NYFIX Millennium ATS

From MarketsWiki
Jump to: navigation, search
RJO-logo.gif

The NYFIX Millennium Alternative Trading System (ATS) is a dark pool operated by NYFIX.

NYFIX Millennium is an automated execution venue designed to maximize execution quality and reduce overall transaction costs[1] . A hybrid market system, Millennium enhances traditional auction markets by combining the electronic execution technology of an ECN with the liquidity of traditional primary markets.

Linked to the primary markets and regional exchanges, NYFIX Millennium leverages the power of the NYFIX network and its real-time matching algorithm executes trades at or better than the National Best Bid or Offer (NBBO).

Features/Benefits

  • Ability to accommodate both pass-through orders and conditional orders
  • Via Millennium PLUS™, the ability to generate anonymous liquidity alerts to external dark pools and other passive liquidity sources.
  • Ability to utilize the NYFIX Network's volume of listed equity order flow as available liquidity for Millennium users
  • Conditional order functionality allows users to specify parameters such as minimum or maximum execution per tick, percentage of the displayed size and minimum first execution size
  • Users can enter both market and limit orders; peg orders to the bid, offer, mid-point or last sale; tie orders to the primary or consolidated market

References

  1. NYFIX Millennium ATS. NYFIX.