Institutions can use Anonymous SuperDot® (ADot) between 8 a.m. and 6 p.m. ET.
Only day orders and round lots are accepted.
ADot includes all SuperDot® functionality, including NYSE Direct+® Institutions receive transaction reports as they occur. Sponsoring member firms receive copies at the end of the day or at another agreed-upon time for clearing purposes. |
| How It Works |
Setup
- The institution (EE, short for Entering Entity) and sponsoring member firm (SMF) agree on a dollar-value trading limit and an order-size trading limit.
- Using a browser interface, the SMF will authorize the ADOT Credit Authorization Service (CAS) to accept orders within the established parameters.
- The EE connects to CAS either through a direct T-1 connection or through a third-party service provider.
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Order Execution
- The EE sends orders to CAS for validation.
- The EE name is stripped off the order and the SMF clearing mnemonic is added.
- Buy and sell orders reduce the available trade balance at the time the orders are entered, regardless of whether they are executed.
- On T+3, the total dollar value of the trades that settled will be added be added back into the available balance.
- All unexecuted orders expire at the end of the day, and their value will be added back to the available balance for the next trading day.
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Monitoring
- The EE uses a browser interface to monitor the amount of “credit” it is using.
- The SMF uses a browser interface to monitor the credit limits of the various EEs it sponsors. The monitoring capability includes two preset alarm levels, such as 50% and 75%, which automatically alert the SMF when the EE reaches that percentage of its credit limit. The SMF can also use the interface to adjust authorized order sizes and dollar trading limits.
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Features