High Performance & High Reliability Trading
Solutions and Services
We offer solutions for both large or small broker dealers and any company that participates in the Canadian Capital Markets space. We're always interested in innovative ideas so drop us a line if you don't see what you need here!
ITS Smart Order Routing
The ITS SOR was the first Smart Order Router available in Canada when Alternative Trading Systems launched in Canada. The ITS SOR is the backbone of many of our services. High-Speed, High-Reliability access to the Canadian equity marketplaces is the core of our company.
Over 100 Different Ways to Route ITS Smart Order Routing lets you prioritize marketplaces for best price routing and post wherever you want up to 100 different ways. Create SOR default routing strategies or change the strategy for a specific order in a special tag. Strategies can be based on UserID, OrderType, Order Attributes, Account ID, Symbol, Cross, etc.
Pre-Trade Risk Management ALL ITS SORs have the ITS OrderGuard Inspection Engine embedded into the SOR at no additional cost.
Compression ITS SORs have the ability to compress fills and only return a single compressed order to originating DMA or workstation.
Jitney Customers who only want to participate in specific marketplaces can jitney orders through another broker.
Dark Market Minimum Fill tag (dark market will be bypassed without minimum fill)
SMART Routing Support during extended hours
Self-Trade Prevention feature support
Smart Cross TradeThrough Prevention support
Market Data Feeds
Customers who wish to receive individual or a consolidated data feed of all marketplaces can request this service from ITS Online. Level 1, 2 or NBBO feeds are available.
DropCopy Services
Participating Organizations who wish to be able to see all their fills or full orders executed under their broker ID during a trading day may receive a consolidated dropcopy from ITS Online continuously during the trading day. After markets close, the participating organization has a complete list of all fills or trades executed by clients operating under their broker agreements.
Historical/Delayed Market Data
ITS Online can also provide customers with delayed market data from a marketplace, or as a consolidated delayed feed from all marketplaces. Data can be delivered at the end of the trading day or a delayed continuous feed can be provided.
ITS TraderLite Workstations
ITS Online provides both a GUI and Keyboard-based trading workstation for registered traders. The backbone of the workstations are the same, and are provided fully integrated with the ITS SOR and ITS Orderguard pre-trade risk engine.
ITS TraderLiteGUI
ITS TraderLite GUI provides a high-performance, easy-to-use trading workstation.
- High Performance
- Low system footprint
- US Market Data & US Order entry capability
- Buddy Trading Capability
- Registered Trader & Market Maker functionality
- Charting, NetHouse, SmartCross capabilities
ITS TraderLite
ITS TraderLite provides all the functionality of ITS TraderLiteGUI but is presented as a keyboard-based ‘CATS’-style interface.
ITS Investment Advisor Workstations
The ITS IA Workstation provides a small-footprint workstation allowing investment advisors to work with their Registered Traders:
- Access market visibility by viewing delayed Market Data;
- Import Account Lists so that AccountIDs can be selected from a list;
- Use TicketPad to create a ticket for a specific Account to be sent to their Trading Group;
- Have visibility to the Ticket through OrderPad including which traders are handling orders for the ticket, order statuses, trade pricing, etc.
- Provide comments to traders as the Ticket is being handled;
- View full history of closed tickets;
- Export all order information related to Tickets.
ITS OrderGuard Management Workstation
ITS OrderGuard Management Workstations can be used to (a) manage pre-trade risk for ITS SOR customers and (b) to monitor a firm’s risk exposure for firms who wish to see their total book trading through multiple vendors.
PRE-TRADE RISK MANAGEMENT
All order flow through ITS SORs automatically have access to the ITS OrderGuard Inspection Engine for pre-trade risk management.
Pre-Trade Risk Management allows users to ensure limits are set for multiple check including the following:
- FAT FINGER
- MAX ORDER VALUE
- MAX ORDER VOLUME
- TOTAL OPEN VOLUME by USER/AccountID/GATEWAY/FIRM
- TOTAL OPEN VALUE by USER/AccountID/GATEWAY/FIRM
ITS Operations can manage these settings for you OR customers can using an ITS OrderGuard Management Workstation.
POST-TRADE RISK MANAGEMENT
More customers are realizing the power of ITS OrderGuard for monitoring their TOTAL BOOK through any system AND monitoring sponsored brokers.
ITS can continually build your book from the marketplace dropcopies so you can monitor your firm’s activity within seconds of the activity.
Thresholds for all the pre-trade features can be set so compliance can be alerted when a user, firm, or group is reaching maximum totals.
Compliance Officers can quickly investigate and determine whether they are comfortable with the trading activity.
A COMPLETE PICTURE….AT YOUR FINGERTIPS
ITS TradeThrough Manager
The ITS TradeThrough Manager tool is generally used by compliance personnel for investigating potential trading infractions within the firm.
It provides a dynamic presentation which generates alerts when a possible regulatory infraction occurs in trading activities. ITS TradeThrough Manager is widely used within the medium / large broker-dealers.
- Firmwide summary display of possible book and/or trade throughs.
- Complete history available on a day by day presentation
- Dynamically updates with audible or visible alerts
- Can decrypt private information from destinations where permitted
- Detailed description of the order and the market places at the time of infractions
- Details can be exported to Excel or text file format
Customers who do not need real-time displays of potential trade-through activity can request an end-of-day tradethrough report be mailed to them by ITS Operations.
ITS Market Replay
ITS Market Replay can be provided as a stand-alone solution or can be combined with a real-time market data workstation to allow traders and compliance personnel to see what was happening in the markets when a trade occurred.
ITS Compliance & Management Reports
ITS Online can provide a variety of reports to meet compliance and management requirements.
Trade Through Report
A daily report showing trades executed that day by broker that may have violated UMIR tradethrough or bookthrough rules. (This report is generated by the Trade Through tool available to customers who wish to drill down for more information on potential trade through violations.)
Spoof Report
A daily report showing any orders, order-cancels, or change-former-order (CFO) between a specific preconfigured time prior to market open that might have affected the calculated opening price for a symbol in violation of UMIR rules prohibiting “spoofing”.
COP Manipulation Report
This report is similar to the Spoof Report but includes trade information for trades made after a potential attempt to manipulate the calculated opening price (COP) in violation of UMIR rule 2.2 on manipulative practices.
Closing (High/Low) Report
A daily report showing any orders between a specific preconfigured time near to market close which improve the market price of a specific symbol and may be in violation of UMIR rules prohibiting manipulative practices.
Unexecuted Orders Report
A daily report showing any open or CFO orders that are not configured for IOC (immediate or cancel execution) between a specific preconfigured time near the end of the trading day. The default preconfigured time period is from 15:30-16:00.
Quote Manipulation Report
A daily report showing potential quote manipulation where potentially non bona fide orders are entered on a visible market in an attempt to change the national best bid or offer (NBBO) and affect the price calculation at which a trade will occur with a dark order, in violation of UMIR rules 2.2.
Layering Report
Intra-Day Spoofing
A daily report showing potential “layering” practices by a broker where a bona fide order is placed on one side of the market at an artificial price while simultaneously placing non bona fide “layering” orders on the other side of the market in violation of UMIR rules 2.2.
Messages Rate Report
A daily report showing input message rates over configurable time intervals. For a given range between report start and end time, the report shows message rates for each interval by transaction type. It also summarizes numbers and maximum message rates by transaction type, the time when they occurred and maximum message rate per second at that time.