The Ballista ATS is a fully integrated electronic platform designed to improve the execution of block-sized and complex equity option trades. Whether a trader's focus is on delta-neutral transactions, directional block trades or complex multi-leg strategies, the Ballista ATS offers a highly efficient, rules-based and electronic alternative to the traditional process of phone calls and instant messages.

Available as a stand-alone graphical user interface (GUI) platform or through a firm's own trading system, Ballista users enjoy anonymous access to a qualified and exclusive community of sell-side liquidity seekers and market-making entities.

The Reactive Auction Process (RAP™)

The Ballista ATS is based on the patent-pending Reactive Auction Process (RAP™). During the RAP, a trader submits a block-sized, directional option strategy or delta-neutral/volatility order, using one of Ballista's order types, defining the parameters of the liquidity the trader wishes to source.

The order is then broadcast to Ballista ATS participants that have indicated their interest in trading that specific option, its sector or index components. If an order goes unfilled, in part or whole, it is then moved into a private electronic negotiation room with the closest counterparty. At this point, terms of price and size may be negotiated in hopes of finding a mutually beneficial trade.

Once matched on the Ballista ATS, initiated orders are then crossed and/or executed on an applicable securities exchange.