Vie Financial Group, Inc. provides electronic trading services to institutional investors and broker-dealers. The company’s subsidiaries include Vie Securities, LLC, Universal Trading Technologies Corporation, Electronic Market Center, Inc., and Ashton Technology Canada, Inc. The company’s product offering consists of various trade execution services that it provides through its broker-dealer subsidiary Vie Securities, LLC. The company offers a suite of proprietary algorithms designed to minimize market impact, provide its customers an anonymous presence in the marketplace, and achieve various benchmarks, including the volume-weighted average price (VWAP). Vie’s subsidiary Universal Trading Technologies Corporation (UTTC) was incorporated with the business objective of designing, developing and utilizing products for the securities trading market. UTTC entered into an agreement with the Philadelphia Stock Exchange to employ its Universal Trading System (eVWAP) as a facility of the Exchange through its subsidiary REB Securities. eVWAP was a fully automated system that permitted market participants to trade eligible securities before the market open at the volume-weighted average price for the day. The VWAP is used by broker-dealers and institutional traders, and is derived from adding up the dollars traded for each transaction during a specified interval of time and then dividing by the total shares traded during the interval. Other Affiliates Ashton Technology Canada, Inc.: Ashton Technology Canada, Inc. is one of the company’s majority-owned subsidiaries. The company entered into an agreement to create Ashton Canada to develop, market, and operate intelligent matching, online transaction systems and distribution systems for use by U.S. and Canadian financial intermediaries. Products and Services The company’s primary products include VWAP product line. The company’s VWAP products include: Full-Day VWAP: With Full-Day VWAP, traders can execute major transactions prior to market open and lock in the VWAP for their buy and sell orders. This product permits short sales that are exempt from the SEC’s up-tick rules for a major group of listed securities. Limit VWAP: This flexible product reduces trade execution risk by allowing customers to achieve limit order protection and anonymity for major blocks that are incrementally filled using VWAP tracking algorithms. With Limit VWAP, a customer can place an order to buy at the VWAP benchmark without exceeding a price specified by the buyer in advance. The Limit VWAP also allows a customer to sell at the VWAP benchmark without going below a pre-specified price. Point-to-Point VWAPSM: This product gives traders the flexibility to benchmark off the VWAP in fifteen-minute intervals during the trading day. Buy and sell orders for each point-to-point session is priced at the primary market VWAP for the specified interval. Point-to-Point VWAP orders generally must be received five minutes before the beginning of the fifteen-minute trading interval. Best Efforts VWAP: Best Efforts VWAP uses the company’s proprietary and licensed VWAP trading algorithms to achieve pricing that closely tracks the volume weighted average price. In addition to VWAP-based trading, the company offers trade execution services, including: RapidEx: This direct access service enables clients to trade NYSE, Nasdaq and AMEX stocks on a single platform, offering a connection to multiple liquidity sources. The company accepts these orders via a FIX connection, e-mail, FTP, fax and phone. Market on Open (MOO) and Market on Close (MOC): For program and quantitative traders who need to trade major baskets of securities, including Nasdaq issues, at the opening or closing price, the company offers MOO and MOC, which guarantee the beginning-of-day opening price or the end-of-day closing price on orders received within specified time parameters. Pairs: This strategy allows traders to employ market neutral trading strategies by trading correlated stock and acting upon their convergence or divergence. The company has increasingly concentrated on bringing electronic trade execution algorithms to institutional clients. These services enable investors to tap most markets directly and to form automated buy and sell strategies that create minimal market impact, without the type of human interaction that has driven trading for decades. The value proposition for algorithmic trading performance lies in the various proprietary trading methods employed by brokerage firms. These strategies track a range of short-term investment data to develop their electronic trading algorithms. In addition to RapidEx, the company has added various products, including: Orders using Statistical Price Predictive Methods This is an algorithmic stock-specific, multi-factor and multi-venue model based on historical data. When conditions are predicted to be favorable for short-term movement in the trade direction, the model opens the trading ‘window’. The model closes the window and cancels all open orders when direction is predicted to be unfavorable. 10b-18 Algorithm It is an algorithm that is designed to accommodate corporate repurchases and that complies with regulatory requirements applicable to corporate repurchases. Post-Trade Performance Measurement Through the collaboration with a market impact measurement service, the company provides its clients with a customer-specific trade performance report. History Vie Financial Group, Inc. was formed as a Delaware corporation in 1994.
vie financial group inc
1114 Avenue Of The Americas
New York, NY 10036
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