Solution

Solutions

Pre-Trade

Real-time position, PnL, and risk of portfolios; slice and dice by any risk dimensions
Discretionary portfolio mgmt (rebalance and manipulate exposure)
Single-click for secondary trade generation (repo, rolls, hedges and unwinds)
Trade Optimization: netting, aggregation, scheduling and packaging of exposures

Execution

Aggregate all liquidity (RFQ, API, streaming)
No, low, & high touch trading in a single blotter. Pre-built Algos, leverage your brokers or build your own
Fair valuations, indicative prices, built-in TCA
Native support for multi-leg strategies

Post-Trade

Matching, settlement and clearing in a single window
Real-time IBOR (positions, PnL, cash, NAV)
Full control over cancel/corrects, amends straight from the GUI
Export/import to accounting and back-office systems, recon

By Asset Class

Swaps

Interest rate, Credit, total return swaps and their derivatives

IR Swaps

Par, MAC,SOFR IMM, FWD STARTING, X-CCY, OIS

CREDIT Swaps

CDS,CDX

Total Return Swaps

Commodity, Index, Bond, Swaptions, Caps/Floors,YC Options

Handle Complex Assets with Ease

Multi-leg packages native to platform. Execute, allocate and cancel/correct the packages as a unit (Rolls, Yield Curve, Butterfly, Compression, Straddles, Invoice Swap)
Automatically send and capture responses for RFQ
Auto breakdown of Cost/PV to legs for package, considering risk of legs and other fairness aspects
Hassle free post-trade affirm, reporting, cancel/correct and export to PB/Back Office

Trading Decision Support

Time-of-Trade TCA
Fair valuation, dealer mark-up estimate, infer pricing/signals from related markets
Dealer scorecards – See dealer performance while working the trade, including all historic quotes/trades/indicatives with useful statistics
Single Click to external venues and market data platforms including chat & quotes

Single Blotter for Everything

No, Low, High touch trading in a single blotter
Trade electronically or over voice/chat
Connectivity to SEFs & other platforms
Consolidated liquidity with streaming price quotes, RFQ, indictive quotes all in one order-book

FX

Spots, Forwards, Swaps, NDF, Options

Better Aggregation of Liquidity

Customized streams in a single blotter
Our business model – we don’t take money from the sell side so there is no conflict of interest
FX hedger that can be run in an automatic mode or can be manually invoked

Smarter Algos

Smart order router – Buckets liquidity and understands rules of engagement
Customized algos that understand Rules of Engagement (ex. Min time TWAP)
Use our pre-built algos, leverage your brokers’, or drop in your own in an easy to use interface

Embedded TCA for Best Execution

Last looks, dealer penalty box, cancel tracking
Mini-Dealer Scorecard – A tool that helps a trader pick the right dealer set for the order (based on calculated statistics)
Full Dealer Scorecard – A tool with all the quotes and trades data with ‘mark outs’ to drill into and visually see the patterns and understand the market and dealer behavior in response to market events and trading activity

Fixed Income

Govt, Agency, EMD, IL, Corp, Converts, TBA

Reduce Regulatory and Operational Risk

Multi-dealer, two-way quote capture
Digitization of voice trading

Access to All Liquidity

Dealer runs, electronic venues, and voice in a single order book
No, Low, High touch trading in a single blotter

Trading Decision Support

Pre-, During-, and Post-execution analytics
Single Click to external venues and market data platforms including chat & quotes

LISTED

Equity, Pairs/Basket, Futures, Futs/ EQ/Index Options, ETF

Consolidated Blotter Across All Liquidity Streams

Customized streams in a single blotter
Built-in automation & algos, including an auto-hedger to generate hedges given defined parameters

Custom Indexes

Create and manage custom indexes, baskets, and blended benchmarks directly in the platform
Target specific desired exposures in delta space or even implied vol

Trade Through Underlying

Support for trading baskets or underlying securities to target custom indices
Flexibility to choose between the futures, ETF or swap based on cost at the time of trade

By Function

Portfolio Management

Real-Time Reports and Views

Attribution of portfolios by position, PnL, and risk
Slice and dice portfolios by any risk dimension
Data-driven decision support

Discretionary Portfolio Management

Single click to rebalance or manipulate exposure
Pre-trade & time of trade analytics
Automate price discovery in voice/manually traded markets while minimizing information leakage

Trade Optimization and Support

Single-click to generate secondary trades such as repo, rolls, hedges and unwinds
Optimize trades via netting, aggregation, scheduling and packaging of exposures
Compress the portfolio or unwind/novate a set of positions

Trade Execution

Aggregate All Liquidity

RFQ, API, streaming – all in one order book
No, low, and high touch trading in a single blotter
Digitization of voice trading

Flexible Algos and Analytics

Use our pre-built algos, leverage your brokers’, or drop in your own in an easy to use interface
Fair valuations, indicative prices, built-in TCA
Considers different quoting conventions across venues

Extensive Complex Asset Support

Native support for all multi-leg strategies & packages
Properly take market conventions and trading workflows into consideration
Ability to compete dealers, compare quotes, break-down quotes to legs, and calculate markups

Operations

Single Window for Everything

Matching, settlement and clearing in a single window
Full control over cancel/corrects, amends straight from the GUI
Reconciliation directly within the platform

Real-Time IBOR

Positions, PnL, cash, NAV
Real-time and historical positions that are reconciled against the back-office/accounting systems

Easy Integration

50+ adapters to interface with middle and back-office systems
Export/import to accounting and back-office systems
Real-time, self-validating links to internal & external systems

Compliance

Fund-Level Compliance

Netting and aggregating trades across funds in a compliant manner
Highly flexible configurations to define rules at a granular level

Counterparty Compliance

Ensuring that you can trade with the specified counterparty per the rules you have defined in the system
Validated throughout entire trading life-cycle, not just once pre-trade

Restricted Securities

At any level — firm/fund/account/strategy
Validated throughout the entire trading life-cycle, not just once pre-trade

TCA

Eliminate Regulatory and Fiduciary Risk

Extensive automation and highly customized workflows
Rapid turn-around – hosted or deployed

Built-in Regulatory Controls and Reporting

MiFID, Dodd-Frank, EMIR data and reporting out-of-the-box
Institutional grade controls

Designed for Complex Fund Structures and Counterparty Restrictions

Automatically create netted, block orders across 40Act, SMA, ERISA, UCITS, Prop accounts – with consideration for compliance and other factors
Execute block orders with maximum number of available counterparties as opposed to the lowest common denominator of allowed dealers in other systems

Embedded TCA for Best Execution

Last looks, dealer penalty box, cancel tracking
Mini-Dealer Scorecard – A tool that helps a trader pick the right dealer set for the order (based on calculated statistics)
Full Dealer Scorecard – A tool with all the quotes and trades data with ‘mark outs’ to drill into and visually see the patterns and understand the market and dealer behavior in response to market events and trading activity

POST Trade

Operational Analytics

Cancel/corrects, amends, affirmations, and confirmations can all be done right within the GUI

Fair Allocation

Fair allocation algorithms that consider block size, targets, held exposures, counterparty, and other constraints
Analytics to prove fair allocation to investors and regulators

Shadow Accounting

Ensure the accuracy of books and records

Connectivity to General Ledger and Other Downstream Systems

Easily export analytics output, trades, positions, and allocations downstream

Reconciliation

Smart Recon – Machine learning-based exception handling

By Firm Type

Systematic HEdge Funds

Exposure-Based Trading

Allows you to take advantage of market events or liquidity
Dynamic security selection picks the best instrument to represent that exposure

Trade-Optimization, Scheduling and Smart Order Routing

Most efficiently package the orders (risk-neutral packages, crosses, curves, spot-swap split, etc.)
Highly differentiated algos

Built with Systematic and Quant Funds in Mind

PnL, Risk, and Position attribution all the way up to signals and factors
Handle complex assets & multi-leg strategies in Futures, Options, FI, and FX

DISCRETIONARY HEdge Funds

Single Blotter for Everything

One place for electronic, algo, and voice/manual trading
Customized price streams from dealers
Consolidated liquidity with streaming price quotes, RFQ, indictive quotes all in one order-book

Compliance Across All the Trading Functions

Dodd-Frank, MiFID-II
Fund mandates, allowed counterparties, exposure-based limits

Pre and Post Trade Allocation

Fair allocation algorithms that consider block size, targets, held exposures, counterparty, and other constraints
Analytics to prove fair allocation to investors and regulators

Asset Managers

Disentangling Trading From Fund Structure

Automatically create netted, block orders across 40Act, SMA, ERISA, UCITS, Prop accounts – with consideration for compliance and other factors
Execute block orders with maximum number of available counterparties as opposed to the lowest common denominator of allowed dealers in other systems
Greatly reduces “friction” between PMs, traders, and ops

Compliance Across all the Trading Functions

Dodd-Frank, MiFID-II
Fund mandates, allowed counterparties, exposure-based limits

Pre and Post Trade Allocation

Fair allocation algorithms that consider block size, targets, held exposures, counterparty, and other constraints
Analytics to prove fair allocation to investors and regulators

ADROIT TRADING TECHNOLOGIES, INC.

END USER LICENSE AGREEMENT

This End Customer License Agreement (“EULA”) sets forth the license granted by Adroit Trading Technologies, Inc. (“Adroit”), located at 666 Third Avenue, 6th Floor, #623/624, New York, NY 10017, to the named customer-licensee [CUSTOMER] (“Customer”), located at [ADDRESS].

License
- License Grant. Subject to the terms and conditions of this EULA, Adroit grants to Customer (and its authorized employees and contractors) a personal, non-exclusive, non-transferrable, non-sublicensable, limited, revocable license (the “License”) to access and use the application or software provided or made available by Adroit to Customer pursuant to this EULA (the “Software”). By accessing or using the Software, Customer (on its own behalf and on behalf of its authorized employees and contractors) shall be deemed to have accepted and consented to the terms of the License and this EULA.
- Restrictions on Use. Except as expressly authorized by this EULA, Customer shall not, and shall not allow (and shall use its commercially reasonable efforts to prevent) any third party to: (a) use or access the Software; (b) directly or indirectly: share, disassemble, recompile, decompile or otherwise reverse engineer the or make any attempt to make, identify, access, replicate or distribute the source code of the Software; (c) distribute, sell, resell, rent, lease, license, sublicense or use the (or make any attempt to do so) in any arrangement or for any purpose not expressly authorized by this EULA; (d) remove, alter or modify any product identification, proprietary, confidentiality, copyright or other notices placed upon or displayed in connection with the use of the Software (or make any attempt to do so); (e) directly or indirectly copy, modify, adapt or create a derivative work from the Software or merge it with or into another program (or make any attempt to do so); (f) use the Software or the License for any unlawful purpose or in violation of any third-party rights; or (g) use or export the Software or the License in violation of applicable law (or make any attempt to do so).
Software Maintenance

Adroit may, at any time and from time to time, in its sole discretion, perform maintenance and updates that may result in temporary or prolonged disruptions to the Software. Adroit shall have no obligation to notify any users or licensees in the event of any such disruptions, and shall have no liability of any kind in respect thereof.

Use and Ownership of Intellectual Property; Confidentiality
- Adroit. All rights, title, and interest (including all legal and beneficial ownership) in and to the Software and the License and any portion thereof, including, without limitation any and all worldwide intangible rights or interests evidenced by or embodied in (a) any and all object and source code, APIs, screen displays and interfaces, modules, structures, sequences and other components of the Software; (b) any idea, design, concept, method, process, technique, invention, discovery, or improvement, including any patents, patent applications, trade secrets, and know-how; (c) any work of authorship, including any copyrights, industrial designs, registration or moral rights recognized by law; (d) any trademarks, trade names, trade dress and associated goodwill of Adroit or its affiliates; and (e) any other Adroit proprietary technology or material in which similar rights exist (“Intellectual Property Rights”) will remain the sole property of Adroit. This Agreement does not convey any rights of ownership in or to the Software or the License, including any such rights in any and all copies, modifications, enhancements, updates, customizations, translations and other derivative works of or to the Software or the License. Customer shall not take any action to jeopardize, limit, impair or interfere with Adroit’s ownership of and rights in and to the Software or the License.
- Confidentiality. Customer agrees to maintain strict confidentiality of the terms of this EULA, the License, the Software and all data and information that may be supplied or disclosed by Adroit to Customer.
- Rights Reserved. All rights relating to the Software or the License not expressly granted to Customer under this EULA are reserved by Adroit.
Disclaimer of Warranties; Software Functionality; Limitation of Liability; Indemnification
- Disclaimer of Warranties. NEITHER ADROIT NOR ITS AFFILIATES MAKE ANY WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, AS TO THE SERVICES OR RESULTS TO BE ATTAINED BY YOU OR OTHERS FROM THE USE OF THE SERVICES AND EACH DISCLAIMS ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING BUT NOT LIMITED TO, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR USE, OR NON-INFRINGEMENT. YOUR USE OF THE SERVICES IS AT YOUR SOLE RISK AND THE SERVICES AND ALL PORTIONS THEREOF ARE PROVIDED “AS IS” AND “AS AVAILABLE.”

Without limiting the foregoing: (a) Adroit does not warrant that the Software is compatible with your equipment or that the Software, or that any electronic communications sent by Adroit or its affiliates, are or will be free of errors or viruses, worms or “Trojan horses,” or any other harmful, invasive, or corrupted files, and Adroit and its affiliates are not liable for any damage you may suffer as a result of such destructive features. None of Adroit, its affiliates, or their respective suppliers and third-party agents shall have any responsibility or liability, contingent or otherwise, for any injury or damages, whether caused by the negligence of Adroit, its affiliates, any of their respective employees, subcontractors, agents or equipment vendors or otherwise, arising in connection with the Software or the License or for any lost profits, losses, incidental, consequential, special, punitive, or exemplary damages or for any claim against you by any other party, even if Adroit has been advised specifically of the possibility of such damages, including without limitation any inability or failure to perform legal or other research or related work or to perform such legal or other research or work properly or completely (even if assisted by Adroit or its affiliates). None of Adroit, its affiliates, or their respective suppliers guarantee or make any representations or warranties in respect of the accuracy, timeliness, completeness, correctness, reliability, performance or continued availability of the Software or the License, or for delays, malfunctions, errors, omissions or interruptions therein or the accuracy of any data, information or programs provided thereby. In addition, Adroit does not guarantee that the mathematical models incorporated into the Software are necessarily the most appropriate for any particular purpose. Customer acknowledges that Adroit does not give legal, financial, accounting, compliance, or regulatory advice, and the use of the Software or the License does not constitute any of the foregoing.

Software Functionality. You are solely responsible for the accuracy and adequacy of the data and information you use and the resultant output thereof. Notwithstanding anything to the contrary set forth herein, to the maximum extent permitted by law, none of Adroit, its affiliates, or their respective suppliers shall, directly or indirectly, be liable, in any way, to you or any other person for any inaccuracies, delays, errors, or interruptions in the Software from whatever cause, or any loss or damage arising therefrom or occasioned thereby, or by reason of any nonperformance. In addition, the Software may be subject to additional unavailability, limitations, delays, latency, and other problems inherent in the use of the internet, electronic communications and third party hosting services, all of which are beyond Adroit’s reasonable control. Adroit does not control the content of other web sites, services, goods, or advertisements that may be linked to the Software and therefore is not responsible for the availability, content, or accuracy of linked web sites, services, goods, or advertisements. You agree that Adroit has the right to change the content or technical specifications of any aspect of the Software or the License at any time in Adroit’s sole discretion, and you acknowledge that such changes may limit, impair or terminate your ability to access and use the Software
Limitation of Liability. Notwithstanding anything to the contrary in this Agreement, to the extent permitted by law, (i) the aggregate liability of Adroit and its affiliates arising in connection with this Agreement for damages, regardless of the form of the action, shall not exceed $500, and (ii) in no event will Adroit be liable for indirect, special, punitive, incidental or consequential damages, however caused and regardless of theory of liability arising out of the use of (or inability to use) the Software.
Customer agrees to and shall indemnify, defend and hold harmless Adroit, its affiliates and its and their respective personnel, partners, members, shareholders, directors, officers, employees, licensees, users, successors, contractors, representatives and assignees (collectively, the “Adroit Indemnified Parties”) from and against any losses, costs, damages, claims, demands, liabilities, actions, suits, arbitrations, or proceedings asserted, claimed against or incurred by Adroit (including without limitation reasonable attorneys’ fees and legal costs) that arise out of or in connection with a third-party claim alleging: (i) the introduction of any virus, malware, or malicious code through or contained in any Customer data or systems, or (ii) infringement upon or misappropriation of any intellectual property or other proprietary right of Adroit or any third party, or (iii) commission of any fraud, gross negligence, willful misconduct or material breach of this Agreement by Customer or its agents, except in each case to the extent caused directly by Adroit’s fraud, misconduct or breach of this Agreement. Adroit will promptly notify Customer of any loss or claim made hereunder and will provide Customer with reasonable assistance, at Customer’s cost and expense, to perform Customer’s obligations hereunder.

Termination
- Termination. Adroit may terminate this EULA and Customer’s access to the Software, in whole or in part, at any time, and for any or no reason. Upon such termination of this EULA for any reason, the License granted to Customer shall immediately terminate.
- Survival. The following Sections and or clauses therein, as applicable, shall survive termination of this EULA for any reason: Section 1.2 (Restrictions on Use); Section 3 (Use and Ownership of Intellectual Property and Data); Section 4 (Disclaimer of Warranties; Software Functionality; Limitation of Liability; Indemnification); Section 5 (Termination); and Section 6 (General Terms).
General Terms
- Assignment. Customer may not assign, transfer, or otherwise dispose of this EULA or the License or any other rights granted to Customer hereunder. Notwithstanding the foregoing, Adroit may assign this EULA to any successor to its business. Any purported assignment, transfer, delegation or other disposition of this EULA by Customer shall be null and void.
- Governing Law; Jurisdiction; Jury Trial Waiver; Arbitration; Severability. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to its conflict of law principles. The Parties consent and submit their persons to the exclusive venue and jurisdiction of the Supreme Court of the State of New York or the United States District Court for the Southern District of New York, waiving any objection to the propriety or convenience of such venues. If for any reason a court of competent jurisdiction finds any provision, or portion thereof, to be unenforceable, the remainder of this EULA shall continue in full force and effect.
- Force Majeure. Neither Party shall be liable for any delay or failure to perform to the extent due to causes beyond its reasonable control, including, without limitation acts of God, fires, blackouts and brownouts, terrorism, strikes, acts of war or intervention by any governmental authority.
- Entire Agreement; Amendments; Waiver. This EULA constitutes the entire agreement between the Parties relating to the Software and the License s, and supersedes all prior or contemporaneous understandings, whether written or oral, relating to such subject matter. Any amendments or modifications must be in writing, signed by the Parties, making specific reference to the agreement being amended. Any waiver of any provision of an agreement will be effective only if in writing and signed by the waiving Party.
- Compliance with Laws. Customer acknowledges and agrees that it shall comply at all times with all laws, rules, and regulations applicable to Customer and its use of the Software or the License .
- Counterparts. This Agreement may be executed in any number of counterparts, each of which taken together shall constitute one and the same instrument.