Options Trading Order and Execution Management System

Derivix-SM is our order and execution management system for sell-side institutions engaged in agency, facilitation and/or proprietary trading in the options markets. The system provides direct access to all options exchanges, fully customizable algorithms and various options trading strategies, such as dispersion trading, volatility trading, vega trading and cross-asset trading.

Order & Execution Management

Configurable Front- and Back-End Derivatives Platform

Pricing and Analytics

Proprietary Volatility Time Model and Comprehensive Greeks with Advanced Skew Analysis

Portfolio Management

Scenario Analysis, Grouping and P&L Greek Decomposition

Key Features & Benefits

Execution Management

  • Configurable multi-asset trading front-end
  • In-bound and out-bound FIX gateway interfaces for customer connections, direct market access or execution algos
  • Trade directly from the options matrix
  • Integrated smart order routing and sweeping
  • Floor broker routing
  • Client-to-client crossing, client-to-principal crossing and customer facilitation
  • Volatility trader – proprietary volatility pegging algo allows users to send orders based on a specified volatility or one tied to the volatility of other products
  • Volatility Pairs trading
  • Gamma scalping
  • Delta hedging
  • Vega trading – trade options strips based on volatility
  • Pre- & Post-Trade Risk Analysis directly on the trade ticket
  • Staging blotter
    • Quickly hedge a partial or full portfolio by loading multiple trades to the staging blotter
    • View bid/ask for all working orders and set triggers for manual or automated execution
  • Street order blotter for management of working and filled orders
    • Configurable bump buttons available to quickly cancel, replace, and modify orders
  • Customizable trade ticket
    • Ticket defaults accomodate multiple parameters including: broker, algo, size, and account
    • Algorithmic behaviors are automatically defaulted based on the selected strategy
  • Easily connects to other FlexTrade solutions or other external TCA systems

Pricing and Analytics

  • Extensive Scenario Analysis
    • Easily adjust multiple inputs for pricing and analytics. The ability to adjust time, volatility, price, dividends, and interest rates provides comprehensive simulation analysis.
    • Add simulated trades to view the effect on your risk and portfolio
  • Proprietary Volatility Time Model
    • Customize decay through a minute-by minute options valuation. It accounts for nights, weekends, holidays, and user defined events providing unparalleled accuracy, particularly around expiration and weekly options.
  • Comprehensive Greeks and Advanced Volatility Skew Analysis
  • OTC Derivatives Support
    • Easily handles OTC and Flex options.
  • Implied and user-defined volatility management for accurate theoretical valuation

Order Management

  • Fully hosted, out-of-the-box solution that facilitates management of all types of customer orders over their entire life cycle, including:
    • Agency and principal trading
    • Order tracking
    • Position maintenance
    • Compliance reporting
    • Complex order stitching and separating
    • Delayed reporting and order linking
    • Full support of exchange based and manual crossing
    • Post trade allocation
  • Customizable view of historic trading activity
  • Multi-asset configurability

Portfolio Management

  • Scenario Analysis
    • Full revaluation of any what-if scenario in real time
    • Shock spot, volatility skew, date/time, and other model inputs to instantly view its effects on any size portfolio
    • Graphically analyze and review P&L as well Greeks.
  • Grouping (Sector and Sub-Account)
    • View aggregated risk across accounts, traders, desks, sectors, portfolios or other user-defined segments.
    • Slice and dice your portfolio by underlying, expiration, account, etc., or analyze your entire portfolio.
  • P&L Greek Decomposition
    • Start of Day P&L is categorized into Delta, Gamma, Theta, Vega, and Rho.
  • Non-trading version available for risk management oversight across multiple asset classes.

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