TT now enables users to create synthetic multi-leg instruments

Rick Steves

“TT Splicer combines the ease and flexibility of TT’s market-leading Autospreader with the power of our best-in-class execution algos to uniquely minimize slippage and optimize trade execution when trading synthetic multi-leg spreads.”

Trading Technologies has announced the unveiling of TT Splicer, a new TT Premium Order Type that provides functionality for synthetic multi-leg spread trading.

According to the trading technology provider, TT Splicer uniquely enables users to leverage Autospreader to create a synthetic multi-leg instrument on any exchange – even if the exchange doesn’t list those products – and then utilize one of TT’s built-in algos to seamlessly manage order execution.

TT Splicer is said to coordinate leg execution across colocated servers and instantly tracks all fills in real-time, while dynamic custom ratios continuously balance risk.

“Uniquely minimize slippage and optimize trade execution”

Joe Signorelli, EVP & Managing Director, Quantitative Trading Solutions, said: “TT Splicer combines the ease and flexibility of TT’s market-leading Autospreader with the power of our best-in-class execution algos to uniquely minimize slippage and optimize trade execution when trading synthetic multi-leg spreads. This is an exciting development that gives our clients the ability to create a host of new trading opportunities and applications that meet their needs.”

Justin LLewellyn-Jones, Chief Operating Officer at TT, said: “Our execution algo suite has gained popularity throughout the world for the ability to provide cutting-edge, low-latency execution across listed derivatives, equities, fixed income and FX. The launch of TT Splicer is illustrative of our commitment to continuously improve on the functionality and breadth of the suite and our TT platform.”

TT further pointed to potential TT Splicer applications, which include:

  • Trade ICE/CME Heating Oil/Gas Oil (HOGO) spreads directly as a single instrument, controlling how tightly to keep the hedge leg in balance with the outrights
  • Roll a contract and “leg into” the spread
  • Trade the Soybean Crush and automatically adjust ratios to account for less liquidity in one or both legs
  • Account for changes in the Brazilian Real/U.S. Dollar exchange rate when trading sugar contracts on ICE
  • Create calendar spreads on SGX and other Asian markets that don’t natively list these products

TT Premium Order Types are robust execution algos driven by quantitative modeling that are fully integrated with the TT platform. In addition to TT Splicer, the product suite includes:

TT Brisk: Execute targeting arrival price and enhance physical basis trades.
TT Close: Execute intelligently into settlement or market close.
TT POV: Execute in line with market activity to target a rate or in illiquid markets.
TT Prowler: Execute iceberg-style with additional anti-gaming and liquidity capture features.
TT Scale POV: Execute within a target range dependent on market conditions.
TT TWAP+: Execute evenly across time (time-weighted average price) with intelligent sizing and distribution.
TT VWAP+: Execute with expected liquidity (volume-weighted average price), such as during settlement windows to mimic trade-at-settlement (TAS).

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