UST

Access to UST liquidity venues with automated smart routing
Proprietary market impact model custom-built for USTs and calibrated for each UST instrument
Proprietary SPREAD, 4pm CLOSE, and Liquidity Seeking Strategies
Precision Algo is designed to provide a streamlined client experience for booking & settlements as clients face only BGC / Cantor entities

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Adaptive built-in features that allow trading behavior to be adjusted in real-time so clients can react to changing market conditions
Proprietary order placement model
Strong customization ability with built-in flexibility
Volume profiles for all trading day types, including handling for special days
Comprehensive and customizable post-trade Transaction Cost Analysis (TCA) reporting

Strategy	Description	Trading behavior
iSEEK	Executes based on specified urgency levels to manage the trade-off between market impact and price risk	iSEEK efficiently seeks liquidity across different venues. It builds a trading schedule based on size of order, market liquidity, expected participation rate, volatility and spread in the US Treasury instrument, seeking to minimize slippage relative to the bid/offer mid at order entry time with completion as close to the benchmark time as possible.
SMART SWEEP	Aggressively seeks liquidity across different venues up to a specified limit price	SMART SWEEP seeks to maximize liquidity capture by fully committing orders across different venues. As liquidity is sourced, it is rebalanced between different venues while maintaining the specified displayed quantity. Can be customized to prioritize price improvement, costs or speed of execution.
SPREAD	Trade two contracts simultaneously for a user-defined time period while maintaining DV01 (dollar value of a basis point) neutrality	SPREAD performs a spread (a.k.a. switch) trade for USTs, going long the leading leg and short the lagging leg, by distributing the order notional over a user-specified period of time in order to minimize market impact. The Algo utilizes a combination of passive and aggressive orders for both legs for price improvement, while maintaining DV01 risk neutrality for the executed positions.
CLOSE	Target an average 4pm close price across several exchanges	Target an average 4pm close price across several exchanges
ICEBERG	Executes an order over a specified interval following the Stealthily executes a limit order by working a small portion of the order for each fill e historical volume curve	ICEBERG is designed to conceal the orders total quantity from the market and drip-feeds smaller order quantities (specified by MaxFloor), one-by-one, so as to minimize market visibility and impact. Once the active child order is filled, another slice is allocated from the total order size until the client order quantity is met. If the client doesn’t specify a limit price, a limit price calculated as a percentage of the far touch is used.
VWAP	Executes an order over a specified interval following the historical volume curve to execute when the market is more liquid	VWAP is a volume weighted algorithm that leverages historical volume curves and trades over a specified time period. Benchmarked to the VWAP, it is designed to adhere to the curve with some discretion based on profile and trader intent.
TWAP	Executes evenly to get an average price over a specified interval to minimize slippage	TWAP is a time weighted algorithm that trades over a specified time period by evenly distributing order notional over time intervals with some randomization to reduce predictability.