Passport offers continuous trading globally in equities, swaps, options, futures and foreign exchange from a single platform.
The system offers a fully customisable front-end application with workflow and speed execution features such as hot buttons and single-click trading. Clients can customise the interface themselves or give their requirements to a coverage desk for provision of a tailored interface solution.
In keeping with Morgan Stanley’s commitment to confidentiality, Passport provides full protection of client orders and information pre-, intra- and post-trade, plus complete transparency on how client orders are routed and where trades are executed.
The system supports FIX versions up to 4.4.
Morgan Stanley’s Global Electronic Trading team has offices in six countries including Australia, Hong Kong and Japan offering a 24-hour service.
Connectivity and access
Passport provides access to markets in over 50 countries worldwide. In Asia, countries covered include Australia, Hong Kong, India, Indonesia, Japan, Malaysia, Singapore, South Korea, Taiwan and Thailand, with New Zealand and the Philippines coming soon.
The system can tap dark, grey and lit liquidity simultaneously.
The EMS accesses a variety of customisable benchmark algorithms, including VWAP, TPOV (target percentage of volume) and arrival price strategies. It also uses specialised algorithms including Portfolio Algorithm and Pairs Trader.
Morgan Stanley works with a wide variety of third-party software vendors and leading connectivity providers, including but not limited to Bloomberg, Charles River, Eze Castle, ITG, Portware, TradingScreen and Tora.
Custom one-way and two-way FIX solutions can be configured based on specific client requirements.
Clients can partner with Morgan Stanley’s Specialized Trading Solutions team to develop customised algorithms and product solutions, such as pairs and delta hedge trading.
Transaction cost analysis
Passport provides access to Morgan Stanley Analytics (MSA) to help clients manage each step in the lifecycle of the trade. MSA provides pre-trade analytics, detailed order entry, order flow management and postexecution performance measurement.
Clients executing with Passport have access to coverage teams and market structure consultants to help them achieve their execution objectives.