iPerX Algorithm: The patented iPerX algorithm automates money manager trading in accounts that participate in commission savings programs. The iPerX algorithm provides the money manager with a single screen to automate trading in savings accounts. The money manger controls customizable rules, such as 3%, 4% or 5% of Average Daily Volume (ADV), that are used to categorizes orders as “high touch” – with significant expected market impact or “low touch” – with little or no market impact. Money managers can set up exceptions to the global rules for an account, security or group of securities.

Once the rules are set up, the iPerX algorithm runs on autopilot for the money manager: Once a money manager enters an order on their trading system for a savings account, the iPerX algorithm uses the rule and real-time market data to categorize the order as “high touch” or “low touch”. The money manager “works” the “high touch” orders while the “low touch” orders are immediately and automatically routed to low cost agency-only executing brokers. (“Low touch” orders are executed by one computer talking to another computer – without any human intervention – thereby generating significant savings in brokerage costs.) Given that up to 75% of an account’s order are “low touch” and are now executed in savings programs without any involvement by the money manager’s traders, the iPerX algorithm represents a significant improvement in the efficiency of the money manager trading desk. The iPerx algorithm servers (production, backup and disaster recovery) are co-located at the SAVVIS SAS-70 Type 2 data centers in Waltham, MA and Chicago, IL.

Reporting: iPerX provides a fully integrated and robust, web-based, real-time reporting package. iPerX provides fingertip, real-time reporting across holdings, activity, commission costs and commission savings. Ad hoc and scheduled reports are distributed across an organization as reports are automatically archived for audit purposes. With a drag and drop report building tools, graphically rich management dashboards and its auditable historical data retention, iPerX takes governance reporting on sub-advised and externally managed assets to a new, real-time level of responsiveness.

Compliance Option: iPerX has an option available to institutions interested in real-time oversight of their sub-advised and externally managed accounts. iPerX is a multi-user, rules-based and exception-focused compliance system that provides pre- and post-trade compliance review for all sub-adviser transactions.

Data Centers: iPerX servers are co-located at SAS 70 Type Two production and disaster recovery data centers located in Waltham, MA and Chicago, IL hosted by SAVVIS, Inc., a global leader in IT infrastructure services for business applications.