II. MARCO TEÓRICO
II.4. HÁBITOS DE VIDA
II.4.1. Concepto y aproximación histórica de salud
(WES) has a comprehensive
suite of electronic trading solutions. Whether it is smart Direct Market Access (DMA), algorithms, portfolio trading, listed options execution, or custom products, WES offers a full array of services.
Coupled with our execution products, WES also offers
Thomas Weisel Partners
Description of Algorithms
SMID This is a passive strategy designed to reduce market impact in low liquidity stocks. It utilises adaptive scheduling driven by real-time trade events to exploit liquidity and continuous price monitoring to avoid market impact.
Spy This strategy only seeks liquidity from alternative trading systems, proprietary dark pools and hidden liquidity from displayed markets. Based on the level of aggressiveness, the order will be appropriately distributed between these venues.
Camo This strategy aggressively but opportunistically pursues liquidity without posting in displayed markets. Based on factors such as price movement, trading intensity, market depth and volatility, it optimises the trading rate and order placement strategy in either a passive, neutral or aggressive mode. Very high participation is to be expected.
AP This strategy minimises shortfall (from the arrival price) by trying to achieve a trade-off between market impact and opportunity costs. If liquidity is not an issue, the strategy attempts to complete all orders as quickly as possible before prices have a chance to move. If liquidity is a problem, the strategy analyses the trades with respect to liquidity, spread, volatility, etc., in order to come up with an optimal trajectory that manages the trade-off between impact cost (paying up for liquidity) and opportunity cost (prices moving away from benchmark).
GID This is our most aggressive strategy, which is designed to complete. This strategy’s primary intent is to soak up liquidity to the client’s limit, without posting to displayed markets.
Minimising market impact is a secondary objective. An extremely high participation rate is to be expected. GID behaves as an optimised DMA strategy.
Hybrid This strategy is designed to dynamically split the client order based on duration, order size and user defined parameters in to two strategies chosen by user, in order to follow the bell curve of the stock being traded.
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clients solutions to their commission management needs, including
Commission Sharing Arrangements (CSA) and Client Commission
Arrangements (CCA) supported by web-based access to all account information and top-tier customer service.
Algorithms TWP’s algo engine switches in real time between adaptive algos based on changing market conditions. Based on price and volume momentum, spread behaviour, trading velocity, volatility, buy-sell imbalances, etc. Our highly adaptive algos (AP, Camo, SMID, GID) can dynamically change their execution characteristics.
Company Name
Thomas Weisel Partners LLC Department/Division
Weisel Execution Services (WES) Service or Product
Algos, DMA, Options and Portfolio Trading
• Fully customisable algorithms.
• TWP has reengineered all applicable algorithms to incorporate Spy, our dark pool aggregator
Claimed Advantage(s)
• Fully adaptive algorithms. • All adaptive algos (CAMO, AP, SMID, GID) can dynamically morph into each other, based on market conditions. • User-defined Hybrid strategy.
Eze Castle (ConvergEx) 3 Fidessa Latent Zero 3
InfoReach 3
ITG 3
ITG Triton 3
Linedata Longview 3 Neovest (JP Morgan) 3
Portware 3
RealTick (Townsend Analytics) 3 RediPlus (Townsend Analytics) 3 ThinkorSwim
Markets
Canada 3
US 3
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An A-TeAmGroup PublicationProfiles
UBS Direct Execution is UBS’s global institutional electronic trading
business. Direct Execution offers direct market access (DMA), a suite of advanced algorithmic trading strategies, the UBS Pinpoint execution management system and the UBS Fusion
web-based analytics platform.
Launched in 2007, UBS Fusion provides clients with a flexible set of pre-, at-, and post-trade analytics and tools, including Real-Time TCA.
Additionally, UBS provides access to its own UBS Price Improvement Network
UBS
Description of Algorithms
TapNow A very aggressive liquidity-seeking strategy that aggregates liquidity across displayed markets and non-displayed venues.
Tap Simultaneously seeks liquidity in both displayed and non-displayed markets, based on your Urgency setting and parameters.
Pairs Executes two stocks simultaneously, while monitoring prices for each and trading only when the target spread can be achieved.
Perimeter Enables trading outside of regular US market hours: pre-open, post-close, in auctions and imbalances. Available from 7:30am-5:30pm
Custom All strategies may be customized so the behaviour meets the client’s preferred trading style or unique objectives. We also build bespoke custom algorithms to suit client’s specific needs.
Options Delta Adjust Executes a limit order based on a function of delta related to the reference price.
Options TWAP Releases orders into the market at an even pace over a specified period of time, with a parameter for delta to manage deviation.
Options Trigger Places contingent order based on price movements around your reference price.
Options Scale Trigger Places contingent order based on price movements around your minimum and maximum reference prices.
Futures VWAP Seeks a volume-weighted average series of executions for your order.
Futures TWAP Releases orders into the market at an even pace over a specified period of time.
Futures Float Floats orders in the market, in reference to the spread in a contract.
Futures Hidden Holds your order until y our desired price is available, then sends waves of Immediate or Cancel (IOC) orders to the market to participate at that price.
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(PIN) liquidity pool, as well as connectivity to markets worldwide. With access to over 130 exchanges and alternative liquidity venues, UBS trades equities in each region of the globe.
Headquartered in Zurich and Basel, Switzerland, UBS is a global firm providing services to private, corporate and institutional clients. Its strategy is to focus on international wealth management and the Swiss banking business alongside its global expertise in investment banking and asset management. In Switzerland, UBS is the market leader in retail and commercial banking.
UBS is present in all major financial centres worldwide and has offices in over 50 countries. Its shares are listed on the SIX Swiss Exchange, the New York
Stock Exchange (NYSE) and the Tokyo Stock Exchange (TSE).
Strategies That Think
Like a Trader We’ve created a suite of highly self-adaptive algorithms that not only seek liquidity and price improvement, but also use advanced logic to safeguard your order from gaming and negative selection.
UBS DMA, Algorithmic Trading, UBS Fusion and UBS Pinpoint Website
www.ubs.com/directexecution Claimed Feature(s)
• High-capacity, state-of-the-art technology that is faster and smarter. • Innovative algorithms that think like a trader. • Analytics that deliver precision and transparency in real time. • Access to quality liquidity in more than 130 markets worldwide • Portfolio, single stock, options, futures, FX and cross-asset trading capabilities all on the same platform.
Claimed Advantage(s)
• Trading experts on call to provide execution consulting and market expertise in major markets around the world. • Completely confidential order and execution information both inside and outside UBS. • Efficient access to deep, diverse liquidity, both displayed and non-displayed, around the globe. • Agility, flexibility, and customisation of algorithms, analytics and execution management systems.
Special Facilities
• Smart Order Routing • Direct Market Access (DMA) with smart order routing. • HV (High Volume) DMA. • Broker Execution Services.
• Advanced analytics via UBS Fusion, including Real-Time TCA.
• UBS Pinpoint, our cross-asset EMS.
Asset Classes
• Portfolio and single-stock Equities • Futures • Options • FX
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An A-TeAmGroup PublicationProfiles
Markets
Aqua ATS ✔ Greece ✔ NYSE Arca Europe ✔
ATD ✔ Hong Kong ✔ Poland ✔
Australia ✔ Hungary ✔ Portugal ✔
Austria ✔ India ✔ Sigma X ✔
BATS Europe ✔ Instinet CBX and Intraday ✔ Singapore ✔
BIDS ✔ Ireland ✔ SmartPool ✔
Block Cross (US) ✔ ISE ✔ South Africa ✔
Bloomberg Tradebook ✔ Italy ✔ South Korea ✔
BNY Vortex ✔ Japan ✔ Spain ✔
Burgundy ✔ JapanNext ✔ Sweden ✔
Canada ✔ Kabu.com ✔ Switzerland ✔
Chi X ✔ Knight Link ✔ SWX Swiss Block ✔
Chi-Delta ✔ Knight Match ✔ Taiwan ✔
Czech Republic ✔ LavaFlow ✔ Thailand ✔
Denmark ✔ LeveL ✔ Track ECN ✔
DirectEdge (EDGA/EDGX) ✔ Malaysia ✔ Turkey ✔
Euro Millenium ✔ MatchNow ✔ Turquoise ✔
Fidelity CrossStream ✔ Millenium ✔ UK ✔
Finland ✔ MS Pool ✔ US ✔
France ✔ NASDAQ OMX Europe ✔ UBS PIN (US, Europe,
Japan, Hong Kong and Australia)
✔
Germany ✔ Netherlands ✔
Getco ✔ Norway ✔ XIM ✔
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Interfaces
Advent ✔
AFA ✔
Bloomberg ✔
Charles River ✔
ESP ✔
Eze Castle (ConvergEx) ✔
EZX ✔
Fidessa ✔
Fidessa LatentZero ✔
Flextrade ✔
InfoReach ✔
Instinet ✔
ITG ✔
ITG Triton ✔
Knight Direct ✔
Lava (Citi) ✔
Linedata Longview ✔
Liquidity Book ✔
Metabit ✔
Mixit ✔
Neovest (JP Morgan) ✔
Nirvana ✔
NRI ✔
Paladyne ✔
Portware ✔
RealTick (Townsend Analytics) ✔
Tethys ✔
Thomson Reuters (RTEX) ✔
ThinkorSwim ✔
Tora ✔
Trading Screen ✔
UNX ✔
Visual Trader ✔
Contact Americas Trading Desk
+1-800-563-8018 or +1-203-719-1750
Asia Trading Desk +852-2971-8334 Australia Trading Desk +612-9324-2017 Europe Trading Desk +44 (0)20-7568-8313 Japan
Trading Desk +81-3-5208-7249
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profiles
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Director y
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