DiCy

Directed Cyclical Crossing Engine

DiCy is a proprietary multi-party peer-to-peer crossing engine that crosses counterparties trading through TaaS. DiCy runs a periodic batched auction to cross child orders originating from TaaS. It considers multiparty trades and can optimize market access by looking for more liquid pairs to facilitate multiple orders.

DiCy multiparty matching

Internal DiCy

When trading multiple orders within an entity, DiCy can help reduce market access by internally crossing counterparties. With reduced exchange access, DiCy provides savings on exchange fees, reduced market impact and alpha leakage.

Enabling DiCy internally can optimize plant costs for clients with multiple trading strategies running in parallel or pod structured funds with multiple portfolios.

External DiCy

In the future, instances of TaaS will securely and discreetly access a multi-party DiCy exchange to find verified institutional counterparties to reduce market access fees and impact.