Morgan Stanley Electronic Trading Launches NightOwl(SM).New Algorithm Will Simultaneously Navigate Select Dark Pools and Quoted Markets to Provide Clients with Access to the Most Natural Liquidity Possible NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. today announced the introduction of
NightOwl(SM), a new electronic trading  This article or section is in need of attention from an expert on the subject.Please help recruit one or [ improve this article] yourself. See the talk page for details. tool that navigates select dark liquidity pools and quoted markets to provide clients with access to the most natural liquidity possible. NightOwl is available as a direct trading destination or indirectly through Morgan Stanley's existing algorithmic trading Algorithmic Trading A trading system that utilizes very advanced mathematical models for making transaction decisions in the financial markets. The strict rules built into the model attempt to determine the optimal time for an order to be placed that will cause the least amount of offerings. The new stealth algorithm utilizes Morgan Stanley's proprietary analysis of dark liquidity pools to avoid interaction with those dark pools that disclose client order information through Indications of Interests (IOIs). This, in turn, minimizes information leakage Information leakage happens whenever a system that is designed to be closed to an eavesdropper reveals some information to unauthorized parties nonetheless. For example, when designing an encrypted instant messaging network, a network engineer without the capacity to crack your in the handling of its clients' orders. "We are pleased to offer this new trading tool in response to increased client concern about having their order information disclosed through IOIs," said Andrew Silverman, Managing Director, Head of Distribution, Morgan Stanley Electronic Trading. "NightOwl helps our clients achieve best execution in both quoted and dark markets while protecting their individual trading strategies." NightOwl is currently available to clients and leverages Morgan Stanley's recently announced reciprocal dark pool arrangements. Morgan Stanley (NYSE NYSE See: New York Stock Exchange : MS) is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments, institutions and individuals from more than 600 offices in 33 countries. For further information about Morgan Stanley, please visit www.morganstanley.com. |
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