NEW YORK–(BUSINESS WIRE)–Dec. 15, 2003–UNX, Inc., the market structure experts, announced today that it has connected to CAES(SM), the NASDAQ(R) Computer Assisted Execution System(SM). Using UNX’sproprietary smart order routing algorithms to access CAES offers buy-side institutional investors and hedge funds a powerful solution for executing Listed stocks in a truly electronic environment,with speed of execution and anonymous trading.
CAES represents an electronic linkage to the NASDAQ InterMarket(SM) and is the largest source of Listed liquidity outside the New York Stock Exchange with approximately 12 percent of Listed average daily trade volume. CAES displays firm quotes that can be automatically executed. In addition, when utilizing UNX’s broker-neutral tactics engine, UNX clients can post liquidity after a sweep to any one of several final destinations ranging from ECNs to exchanges.
“UNX is driven to help institutional traders lower market impact and find best execution,” said Randy Abernethy, CEO of UNX. “Our CAES connectivity is a necessary and natural extension of our proven ability to consolidate access to the fragmented US equities market, and provide the speed, anonymity and trading efficiency that are hallmarks of our electronic trading capability.”
“The CAES connectivity is part of our ongoing, client-focused strategy to develop the most advanced liquidity discovery and trading tools for institutional investors,” said Jeff Brown, Director of Product Development at UNX. “We constantly seek out new opportunities to extract quality executions across the market.”
As with all orders transacted through the UNX platform, clients can view the location of each execution in real time, including trades executed through CAES, on the UNX execution log, a proprietary product feature that displays trade transparency and client activity.
About UNX
UNX is an institutional agency brokerage providing advanced electronic trading solutions and premium services. With flexible connectivity options and core platform technology that consolidates market access and provides a true depth-of-book view of the US equities market, UNX enables buy-side investors to minimize market impact, reduce transaction costs and manage today’s fragmented liquidity to their advantage. UNX meets the demanding requirements of institutional trading through innovative, reliable technology to streamline trade operations and help sophisticated traders find best execution within a completely anonymous environment. The company’s commitment to trading efficiency extends to its multiple value-added services, including advanced electronic trading capabilities, commission management tools and an agency trade desk. For more information, please visit www.unx.com. Member NASD/SIPC.
UNX: Market Structure Experts
Market conditions and system performance may delay system access, real-time data and trade execution.
