The Decision Software Trading System is a real-time sales & trading system specifically designed for high performance pricing of fixed income securities. DSTS supports fully automated institutional and retail electronic trading with a suite of functionality including real-time price feeds, multi-level matrix pricing, automated offerings to multiple distribution channels, order management, and user defined rules governing order auto-execution.

Multiple Distribution Channels

DSTS’s functionality and bi-directional API completely automates the flow of real-time offerings & order information between the trading desk and multiple distribution channels.

These channels can include sales desks, customers, internal/external web-based systems, ECN’s, and proprietary systems.

Real Time Multi-Tier Pricing

Interfaces to External Price Feeds allows traders to import live prices of benchmark securities into DSTS via the API for real-time pricing/P&L.

Multi-level Matrix Pricing permits traders to price any security off of any other security or yield curve using a price, yield, or basis spread.

Offering Prices can be updated and displayed in real-time and change as the market moves or remain static with no price changes until the trader initiates a new price.

Multi-tier Pricing allows the market maker to assign a unique offering price, size, suggested commission to user defined distribution channels.

Bid Side & Ask Side Prices can be published together or separately and be different for each distribution channel.

Real Time Offerings

Offerings to each distribution channel are independent from one another and completely under the control of the market maker.

Static Offerings can have tolerances set by the trader that when the price tolerance is exceeded the trader will be alerted and can react accordingly.

Offering Size is determined by the market maker and can be unique for each distribution channel regardless of the amount held in inventory.

Offering Status may be viewed in real-time for any offerings made by the trader.

Going Short a specific security or not as a result of an executed order is fully under the traders control.

Sales Commissions on orders are automatically calculated and compared to user defined suggested/minimum/maximum amounts.

Go Subject status can be easily assigned to any offerings or all offerings when the trader wants to stop order auto-execution.

Comments regarding unique information about an offering to a specific distribution channel may be added by the trader.

Quick Search Facility allows users to search the DSTS database to easily retrieve securities that meet specific user defined criteria.

Order Management

DSTS supports a wide range of order types that can be submitted to the trading desk for execution. The trader can set the rules governing auto-execution of orders. Filled orders will automatically update the trader’s position, P&L, and risk. Orders that do not satisfy the conditions for auto-execution can be reviewed by the trader.

Order Management Functionality gives users the ability to submit orders, monitor their status, and to have them filled automatically or manually.

Order Types include Market, Limit, and Good Till Cancelled (GTC).

Hold As Firm order messages can be routed to the trader’s desk and will reduce the offering amount for a set period of time.

Request For Quote order messages can be routed to the trader’s desk to request a bid or offer on a specific security.

Order Expiration Time defines the length of time an order is good for before it will automatically expire.

Counter Offers can be generated by the market maker and sent back to the order originator.

Executed Orders are routed back to the order originator with a confirm message and update the traders offerings amount, position, P&L, and risk.

Order Blotter allows users to view current and historical orders, to review order status, and to sort orders using user defined selection criteria.

Auto-Execution

Auto Order-Execution Rules are user defined for each individual channel as to what conditions can not be violated in order to automatically fill an order.

Rejected Auto-Executed Orders reasons include market closed, creates a short position, less than minimum size, not equal to minimum size plus multiple of increment, exceeds maximum size, commission out of range, exceeds maximum days to settlement, violates minimum to keep, auto-execution not allowed, par not shown on offering, price subject, par over limit, and no offering found.

Reject Reason is attached to the order and routed back to the order originator if the order fails to be auto-executed. Rejected Orders can be routed back to the order originator with the reject reason or to the market maker’s desk to review.

Trader’s Order Sheet allows traders to review all orders that failed to be auto-executed and to either fill them, reject them, or send counter offers back to the order originator.

Web Trading

DSTS OMS is a J2EE compliant browser based application that gives users access to DSTS offerings/prices and the ability to enter orders and see fills via the Internet.