Whether a trader's focus is on delta-neutral transactions, directional block trades or complex multi-leg strategies, Ballista ATS offers a highly efficient, rules-based and electronic alternative to the traditional process of phone calls and instant messages.
Available as a stand-alone graphical user interface (GUI) or through a firm's own trading system, Ballista users enjoy anonymous access to a qualified and exclusive community of sell-side liquidity seekers and market-making entities.
Ballista ATS is based on the patent-pending Reactive Auction Process (RAPTM). During a RAP, a trader submits a block-sized, directional option strategy or delta-neutral/volatility order, using one of Ballista's order types, defining the parameters of the liquidity the trader wishes to source.
The order is then broadcast to Ballista ATS participants that have indicated their interest in trading that specific option, its sector or index components. If an order goes unfilled, in part or whole, it is then moved into a private electronic negotiation room with the closest counterparty. At this point, terms of price and size may be negotiated in hopes of finding a mutually beneficial trade.Once matched on the Ballista ATS, initiated orders are then crossed and/or executed on an applicable securities exchange.
Initiator may choose to place an Auction order earning exclusivity, or use a Phantom order to mask intent.
During the timed phase, Ballista ATS participants respond to the auction. Liquidity from the exchanges and COB's is also aggregated.
If an order goes unfilled, in part or whole, it can move into a private electronic negotiation room with the initiator and the closest counterparty allowing for direct one-on-one negotiation.