Morgan Stanley offers a number of futures algorithms, which use smart order routing technology (SORT), providing high-speed access to all major liquidity destinations for listed names, ETFs and options globally. Morgan Stanley’s portfolio of algorithms includes OCO/OUO, “if done”/”as done,” GTC/GTD, timed orders, iceberg/randomised, stop/trailing stop, TPOV, TWAP, VWAP, arrival price, dynamic close, Futures Owl, capture, and MS Port.
Morgan Stanley’s proprietary derivative algorithms
are specifically tailored for the futures and options markets. All algorithms
can be calibrated to match specified trading objectives by start/end times,
urgency levels, volume constraints, or applying a price react trigger. Morgan
Stanley offers a wide range of strategies, depending on users’ execution
The algorithms are fully customisable. Clients can
also leverage Algorithm Manager, a trading tool that provides users with
control over the execution of their individual orders based on several
different factors, including time, filled quantity, price and liquidity. MS
Analytics, a multi-asset analytics platform, allows clients to access market
impact and execution risk at various levels of urgency. It also analyses market
impact versus execution risk and shows notional completion rates over time.
Morgan Stanley consults with clients on the best
way to access markets. Its algorithms offer a market-leading front-end called
Passport – a 24×6 platform that allows clients to trade cash equities, futures,
and FX, both through direct market access and algorithmic channels.
Over the last 18 months, Morgan Stanley has
invested in a complete trading infrastructure rebuild – both software and
hardware – to help clients compete in today’s high-speed market. The new
technology is currently being used by clients in equities and will be rolled
out to futures by the end of 2013.