Leverage Technology to Bring Your Trading Picture Together
Increasingly, investors are using program and portfolio trading solutions to efficiently implement their investment decisions. Program trading constitutes more than 50% of the NYSE daily volume. CAPIS can leverage advanced technology and analytics to help you control execution costs. Through sophisticated trading technology, the CAPIS program desk can implement a coordinated strategy or trading algorithm that meets your specific needs. CAPIS program trading also ensures transparency to the market and anonymity at all times.

When to Use Program Trading
Program trading has traditionally been employed to more efficiently trade entire portfolios. Through detailed analytics, customized trading strategies, and advanced technology, program trading can add value to list trading and even individual orders. The CAPIS program trading desk offers a wide range of execution strategies that can be tailored to meet your investment goals.

Results Oriented Execution
By leveraging the latest technology available today, program trading offers the most effective platform for controlling execution costs. This is accomplished through the following:

• Coordinated Strategy
  Developing a trading strategy is crucial to ensure best execution. Basic program strategies include:
• Market neutral- balancing buys with sells
• Benchmarked to VWAP over a set time period
• Liquidity providing- using limit orders to minimize market impact
• Liquidity taking- execute more quickly when opportunity cost is a consideration

• Adaptability
• Advanced trading systems enable the CAPIS program desk to respond immediately to market changes across an entire portfolio of securities.

• Anonymity
• A program trading desk enables orders to be broken up into small waves that are nearly invisible to the market. This minimizes market impact and allows investment decisions to be implemented with little information leakage.

• Algorithms
• CAPIS' Algorithmic Trading strategies allow you to tailor your trades to a specific benchmark, risk, or cost objective. Our quantitative execution algorithms allow you to control the "big picture" while the system manages the details.
  
  CAPIS offers 10 algorithms to meet your needs:
• NOCTURNAL
• VWAP
• TWAP
• SENS
• OSM
• AP
• TVOL
• PACER
• FLOAT
• EXPLORER
• RESERVE

Click here to view complete list with descriptions

The CAPIS Advantage
CAPIS believes in personal attention. Without a layer of sales traders, our clients deal directly with our program desk thus, enhancing coverage. In addition, CAPIS can customize strategies and analytical reports to a client's specific needs. As an agency broker, CAPIS is always acting on your behalf without any conflicts of interest.

For more information, contact our Program Trading Desk, or your CAPIS Sales Executive.