Fox River Execution customers who want to leverage their own networks, dark pools and broker connections can still get the benefits of Fox River Execution algorithms and Fox Spotlight price improvement technology via a software sub-license agreement. Fox River Execution can lease use of the software system to our clients. The software makes recommendations to Fox River Execution’s customers regarding when, where and at what price to execute their orders. Our clients can choose to accept or decline the advice.

In this routing method, Fox River Execution does not function as a broker/dealer. Fox River Execution performs an advisory service only. Our customer remains in control of the order and may accept or reject Fox River Execution’s recommendations. Fox River Execution charges a per-share fee for this service.

Example: Customer order to buy 25,000 IBM with an arrival price target and maximum time interval of two hours.

The Customer’s trading system will advise Fox River Execution of their intent via drop copy of the parent order. Fox River Execution will monitor the market and issue recommendations to the Customer’s trading system on “child orders” which the Customer should execute using their market connectivity. If the Customer accepts the recommendation and executes the child order, they will then advise Fox River Execution of their fill via drop copy. In this way, Fox River Execution is aware of the status of the Customer’s order and can continue to issue further recommendations until the Customer either fills or cancels their order.