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Schwab to release Passive Indication Network

15 April 2004  |  1255 views  |  0

Schwab Soundview Capital Markets ("SSCM"), a business enterprise of The Charles Schwab Corporation, today announced that its new Passive Indication Network, a continuous matching network for institutional investors seeking maximum market liquidity with minimal market impact, is currently being tested with pilot clients, with full rollout expected in late-April.

SSCM clients can place indications on the Passive Indication Network(TM) using a special passive indication type and remain anonymous as their indications are automatically matched against retail and institutional flow. Customizable trade criteria, which can be updated in real-time, give the client a high degree of control over their indications. And because all Passive Indication Network(TM) indications are exposed to the Schwab Liquidity Network with over 100 million shares of daily retail and institutional order flow, stock trades can be executed with minimal market impact.

"The addition of the Passive Indication Network marks another significant step forward as we continue to expand the breadth and depth of the Schwab Liquidity Network and our presence within the institutional equity trading community," said Larry Leibowitz, Executive Vice President, Co-Head of
Schwab Soundview Capital Markets. "Furthermore, both Schwab's institutional and retail clients will benefit from the increased liquidity and opportunity for price improvement with the addition of the Passive Indication Network."

Highlights of the Passive Indication Network(TM):
  • Ability to interact with over 100 million shares of listed and OTC order flow per day.
  • Indications are NOT displayed to exchanges, ECNs, SuperMontage, or Schwab Soundview Capital Markets trading staff.
  • Indications can be priced using a number of parameters, including pegged to the inside market.
  • Institutions can define maximum shares available to cross and rate at which the shares available are replenished after each execution.

Leslie Durschinger, Senior Vice President, Electronic & Program Trading at Schwab Soundview Capital Markets, added, "We looked at other products in the marketplace and believe that Schwab Soundview had a unique opportunity to leverage its order flow and automation to create a compelling new offering. The initial feedback from our clients has clearly confirmed our belief that this is a valuable tool for controlling transaction costs."

The Passive Indication Network rounds out a comprehensive array of services offered through SSCM's Electronic & Program Trading group, which has focused on providing clients the desired level of control and decision support tools to determine the optimal balance between trader expertise and automation. Other related SSCM Electronic Program Trading services include:

  • Dedicated Program and Automated Trading Desk to professionally manage agency and capital committed client order flow.
  • Automated Trading Strategies including; VWAP (volume weighted average price), TAP (time average price), Participation, Pairs Trading, Liquidity Network with automated execution.
  • Real time trading analytics providing pre and post trade decision support and risk estimates.
  • Quantitative research including; Schwab Investment Analytics with factor-based stock rankings.
  • Automated access to Schwab's dedicated Pink Sheet and Bulletin Board group.
  • Fully configurable FIX connectivity with direct access to exchanges, ECNs and Schwab's Automated Trading Strategies.
  • Extensive crossing infrastructure for high volume processing.

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