, Agency desks, Index funds/transitions, Mutual funds and Hedge funds Instruments Traded Equities Philosophy NYSE MatchPoint is designed to lower transaction costs by providing a passive trading environment, no market impact, consolidated participation and liquidity, and complete control over order informationManagement Jim Ross, Vice PresidentTel +1 (212) 656 3000Email [email protected] www.nyse.com

Omega ATSCategory ECNOwners Perimeter Financial, MarLar Group and Swift Trade Target Audience Canadian Equity markets. Business Model Full access to live executable prices at, or better than, the CBBO (Canadian best bid and offer) for TSX-listed securities. Additionally, Omega ATS will offer competitive commission rates and leading-edge technologyMain Features Crossing rates can be as much as four times higher than average dark

pool crossing rates, claims Rivelli. Clients receive a daily summary report detailing execution rates at the various venues and other performance dataActive December 2007Members Subscribers must be dealers registered in one or more provinces in Canada and members of the Investment Dealers Association of Canada Users N/AInstruments Traded Initially TSX listed Securities Philosophy The Omega ATS team is confident that the combination of its unique structure and market-leading partners will mark the start of an evolution of marketplace liquidity in CanadaManagement Mario Josipovic, President, Greg King, COOTel +1 (416) 646 2764Web www.omegaats.com

OnePipeCategory Dark Pool AggregatorOwners Weeden & Co., Pragma Financial SystemsTarget Audience Institutional investor clients from both firms. Business Model Designed to be the first Optimal Liquidity Management System built to maximize efficiency and access to non-displayed liquidity among the multitude of existing passive liquidity sources, also known as dark poolsMain Features Crossing rates can be as much as four times higher than average dark pool crossing rates, claims Rivelli. Clients receive a daily summary report detailing execution rates at the various venues and other performance data.Active March 2008Members Clients only Users Institutional investorsInstruments Traded Block equities Philosophy We wanted to develop a solution that would expose client orders to the greatest number of passive liquidity sources to give them the greatest chance of trading large blocks with


North America





POSIT Alert contributes significant buyside liquidity to POSIT Marketplace. It leverages unplaced shares from the trade blotters of participating clients, providing the convenience of indications-based crossing with broader liquidity. *POSIT crossing varies by region. Please consult your ITG AE for more information about availability in your region.Category ATSOwners Investment Technology Group (ITG) Target Audience Global Equity markets Business Model ITG’s POSIT crossing destinations give buyers and sellers opportunities to match equity orders with complete confidentiality, access to diverse liquidity pools, no market impact and the cost savings of midpoint pricing.Main Features POSIT is indispensable for active, passive and quantitative trading styles. It covers domestic and international stocks as well as listed and OTC. POSIT is also a top venue for small, illiquid names and offers a unique after hours cross.Active 1987Members Buy and Sell SideInstruments Traded Equities Philosophy Designed to enable institutions to trade anonymously in block size and thus prevent adverse market impact.Management Robert Gasser, CEOTel +1 800 858 4907Email [email protected] www.itg.com


minimal market impactManagement Douglas Rivelli, Managing Director, Weeden & Co.Tel +1 (212) 777 0052Web www.pragmatrading.com

PipelineCategory Block Trading PlatformOwners Pipeline Trading Systems LLCTarget Audience Block traders Europe and US Business Model Pipeline empowers firms to execute block trades in single executions. Pipeline maintains a hidden book of large, executable limit orders with strict price time priorityMain Features Has virtually no market impact; trading intentions are invisible, allowing your entire order to be actively available to trade all day. Pipeline Trading still has the highest execution ratesof the block crossing systemsActive Spring 2009Members N/A Users 273 firms looking to trade block ordersInstruments Traded Equities Philosophy The philosophy of this ATS is based on giant minimums, which require users to have only large blocks available for trade. The large minimum order size requirement, along with the fact that all orders are firm, does not lend itself to gaming or “pinging” the system to find out market informationManagement Marcus Hooper, Executive Director Tel +1 (800) 680 7473Email [email protected] www.pipelinetrading.com

Pure TradingCategory ECNOwners Canadian Trading & Quotation System Inc.Target Audience Canadian Exchange-listed securities Business Model Pure Trading will be a competitive alternative to the existing exchanges, providing a new trading venue for Canadian Exchange-listed securitiesMain Features It is the first alternative market in Canada to offer a visible auction marketActive September 2007Members All members are members of the Investment Dealers Association of Canada Users N/AInstruments Traded Initially, CNQ’s alternative market will trade TSX-listed securities Philosophy Pure Trading enables the Canadian trading community to use emerging trading technologies to their full advantage, while delivering cost savings enhancing the competitiveness of the Canadian marketsManagement Ian Bandeen, CEO & Vice Chairman Tel +1 (416) 306 0772 Email [email protected] www.puretrading.ca

RiverCross ATSCategory ECNOwners Susquehanna International Group Target Audience Sell-side firms and broker-sponsored buy-side firms Business Model A matching platform that offers continuous crossing services for both block and non- block orders in a secure environment, running in a high-availability, fault-tolerant modeMain Features Susquehanna appears to be counting on its trading reputation as a nimble non-bulge-bracket firm to win agency flow from other brokersActive May 2008Members N/AUsers N/A


North America





North America 30 Hudson Street, Jersey City, New Jersey 07302Europe Peterborough Court, 133 Fleet St., London EC4A 2BBAsia Roppongi Hills Mori Tower, Minato-ku, Tokyo 106-6147



Instruments Traded Equities Philosophy Aims to innovate based on customer feedback and produce value-added functionality more quickly than other dark pool operatorsManagement Paul Onderdonk, Executive.Tel +1 (610) 747 2526Email [email protected] www.rxats.com

Track ECNCategory ECNOwners Track Data Corp.Target Audience US Equity markets Business Model Track ECN is designed to offer traders who take liquidity the lowest rate for removing liquidity in the industry. Simultaneously, subscribers are offered high rebates providing they add liquidity to the system, with no minimum volume to meet Main Features Track ECN offers smart order routing to major markets via direct connections, depth of book data feed and variety of order entry choices Active August 2005Members Institutional investors, individual investors, broker dealers Users Buy and Sell SideInstruments Traded Equities Philosophy Aims to offer low rates for removing liquidity, which in turn attracts those who want to add liquidity due to being where all the “takers” are Management Marty Kaye, CEO Tel +1 (866) 888 7233Email [email protected] www.trackecn.com

TSX PhotonCategory Block Trading Platform/Parallel Trading PlatformOwners Toronto Stock ExchangeTarget Audience Canadian Equity markets Business Model TSX Photon will offer a pricing model optimized for high-velocity traders in a transparent auction marketMain Features Runs seamlessly with the TSX order book, enabling it to roll out

new market structures and making it both scalable and flexible in its development. Geared towards high-tech, high velocity trading, with plans for low millisecond latency and aggressive pricingActive 2009Members Users of TSX Users Geared towards high-velocity traders trading high-velocity symbolsInstruments Traded Equities Philosophy TSX Photon is based on a first-in, first-out price/time priority allocation and provides full broker anonymity. It is the first alternative transparent order book offered by TSX Markets in response to strong demand from automated traders who execute high-velocity trading strategies and models designed specifically for a fragmented marketplaceManagement Thomas Kalafatis, Vice President, TSX Markets.Tel +1 (416) 947 4476Email [email protected] www.tsx.com

UBS PIN CrossCategory Internal Crossing NetworkOwners UBS Target Audience Internal Insitutional Clients. Business Model This highly-selective network offers interaction with a subset of the firm’s equity order flow (almost half of which is retail order flow). This internal crossing pool was designed to discretely cross with only natural liquidity without information leakage whilst the new pool (PIN ATS) will allow clients to interact with UBS’s equity order flow Main Features The combination of two platforms gives clients the best of both worlds, a natural-only pool of liquidity for highly sensitive situations, and the much broader PIN ATS pool, which brings together a wide variety of order flows Active 2006 (PIN ATS 14 May 2008)Members N/AUsers Institutions, hedge funds of all sizes, broker-dealers


Instruments Traded Equities Philosophy UBS is focused on giving clients access to its trading desks and internal liquidity, as well as to external markets and alternative trading systems worldwideTel +1 (203) 719 1750Email [email protected] www.ubs.com/directexecution

VortEXCategory ECNOwners BNY ConvergexTarget Audience BNY ET Clients Business Model VortEx works by taking ConvergEx streaming orders and intersecting with dynamic IOIs from a network of liquidity providers. VortEx creates an aggregated pool of liquidity that minimizes information leakage, market impact and latency by interacting with only

those liquidity providers that are ready to tradeMain Features The combination of ConvergEx expertise, advanced technologies and commitment to service effectively delivers the performance-based capabilities clients requireActive April 2007Members N/A Users VortEx is available to all of BNY Convergex’s electronic trading clients, including those on its Sonic EMSInstruments Traded Equities Philosophy In order to address clients needs they decided to create their own dark pool with several unique capabilities as a value-add for all BNY Convergex’s clientsManagement Carey Pack, President Tel +1 (212) 468 7600Web www.bnyconvergex.com/

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asia pacific



Asia Pacific

Axe ECNCategory ECNOwners New Zealand Stock Exchange (NZX), Citi, CommSec, Goldman Sachs JBWere, Macquarie Securities and Merrill Lynch (to Bank of America) Target Audience Australian equity markets Business Model AXE ECN plans to offer a high-speed, low-cost market for trading securities listed on the ASX. AXE ECN will create value for customers by including features to overcome structural deficiencies in the existing market or create new, value adding servicesMain Features Focuses on competition in trading services leading to increased market liquidity, as well as better prices, technology and innovation in market servicesActive Q4 2008 - Full releaseMembers Open to allUsers N/A Instruments Traded ASX Listed Securities Philosophy AXE ECN aims to provide a competitive choice in a well-regulated and innovative operating environmentManagement Greg Yanco, CEOTel +64 4 496 2890Web www.axe-ecn.com

BIXCategory Internal Crossing NetworkOwners BNP Paribas Target Audience Japanese Equity Markets Business Model BIX utilises both the bank’s natural liquidity and client flows thus enabling buyers and sellers to anonymously find liquidity without information leakage or market impact. Unlike other broker offerings, BIX is very specific to the Asian market in that it has been built from scratch and launched in Japan. Main Features BIX supports crossing within the spread, rather than at the static point of the spread Active June 2007Members Institutional investorsUsers N/A

Instruments Traded Equities Philosophy BIX is not about internalising a client’s flow against BNP Paribas’ own flows.The aim of BIX is to enable the client to find the other side of the trade through technology, which is completely dark, but at the same time be completely compliant with the regulators and the execution policyManagement Quentin Limouzi, Product Head of Asia and JapanTel +81 3 52 90 8557Web www.bnpparibas.co.uk

BlocSecCategory Block trading platformOwners BlocSec Target Audience Block traders Asia. Business Model The BlocSec platform offers continuous a high-speed electronic platform, with continuous and high speed order matching and execution service. Clients are able to enter orders into the system and have them anonymously matched without the risk of giving away the side, quantity or price of their orders Main Features BlocSec is an anonymous matching and crossing network which aims to provide a deep pool of liquidity to those wishing to trade in Asian blocks without distorting the marketActive May 2008Members Institutional InvestorsUsers Buy and sell side Instruments Traded Equities Philosophy BlocSec’s continuous order matching and execution platform allows investors to efficiently execute their block trades which reduces both transaction costs and market impactManagement Ned Phillips, CEOTel +1 (212) 408 5795Email [email protected] Web www.blocsec.com


CBX AsiaCategory Block trading systemOwners Instinet Target Audience Internal Insitutional Clients Business Model Real-time electronic market where traders can execute blocks in equities listed in Japan and Hong KongMain Features Ability to trade pre-IPO and when stocks are limit up/down on the primary exchange. Provides advanced order functionality and potential for price/size improvement Active February 2004Members N/AUsers Only Instinet’s clients can participate in Instinet CBX, and only Instinet CBX participants can see and interact with posted orders Instruments Traded Equities Philosophy Designed to give clients the capacity to trade blocks with each other to find their natural counterparty and reduce market impact, while at the same time ensuring that they will not miss opportunities in OTC marketplaces or on the floor of the NYSEManagement Glenn Lesko, CEOTel Hong Kong: +852 2585 0500; Japan: +81 3 6366 8330; Singapore: +65 6854 3410Email [email protected] www.instinet.com

Chi-X AsiaCategory ExchangeOwners Chi-X Global and Singapore Stock Exchange Business Model The non-displayed trading platform aims to initially offer block crossing facilities for equities listed on SGX, as well as on an offshore basis for the Australia, Hong Kong and Japan exchangesMain Features Offers clients a block trading venue in the Asia Pacific region with a deep pool of liquidity whilst retaining anonymity and reducing market impactActive Launching H1 2010Members N/A

Users Buy and sell side Instruments Traded Equities Philosophy Focus is on creating the deepest and most attractive dark pool liquidity in the Asia-Pacific region. Believe that users are looking for independent, neutral dark pools with high functionality and deep liquidity, and want this joint venture to be able to deliver itManagement Gan Seow Ann, SGX Senior Executive Vice President and Head of MarketsTel +65 6236 8888Email [email protected] www.chi-x.com/apac

Chi-X AustraliaCategory ATSOwners Instinet Target Audience Australian equity markets Business Model Chi-X Australia is an ATS built on the same technology and pricing model as Chi-X Europe and Chi-X CanadaMain Features Offers a continuous auction market, based on strict price/time priority, is fully anonymous and offers advanced order typesActive Awaiting regulatory approvalMembers N/AUsers Widespread usage Instruments Traded ASX Listed Equities Philosophy Demand exists from both domestic and non-Australian investors to provide the Australian market with the speed, functionality and cost benefits that an advanced platform like Chi-X offers. We hope that Chi-X Australia will provide a much-needed alternative — and if history in other markets is an indicator, new liquidity — to the Australian marketplaceManagement Robert Rooks, CAOTel +852 (0)2585 0661Web www.chi-x.com/apac


Asia Pacific

Citi MatchCategory Internal Crossing NetworkOwners Citi Target Audience Internal Insitutional Clients. Business Model Citi Match allows institutional flow, orders from the firm’s internal desks, and flow from Citi algos to rest within its system to match up against retail flow Main Features Citi’s internal flow includes orders from its sales traders, traders, program traders and other internal desks.Active December 2007Members N/AUsers So far 30 institutions are connected to Citi Match Instruments Traded Equities Philosophy Citi Match’s new and broader customer base is intended to push its executions higher. Focused on creating a mechanism whereby all ATD flow and Citi flow--Smith Barney, Lava, Citi’s various desks and algos--can wash through one boxManagement Steve Swanson, Managing Director and Head of Global Electronic Market MakingWeb www.citi.com

CrossFinderCategory Internal Crossing NetworkOwners Credit Suisse Target Audience Internal Insitutional Clients. Business Model CrossFinder anonymously matches buy and sell ordersMain Features As one of the world’s largest internal crossing engines, CrossFinder offers clients immense liquidity, anonymity, and the ability to execute large blocks of stock with less impact than would be likely in the public marketsActive 2005Members N/AUsers CrossFinder is available to all Credit Suisse clients and liquidity partners Instruments Traded Equities Philosophy The purpose of CrossFinder is to catch all the 300- and 400-share orders that pass through Credit Suisse’s algorithmic strategies and cross the opposite side of the trades

Management Steve Davis, Head of Alternative Execution Products, AustraliaTel +81 3 45 50 73312Web www.credit-suisse.com

Japan CrossingCategory Crossing NetworkOwners Instinet Target Audience Japanese equity markets. Business Model JapanCrossing provides liquidity in an anonymous and neutral venue for institutional investors trading Japanese equity orders, with a historical focus on small- and mid-cap stocksMain Features JapanCrossing, is considered to be the only pure DMA “black-box” crossing platform in Asia and has grown steadily versus the Tokyo Stock Exchange’s total daily turnover.Active 2001Members Institutional InvestorsUsers N/A Instruments Traded Equities Philosophy Instinet aims to provide the global fund managers with the necessary trading tools, ATS platforms and global agency liquidity to achieve a high quality trade execution. Instinet seeks to improve institutional investment performance and lower overall trading costs through its various products for its clientsManagement Nick McDonald, Head of Equities, AsiaTel +81 3 6366 8330Web www.instinet.com

Knight MatchCategory Internal Crossing NetworkOwners Knight Capital Group Target Audience Internal Insitutional Clients. Business Model Knight Match is an agency-only crossing network that enables their institutional clients to cross with their broker-dealer order flow for cash equity securities Main Features Gives unrivaled liquidity in small- and mid-cap stocks, access to more than 75% of their broker-dealer order flow and direct access via Knight Direct, Knight’s sales traders or FIX Active Q2 2006


Members Institutional Clients onlyUsers N/A Instruments Traded Equities Philosophy Aims to boost trade execution quality with benefits such as improved pricing and minimal market impact. By delivering access to their retail order flow, Knight Match aims to be a resource for their clients to passively interact with a pool of deep liquidityManagement Bill Cronin, Managing DirectorTel +1 (201) 356 1514Email [email protected] www.knight.com

KoreaCrossCategory ECNOwners Instinet (Samsung Securities local broker sponsor)Target Audience Korean equity markets. Business Model KoreaCross is a neutral platform that enables institutional investors to trade Korean equities anonymously pre-settlement, and without market impact. KoreaCross operates a daily pre-market VWAP match at 8:40 a.m. KST for the day’s primary market volume-weighed average priceMain Features The Korean market’s first independent securities crossing network, and the only crossing platform in Korea. Orders are completely anonymous until post-market reporting on the K-BloX system. It allows for short sales, and will aggregate order flow to allow clients to more easily meet the Korean market’s 100 million KRW minimum order-size requirementActive June 2008Members Institutional InvestorsUsers N/A Instruments Traded Equities Philosophy The new platform aims to provide institutional investors with an anonymous, neutral and a so-called ‘zero-market impact’ platform for trading Korean equitiesManagement Not disclosedTel +1 (212) 310 5331Email [email protected] www.instinet.com

Liquidnet AsiaCategory Block TradingOwners Liquidnet Target Audience Global Buy Side. Business Model An electronic market for block trading where members can execute institution size orders directly and anonymously – with better prices and little market impact Main Features Liquidnet counts nearly 60% of the top 100 U.S.-based asset managers as members. Using Liquidnet, Buy side firms access the largest institutional pool of liquidity in the industryActive US: April 2001; UK: November 2002; Canada: October 2006Members Most large buy side institutions (514) Users Active members Instruments Traded Block Equities. Philosophy Aims to provide buy-side traders ability to maintain complete control of their orders, executing anonymously, securely and efficientlyManagement Lee Porter, Head of Liquidnet Asia PacificTel Hong Kong: +852 3798 6888; Singapore: +65 6550 9614Email [email protected] www.liquidnet.com

Liquidnet AustraliaCategory Block TradingOwners LiquidnetTarget Audience Global Buy Side Business Model An electronic market for block trading where members can execute institution size orders directly and anonymously – with better prices and little market impact Main Features Liquidnet counts nearly 60% of the top 100 U.S.-based asset managers as members. Using Liquidnet, Buy side firms access the largest institutional pool of liquidity in the industryActive US: April 2001; UK: November 2002; Canada: October 2006Members Most large buy side institutions (514)


Asia Pacific

Users Active members Instruments Traded Block Equities. Philosophy Aims to provide buy-side traders ability to maintain complete control of their orders, executing anonymously, securely and efficientlyManagement Sam Macqueen and Stephen Zilioli, Co-Heads of Liquidnet Australia Pty LtdTel +(61) 2 9227 7000Email [email protected] www.liquidnet.com

Liquidnet JapanCategory Block TradingOwners Liquidnet. Target Audience Global Buy Side. Business Model An electronic market for block trading where members can execute institution size orders directly and anonymously – with better prices and little market impact. Main Features Liquidnet counts nearly 60% of the top 100 U.S.-based asset managers as members. Using Liquidnet, Buy side firms access the largest institutional pool of liquidity in the industry.Active US: April 2001; UK: November 2002; Canada: October 2006.Members Most large buy side institutions (514) Users Active members Instruments Traded Block Equities. Philosophy Aims to provide buy-side traders ability to maintain complete control of their orders, executing anonymously, securely and efficiently.Management Eisuke Hattori, Head of Sales and TradingTel +81 (0)3 5366 3200Email [email protected] www.liquidnet.com

MLXNCategory Internal Crossing NetworkOwners Merrill Lynch (Bank of America)Target Audience Internal Insitutional Clients. Business Model Merrill Lynch’s Internal Crossing Network (MLXN) is a registered ATS that offers unique access to the diverse pool of liquidity within Merrill Main Features MLXN gives participants the opportunity to benefit from quicker fills and better prices for no additional effort. As an anonymous, centralized, internal order book, orders pass through MLXN and can access most of Merrill’s flow for crossing opportunities before routed to external destinationsActive 2007Members N/AUsers Users of MLXN include institutional clients such as hedge funds, mutual funds, broker-dealers and Merrill Lynch trading desks. Instruments Traded Equities Philosophy Believes that only pools that have critical mass will survive and that linkage with other pool offerings is crucial to succeedManagement Mark Wheatley, Managing Director, Equity Trading Asia, Merrill LynchTel +81 3 62 25 8398Email [email protected] www.ml.com

MS PoolCategory Internal Crossing NetworkOwners Morgan Stanley Target Audience Internal Insitutional Clients Business Model MS Pool brings together orders from Morgan Stanley’s retail, institutional and broker-dealer clients, as well as algorithmic flow and orders from the firm’s internal trading desks. The latter include the cash, program and proprietary desks. Customers can opt out of trading against flow from these desks in MS Pool Main Features MS Pool is a dark liquidity pool with no order information leakage, minimal market impact and transaction costs by executing well within the NBBO. Also has the ability to set a minimum execution quantity to ensure larger execution sizes with zero to negligible






POSIT Alert contributes significant buyside liquidity to POSIT Marketplace. It leverages unplaced shares from the trade blotters of participating clients, providing the convenience of indications-based crossing with broader liquidity. *POSIT crossing varies by region. Please consult your ITG AE for more information about availability in your region.Category ECNOwners Investment Technology Group (ITG) Target Audience Global Equity markets Business Model ITG’s POSIT crossing destinations give buyers and sellers opportunities to match equity orders with complete confidentiality, access to diverse liquidity pools, no market impact and the cost savings of midpoint pricing.Main Features POSIT is indispensable for active, passive and quantitative trading styles. It covers domestic and international stocks as well as listed and OTC. POSIT is also a top venue for small, illiquid names and offers a unique after hours cross.Active 2002Members Buy and Sell SideInstruments Traded Equities Philosophy Designed to enable institutions to trade anonymously in block size and thus prevent adverse market impact.Management Leon Christianakis, Chief Executive Officer of ITG in the Asia Pacific regionTel +852 2846 3567Email [email protected] www.itg.com

Asia Pacific

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GL STREAMSophisticated smart order routing solutions

SunGard delivers an advanced multi-venue trading solution combining aggregated data and proven smart order routing technology. Route each trade to the optimum venue with SunGard’s GL Smart Order Router, a sophisticated and flexible algorithmic engine using real-time aggregated market data from all significant pan-European trading venues.

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Trademark information: SunGard and the SunGard logo are trademarks or registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders.

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The Trade advert Q2.indd 1 27/05/09 17:17:43

latency added to the execution of ordersActive September 2006Members N/AUsers Institutional asset managers, hedge funds and retail Instruments Traded Equities Philosophy Agency orders always take priority over principal and Morgan Stanley does not provide any post trade information. Vows to stay purely dark, as believes that sending indications out is something that removes the dark aspect of a dark poolManagement Andrew Silverman, head of electronic trading distributionTel Japan: +81 3 5424 5709; Asia Non-Japan: +854 2848 8222Email [email protected] www.morganstanley.com

UBS PIN CrossCategory Internal Crossing NetworkOwners UBS Target Audience Internal Insitutional Clients Business Model This highly-selective network offers interaction with a subset of the firm’s equity order flow (almost half of which is retail order flow). This internal crossing pool was designed to discretely cross with only natural liquidity without information leakage whilst the new pool (PIN ATS) will allow clients to interact with UBS’s equity order flow Main Features The combination of two platforms gives clients the best of both worlds, a natural-only pool of liquidity for highly sensitive situations, and the much broader PIN ATS pool, which brings together a wide variety of order flows.Active 2006 (PIN ATS 14 May 2008)Members N/AUsers Institutions, hedge funds of all sizes, broker-dealers Instruments Traded Equities Philosophy UBS Pinpoint, is focused around giving clients full access to their trading desks and vast liquidity pool, as well as to the markets and alternative trading systems worldwide whilst providing a intricate network of support systems and reports to aid the clients operations

Management Laurent Combalot, Head of Equity Client Trading & Execution Asian EquitiesTel Asia: +852 2971 8318; Japan: +81 3 5208 7030; Australia: +612 9324 2817Email [email protected] www.ubs.com/directexecution



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Fidessa group is the leading supplier of multi-asset trading,

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