On Point and AFA Connect on Options Order Routing

14 January 2009

On Point Executions LLC, an agency-only broker, and Advanced Financial Applications (AFA), a leading provider of EMS/OMS trading technologies to buy and sell side financial organizations, today announced that On Point’s smart option order routing system, STING, is now available on AFA’s IMPACTPro™ platform. Using the connectivity provided by On Point and AFA, clients will have a robust smart routing capability for options orders combined with a single processing from execution to clearing and settlement.

The On Point STING routing logic uses empirical data to determine which destination will yield optimal execution. On Point’s proprietary options routing algorithm interacts with liquidity pools with preferences defined according to best price and past performance of how the provider interacted with order flow. STING then monitors all existing market centers for execution quality and applies this data to determine the most efficient execution venues to route orders. It has the ability to garner more liquidity by analyzing the intricate pricing and decision-making logic of market participants so as to provide superior execution quality and added value.

STING captures all available liquidity while at the same time minimizing market impact. This results in clients achieving better than expected execution quality. STING is FIX 4.4 compliant and can be accessed through the AFA platform.

AFA develops and markets intelligent, proactive electronic execution and order management solutions that maximizes performance for buy-side, sell-side, and other investment professionals. AFA streamlines the work-flow complexities of a comprehensive trading desk and is a single source of liquidity access.

Said Patrick Lynch, Chairman and CEO of AFA: “STING is an exceptional options routing solution which we believe our Clients will be able to utilize in achieving excellent results in the quality of their executions. As client demand for multiple-asset interaction increases, the ability to route via STING adds to the product suite we now make available in today’s cost-sensitive environment.”

Said Paul Carrozzo, co-principal at On Point: “We are pleased to supplement AFA's exceptional platform with STING™. This relationship will truly be beneficial for customers seeking a robust routing solution."

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