OASIS

Next Generation Small-and Mid-Cap Algorithm

With Oasis, Knight has created a new category of algorithms for its algorithmic suite. Oasis is a unique and focused smart order execution strategy that is tailored specifically to source small- and mid-cap liquidity.

Why Oasis?

•	Using innovative liquidity sourcing logic, Oasis was created tooptimally handle the obstacles typically related to trading thin and difficult to trade names.
•	There are increased overall costs and risks associated with trading small- and mid-cap stocks such as higher volatility, less liquidity and wider spreads.
•	Traders need a specialized strategy to handle the complexities of navigating through intricate trade scenarios rather than a one-size-fits-all approach.
•	Knight’s algorithmic suite is powered by FAN. FAN’s advanced technology increases the efficiency of all the smart order execution, benchmark and participation algorithms.

Knight’s Unique Liquidity

•	Knight has an unparalleled depth in small and mid-cap securities with market share of 38.9% in stocks that trade less than two million shares per day.
•	Knight is a leading source of off-exchange liquidity, with more than 19,000 U.S. equities traded and is #1 in share volume for all Listed and NASDAQ securities.
•	Oasis is a next generation algorithmic strategy that combines Knight’s trading expertise and premiere liquidity position in this particular equities category.

Client-Focused Customization

•	Knight’s quantitative team makes enhancements and customizes our algorithmic strategies to meet the specific trading styles and objectives of our clients.
•	Development of Oasis’ advanced technology is based on in-depth feedback from our clients.

Superior Client Service

•	All clients receive training from our relationship managers and client services team.
•	Knight ensures that clients understand how an algorithm operates and fits within the context of each user’s trading style.

How Oasis Works

•	Upon order submission, a pre-trade study is instantly performed to gain an understanding of the scenario characteristics by evaluating liquidity, volatility, price trend, momentum, etc.
•	Oasis will minimize explicit costs such as market impact and disguises its footprint by never displaying the orders in the public quote and will not create a visible supply/demand imbalance in the marketplace.
•	Anti-gaming procedures were specifically designed for Oasis and have been put in place to minimize information leakage. Trading activity is continuously monitored to detect adverse trading behavior.

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