DASH Financial Technologies, an industry leading capital markets technology and execution provider, today announced the launch of an enhanced liquidity solution within its agency listed-options routing suite, SENSOR.
DASH ATS™ is an innovative alternative trading system designed to solve the liquidity sourcing challenges inherent in today’s US listed options market. Through DASH ATS’ automated Request for Quote (RFQ) process, a diverse network of market makers and liquidity providers can respond to client orders with their quotes. By combining the DASH ATS with the SENSOR smart-routing suite, clients may seamlessly benefit from this liquidity within their routing workflow. When the RFQ response improves the NBBO - either in price and/or size - the ATS will automatically pair the interest before routing to an exchange for execution. DASH ATS, an SEC-registered Alternative Trading System (ATS), supports both single-leg and complex options transactions and is accompanied by an extensive set of real-time analytics and data visualizations through the award-winning DASH360™ web portal.
Stino Milito, Co-COO at DASH, said: “Our ATS solution is unique because, unlike the traditional equity ATS model people are accustomed to, DASH Options ATS sends out RFQs to market makers and upstairs liquidity providers when we receive an order that is priced at the mid-point or better. This allows us to electronically check for better and/or deeper markets that normally would be unavailable or inefficient to attempt to access. This is driving real value for our clients.”
DASH ATS provides:
• Liquidity: DASH ATS aggregates a network of third-party institutions and liquidity providers to deliver liquidity that is not available on screen.
• Seamless Workflow: For current DASH execution clients with eligible orders, accessing DASH ATS requires no changes to their existing workflow.
• Cost Optimization: DASH ATS helps mitigate exchange fees, potentially reducing the overall cost of execution by a significant amount. In addition, orders are eligible for price improvement.
• Flexibility: DASH ATS supports all single and multi-leg (complex) orders and may be included/omitted in any part of the execution workflow.
• Complete Transparency: As with all orders routed to DASH, DASH 360 provides full, real-time transparency of routing workflow, behavior and performance for all orders routed to DASH ATS.
The unveiling of DASH ATS within the SENSOR routing suite follows the recent addition of a next-generation dark liquidity aggregation algorithm to the SENSOR equity suite, the roll out of an advanced suite of portfolio trading analytics as part of DASH360 and the launch of a cutting-edge algorithmic portfolio trading solution.