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Tailor-Made Trading Solutions

We tailor our trading solutions to meet each firm’s specific requirements. With us, clients can outsource as much or as little of their trading as they need while maintaining full control.

SUPPLEMENTAL TRADING RESOURCES

In-house trading teams can be stretched. We help these firms by offering trading on an ad-hoc basis, augmenting existing in-house teams. We can take on clients’ international trading, labor-intensive trades or illiquid situations. Clients use us to expand their reach, to add expertise, in times of greater activity, or simply when traders are on vacation.

CUSTOM TRADING SOLUTIONS

Some firms have complex needs that require a truly custom solution. In these cases, we can design and deliver a proprietary in-house platform that addresses today’s trading challenges and is tailored to a client’s business model.

100% OUTSOURCED SOLUTIONS

Some clients are concerned about the expense of building and staffing their own trading desk. Others worry that their limited size will keep them from accessing the liquidity they need. That is why we offer the ability to outsource their entire trading function to us, reducing fixed costs, improving execution, and leveraging the collective size of all our clients.

SPECIAL SITUATIONS

Even sophisticated and robust trading desks find value in our ability to trade on their behalf. Because we offer truly anonymous trading, we are a trusted partner to concentrated position-holders such as activists, private equity firms and top shareholders. For firms expanding into new markets, we offer a global footprint and experienced traders to fill specific trading requirements.

Solutions Beyond the Trade

As traders with long tenure in this business, we have learned that delivering liquidity is not enough. We also offer a consultative approach, a commitment to service, and security-specific insights that allow us to trade effectively on clients’ behalf.

Our 360-degree perspective gives us knowledge about specific companies and issuers, as well as up-to-the-minute knowledge of market color. We know the pricing trends – and the reasons behind those trends.

We understand all the aspects that make best execution possible. Our traders consult with clients and provide strategic guidance that can make a significant difference in trading costs and performance.

Our clients can feel confident that we will provide an exceptional level of service from trade execution through settlement, delivering:

  • The best possible price
  • Minimized market impact
  • Real-time trade transparency
  • The option to trade anonymously
  • Broker attribution reporting
  • Research and insights to enhance performance

TRADE SUPPORT SERVICES

Because successful investing goes well beyond efficient trading, we couple trade support with the back-office services clients need.

  • International swap aggregation
  • Transaction cost analysis reporting
  • Streamlined clearing
  • Efficient settlement
  • Customized reporting

Commission Management: CCAs/CSAs/Attributed Trading

Tourmaline offers a comprehensive, centralized commission management solution for institutional clients. Our flexible approach enables clients to credit their CCA/CSA account when trading directly with Tourmaline Partners and/or with the executing broker(s) of their choice, while aggregating their commissions in a single, centralized account. In addition, Tourmaline clients may also direct trades to brokers of their choice. Attributed Trading (or Attribution) enables Tourmaline’s buy-side clients to pay select brokers for research and other services, when they do not have an established relationship with these brokers themselves.

CENTRALIZED CCA/CSA ADMINISTRATION

Tourmaline’s conflict-free positioning provides an ideal framework to manage CCAs and CSAs, a natural complement to our execution capabilities. Tourmaline serves as a single point of contact for all trade reconciliation and client research payments – to brokers, independent analysts and other valued sources of content.

PAYMENT ANONYMITY

Tourmaline does not share the details of any payment transaction beyond our walls. Research payments are made at the direction of our clients and visible only to authorized Tourmaline Partners personnel and authorized client personnel.

SERVICE & EXPERTISE

Tourmaline’s consultative approach keeps clients apprised of regulatory requirements, current trends and industry best practices while our support team and reporting technology keep clients fully informed and in control.

  • 24-hour access to our secure, encrypted website
  • Online payment review & approval interface
  • Detailed reporting including month-by-month and YTD accounting of research commissions and spending
  • Archived/full audit trail of historical CCA/CSA business
  • Downloadable research payment and activity data

SAFEGUARDING BALANCES

Tourmaline holds all client CCA and CSA balances in cash and/or short-term instruments in a segregated bank account. Research payments are made at the direction of our clients and visible only to authorized Tourmaline Partners personnel. Tourmaline’s segregated CCA/CSA account is fully funded at all times. Client credit balances are not used to facilitate any trading or risk businesses.

RESEARCH & UNBUNDLING

Tourmaline provides access to research and brokerage services from a growing universe of independent boutiques and analysts, brokerage firms of all sizes and companies providing market information, data and analytics.

COMPLIANCE – CCA/CSA OVERSIGHT

Tourmaline provides a consultative approach to helping its clients establish and run a compliant commission management infrastructure. Our commission management team members average over 20 years of experience and have a history of thought leadership in the commission management business. Additionally, all research and brokerage payments are approved by a Tourmaline General Securities principal.

Attributed Trading for Research Credit

In addition to using CCAs/CSAs to fund research budgets, clients of Tourmaline may also direct trades to brokers of their choice. Attributed Trading (or ‘Attribution’) enables Tourmaline’s buy-side clients to pay select brokers for research and other services, when they do not have an established trading relationship with these brokers themselves, and regardless of whether they have a CCA or CSA account with Tourmaline.

100% Transparency into Total Broker Spend

Tourmaline’s secure client website provides 24/7 access and full transparency to all your Tourmaline execution including attributed business for sell-side research credit and CCA/CSA commission generation. This complements a robust CCA/CSA administration and management website used to facilitate the remuneration of brokers and independent research providers globally.