ORDER TRADING

MARKET ACCESS

BEST EXECUTION

INTERNALIZATION

MARKET ACCESS

EXP|order routing is the system used to acquire and automatically sort orders toward destination markets. It retrieves orders coming from trading rooms, from other orders management systems or institutional customers, through order routing networks or direct connections, and automatically delivers them to destination markets or brokers.
The system integrates all Italian markets, the most important European venues (Borsa italiana, EuroTLX, Hi MTF, Xetra, Chi-X) and more than 50 brokers, through proprietary protocols or FIX.

Order routing to the execution channel takes place according to configurable addressing criteria, based on order data and on customer’s characteristics, such as execution venue, instrument, originating channel, report.

Furthermore the system allows you to monitor operations generated by interconnected channels, by managing the operational limits due to filters set by Borsa Italiana and

customers’ exposure on the markets, referred to price gaps (in comparison with reference/control prices), to tradable quantities limits and to counter values limits.

In real time, the operator can configure, enable or disable operational limits to be applied on a daily or order basis, and determine actions to be taken on orders which overcome the defined limits (e.g., reject an order or let the operator manage it).

BEST EXECUTION

EXP|smart order routing is the MIFID compliant solution for management of the execution policy.
The system automatically direct orders to the trading venue which guarantees the best execution in compliance with MIFID directives (in terms of price, quantities, execution

probability and speed, etc.) both on stock and bond markets, and enables configuration of static and dynamic policies (e.g.change of execution venue for partially executed trades) which can by defined by brokers on customer and instrument basis.

The system performance ensures immediate execution of customers’ orders, while the parametric handling allows you to create policies specific to customer categories and to individual customers.

INTERNALIZATION

EXP|match manages systematic and non-systematic internalization of orders, from best execution perspective, thus allowing brokers to execute orders under the best conditions for their customers.

The platform makes available user functions and automations, to manage all process phases while guaranteeing high performance levels.

Quotation can take place by dynamically choosing between automatic mode, either total or partial on individual instruments, and manual mode, through inserting, editing, deleting functions.

The activity is controlled by the system according to rules set by brokers, that determine tradable instruments and quantity and counter values limits.

Evaluation of automatic ask or sell quotations is done on the basis of public information coming from reference markets, in real-time.

The platform manages continuous negotiation and maintains a real-time dialogue with front office systems to automatically acquire orders,

and with back office systems to control and immediately update the customer’s position and send him the executed operations.

The system exactly meets transparency requirements by recording all information concerning internalization actions. The collected information can feed surveillance, audit, statistical systems (inserted quotes, internalization of orders, concluded trades, modified parameters and interventions performed by enabled users).