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Smart Order Routing/DMA MSET provides high-speed, seamless direct market access (DMA) to all major liquidity sources for equities, ETFs, and options. Our Smart Order Routing Technology (SORT) aggregates the fragmented markets in a single, unified view. Its design emphasizes speed, capacity, and stability, while enhancing its power through its constant, real-time monitoring of market metrics, feedback from market activity, and history research. In addition, it analyzes the major variables of price, current and historical liquidity, speed, and stability to determine its choice of destination for an order. SORT routes orders using the MS BXS limit order program, which determines how orders will be both sliced and routed to liquidity pools. As an order’s size or time horizon increases, so does the value of MS BXS in helping to achieve best execution. SORT can be accessed via FIX, Bloomberg, and multiple OMS providers, as well as Morgan Stanley’s Passport. MSET works to bring the greatest amount of natural liquidity to our clients. Examples of strategies developed to access liquidity include NightVisionSM and NightOwlSM. For block trading and illiquid names, we offer NightVision, a tool that accesses fragmented sources of only dark liquidity through an aggregation of dark pools, and allocates dynamically based on fills received. NightOwl navigates both dark liquidity pools and quoted markets, based on the user-specified level of urgency. |
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