Capital Institutional Services (CAPIS)

Capital Institutional Services (CAPIS)

Transition trading and program trading at CAPIS are run as two separate activities, with a team supplemented by sales, operations, and information technology. CAPIS has no proprietary trading and is not limited to specific liquidity pools or affiliate firms. The firm has multi-asset class trading capabilities and offers post-trade analysis that shows actual trades in 10 minute intervals relative to portfolio performance and show how decisions were made. Clients always have a single-point of contact.

Size of transitions

The average size of transitions over the last 12 months is US$85.3 million. The largest was US$360 million and the smallest US$355,000.

Hedging strategy

Exchange-traded funds and futures are available for hedging purposes.

Use of crossing

Overall, less than 5% of orders are crossed. CAPIS does not have an internal crossing engine and the firm executes on an agency basis only.

Reporting

The firm offers pre-trade, intra-day (upon request) and post-trade analysis. The analysis is delivered in either a pdf or Excel format.

Benchmarks

CAPIS primarily uses implementation shortfall for all transitions.

Other benchmarks for equities include VWAP, open, close, and arrival. For fixed income liquidations, the firm compares the most recent custody market values to provide cover bid information.

Fiduciary duties

CAPIS meets the definition of a Fiduciary, as defined in ERISA Section 404(a)(1)(B), with respect to the trades being executed for a transition.