Global Execution Services

Algorithmic Trading
Making the world liquid

EQUITY MARKETS

CORPORATE & INVESTMENT BANKING / INVESTMENT SOLUTIONS / SPECIALISED FINANCIAL SERVICES

2

Content
Our Execution Services 03

Our Algorithmic Trading 04

Natixis Algorithmic Trading Strategies

Volume Driven Algorithms

Volume Weighted Average Price 05 – 06

Time Weighted Average Price 07 – 08

Participate 09 – 10

Target Close 11 – 12

Price Driven Algorithms

Steps 13 – 14

Momentum/Value 15 – 16

Hunt 17

Implementation Shortfall 18 – 19

Natixis Execution Algorithms in a Nutshell 20

3

Our Execution Services

Natixis delivers high value-added tailor-made services combining Quant Research, Sales Trading and
Execution expertise in a team of 50 specialists with an outstanding understanding of local needs.

Beyond our focus on European Markets and major MTF, we are constantly improving our service offer
and expanding our worldwide network. We can offer a wide diversity of services ranging from pure
Direct Market Access (DMA) to Direct Capital Access (DCA) and Direct Strategy Access (DSA).

Our expert proprietary algorithmic strategies provide opportunistic event-driven execution and robust risk
control. They are back-tested daily and are continuously evolving.

Natixis algorithms are developed in-house using all Natixis execution and market expertise and embedded
specific cash and derivatives techniques. Natixis Execution tools allow our clients to trade in line with the
market, capture liquidity, and increase alpha return.

WHAT WE OFFER

We Provide Clients with Broad Access to Equity Markets

• Direct access or via external brokers
• Direct Market Access (DMA) / Sales Trading execution
• Long standing markets and alternative platforms
• Institutional, corporate and retail network clients
• Commission Sharing Agreement (CSA)

Algorithmic Execution
• In-house algorithms with proven track records
• Direct Strategy Access (DSA)

Direct Capital Access (DCA)

• Electronic access to cash equity market making
• Trading for size at best bid/offer

Market Making – Cash Equity, ETF, Convertible Bond, Flow Derivatives

• Dedicated desks for each activity

Leader in Order Routing for Retail Network and Small Asset Managers
Synthetic prime brokerage
• Access to Natixis repo and financing capabilities
• Integrated with our execution facilities

Smart Order Router

• Access to a broad spectrum of alternative platforms

Internal Matching
• Recognised cross-network capacity

Customized Single Order Execution

• 10 pan-European traders-dealers

Program Trading – Pair Trading

• Customized product range

Best Execution Analytics

• Market watch publications
• Client-based transaction cost analysis (TCA)
• Client assistance to formulate best execution strategies
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Our Algorithmic Trading

Simplicity
Natixis algorithms are easy to use and require minimum user input: numerous
parameters are automatically determined by the algorithms according to the
characteristics and value of the targeted markets.

Innovation
Our experts are constantly developing prototypes to improve algorithms already in
production. We run daily performance analyses of our algorithms and focus our
efforts on sub-optimal executions.

Flexibility
Our algorithms are the result of pure in-house developments. This allows for a
dynamic evolution of algorithms according to changing market conditions and Quant
Research innovation. Such flexibility is also leveraged to offer fast customisation and
tailor-made solutions to our clients.

Focus on multi-venue
In order to cope with the fragmentation of modern financial markets, Natixis algorithms
are designed to trade on any available source of liquidity and our benchmarked
algorithms integrate multimarket price sources.
The opportunity to connect to and trade on new external and internal liquidity pools is
permanently screened by our expert team with a view to finding the perfect balance
between latency, coverage and costs while maximising execution quality. Our
execution team can also access third party algorithms for specific purposes such as
liquidity hunting on dark pools.

Integration of standard order types

In addition to our Price and Volume Driven Algorithms, Natixis Equity Markets has
leveraged its trading and IT infrastructure to offer the whole range of standard orders
(Market on Open/Close, Peg, Iceberg).
5

VWAP
Natixis Algorithmic Trading Strategies (Volume Driven Algorithms)

TWAP
1.0 Volume Weighted Average Price
A strategy that releases waves into the markets (Primary exchange and MTFs) using

Participate
stock specific historical volume profiles in order to execute the order close to the Volume
Weighted Average Price (VWAP) over a chosen period of time, with some randomization
to reduce gaming risks.

The VWAP algorithm aims to execute a global quantity at an average price close to the
Market Volume Weighted Average Price over a defined period of time.

Target Close
Characteristics

VWAP is to be favoured in the following cases

25
• To limit the market impact by executing a large
Market volume
No. of shares (‘000)

20 quantity not too quickly.

Algo volume

STEPS
15
• To execute totally an order (without guarantee
10 if the order is limited).
5
• Suitable for a liquid security with a stable volume
0 profile from one day to the next.
Open Time Close

MOMENTUM/VALUE
Main Parameters
Description
Start / End time By default, start time is at reception of the order, potentially including
market open if received before the opening auction.
Trading style Conservative, neutral and aggressive. The conservative option suits
a favorable price variation while Aggressive option applies better to
an adverse price trend.

Optional Parameters
hunt

Description
%Volume The strategy will limit the participation rate to this maximum
volume constraint. Order may not be completed. As soon as the
limit constraint is respected, the strategy spreads the volume over a
short period in order to reduce market impact.
implementation shortfall

Price limit The strategy will apply the price limit to orders. Orders may not
be completed. As soon as the limit constraint is respected, the
strategy will spread the volume over a short period in order to
reduce market impact.
Would price The strategy will aim to complete the order if the stock trades at the
Would price or better. The use of the Would option may significantly
deviate the execution price from the benchmark price.
6

VWAP
Natixis Algorithmic Trading Strategies (Volume Driven Algorithms)

TWAP
1.0 Volume Weighted Average Price
VWAP Algorithm Specificities

Participate
During the related period, the algorithm regularly sends orders to the market according
to a distribution function of the representative curve of the considered stock historical
volumes.
The period is broken down into execution intervals, the duration of which is determined
optimally by the algorithm to reduce the market impact. Trading strategy will adapt to real

Target Close
time market conditions in order to limit and reduce the risk of price deviations.

To go further...
Adjustments are automatically applied to the execution strategy if the algorithm detects
significant spreads between the price estimations and/or volumes and the intraday prices/
volumes. The algorithm uses iceberg orders on exchanges where this order type is available.

STEPS
VWAP Parameters

MOMENTUM/VALUE
hunt
implementation shortfall
7

VWAP
Natixis Algorithmic Trading Strategies (Volume Driven Algorithms)

TWAP
2.0 Time Weighted Average Price
A wave trading strategy that releases waves into the markets (Primary exchange and MTFs)

Participate
using evenly divided time buckets between start and end time, with some randomization
to reduce gaming risks.

The Time Weighted Average Price (TWAP) algorithm aims to execute a quantity by
following a linear volume allocation profile.

Target Close
Characteristics

TWAP is to be favoured in the following cases

25
• Anticipation of high volume periods with adverse
Market volume
No. of shares (‘000)

20 prices (TWAP better than VWAP in that case).

Algo volume

STEPS
15
• To limit the market impact by not executing
10 a large quantity too quickly.
5

0
Open Time Close

MOMENTUM/VALUE
Main Parameters
Description
Start / End time By default, the start time is at reception of the order, potentially
including market open if received before the opening auction.
Trading style Conservative, neutral and aggressive. The conservative option suits
a favorable price variation while the aggressive option applies
better to an adverse price trend.

Optional Parameters
hunt

Description
%Volume The strategy will limit the participation rate to this maximum
volume constraint. Order may not be completed. As soon as the
limit constraint is respected, the strategy spreads the volume over a
short period in order to reduce market impact.
implementation shortfall

Price limit The strategy will apply the price limit to orders. Orders may not
be completed. As soon as the limit is respected, the strategy
will spread the volume over a short period in order to reduce
market impact.
Would price The strategy will aim to complete the order if the stock trades at the
Would price or better. The use of the Would option may significantly
deviate the execution price from the benchmark price.
8

VWAP
Natixis Algorithmic Trading Strategies (Volume Driven Algorithms)

TWAP
2.0 Time Weighted Average Price
TWAP Algorithm Specificities

Participate
During the related period, the algorithm regularly sends the markets equal quantities of
orders to execute. In order to avoid suffering a sudden temporary market variation, a
maximum percentage of participation might be added.
The execution is made so as to minimize market impact. The user can act on the impact’s
level by configuring the level of aggressiveness (on the price). When a limit price is reached,

Target Close
executions are suspended as long as the limit is not met. The linear allocation profile of
the executed quantities might not be respected (the price condition has priority over the
volume) and the order may not be completed at the end of the period.

To go further...
Execution Strategy adjustments are automatically applied if the algorithm detects
significant spreads between price and/or volume estimations and intraday prices/volumes.

STEPS
The algorithm uses iceberg orders on exchanges where this order type is available.

TWAP Parameters

MOMENTUM/VALUE
hunt
implementation shortfall
9

VWAP
Natixis Algorithmic Trading Strategies (Volume Driven Algorithms)

TWAP
3.0 Participate
The Participate strategy, also known as Percentage of Volume (POV) trades at a user

Participate
defined percentage of the current market volumes on primary exchanges and MTFs until
the order is completed or market closes. This strategy can be strict or dynamically adapted
to market conditions.

Participate algorithm aims to follow (live) the exchange volumes on the market by
respecting a target level of participation.

Target Close
Characteristics

Participate is to be favoured in the following cases

25
• Satisfied with current prices.

STEPS
Market volume
No. of shares (‘000)

20 Algo volume • Willing to limit the market impact on the

15
execution period.
10

MOMENTUM/VALUE
Open Time Close

Main Parameters
Description
Start / End time By default, start time is at reception of the order, potentially including
market open if received before the opening auction. End time will
apply if the order has not been completed before.
Trading style Conservative, neutral and aggressive. The conservative option suits
a favorable price variation while the aggressive option applies
better to an adverse price trend.
hunt

%Volume Targeted participation rate.

Optional Parameters
Description
implementation shortfall

Price limit The strategy will apply the price limit to orders. Orders may not be
completed. Volume traded outside the price limit is not taken into
account by the strategy.
Would price The strategy will attempt to complete the order if the stock trades
at the Would price or better. The use of the Would option may
significantly deviate the final participation rate from the targeted
participation rate.
10

VWAP
Natixis Algorithmic Trading Strategies (Volume Driven Algorithms)

TWAP
3.0 Participate
Participate Algorithm Specificities

Participate
Until the quantity to be executed is completed, the algorithm sends orders to the market
to be executed, according to the defined participation ratio, and according to the volume
traded in the markets.
In order to adjust the execution to market conditions, the algorithm may get behind/ahead
the level of target participation, but still respecting a maximum spread (which is determined

Target Close
according to the security, etc…).
Furthermore, trading style is customizable. If you consider that favorable market conditions
should apply, then select the conservative trading style. In the case of adverse market
condition, the aggressive style would suit better. Executions are suspended as long as the
limit is not respected.
This algorithm does not guarantee completion of the order on the current day (the risk is
greater if the order is limited).

STEPS
To go further...
A possible delay is gradually caught up to limit the market impact.

MOMENTUM/VALUE
Participate Parameters

hunt
implementation shortfall
11

VWAP
Natixis Algorithmic Trading Strategies (Volume Driven Algorithms)

TWAP
4.0 Target Close
The Target Close strategy manages the market impact of the order on the closing price

Participate
by defining the strategy’s optimal start time based on historical volumes and real-time
market conditions.

The strategy is designed to require minimum input from user.

Target Close
Characteristics

Target Close is to be favoured in the following cases

25
• This strategy allows the user to participate
Market volume
No. of shares (‘000)

20 Algo volume in auction phases without any concern about

15 the opening/closing hours as well as auction
10 order characteristics.

STEPS
5 • Reduce market impact on closing price of
0 significant orders while minimizing
Open Time Close market risks.

Main Parameters

MOMENTUM/VALUE
Description
% Intraday volume Maximum intraday volume participation rate estimated from
historical intraday volumes.
% Close volume Maximum auction volume participation rate estimated from
historical auction volumes.

Optional Parameters
Description
hunt

Price limit The strategy will apply the price limit to orders. Orders may not
be completed. Volume traded outside the price limit is not taken
into account by the strategy.
implementation shortfall
12

VWAP
Natixis Algorithmic Trading Strategies (Volume Driven Algorithms)

TWAP
4.0 Target Close
Target Close Algorithm Specificities

Participate
According to specific market auction characteristics, the strategy uses the Stock
Exchange standards to send orders.This strategy will automatically define the optimal
start of the order, will use the VWAP strategy during continuous trading and send the
remaining quantity during the auction, while targeting % volume parameters based on
historical data.

Target Close
Target Close Parameters

STEPS
MOMENTUM/VALUE
hunt
implementation shortfall
13

VWAP
Natixis Algorithmic Trading Strategies (Price Driven Algorithms)

TWAP
5.0 Steps
The Steps strategy trades at a user defined percentage of the primary exchange and

Participate
MTFs volumes and increases or decreases this participation rate when the stock price
reaches user defined levels.

Characteristics

Target Close
Steps is to be favoured in the following cases
• The strategy makes it possible to simulate
Participation Rate

other algorithm behaviours such as

Price limit

R3 Momentum, Value or Implementation

R2 Shortfall while offering better controls
R1
over specific constraints.

Open Time Close

STEPS
Stock price
Algo Participation

Main Parameters
Description

MOMENTUM/VALUE
Start / End time By default, start time is at reception of the order, potentially
including market open if received before the opening auction.
End Time will apply if the order has not been completed before.
% Volume Targeted participation rate.
Trading style Conservative, neutral and aggressive. The conservative option
suits a favorable price variation while the aggressive option
applies better to an adverse price trend.

Optional Parameters
hunt

Description
Price limit The strategy will apply the price limit to orders. Orders may not
be completed. Volume traded outside the price limit is not taken
into account by the strategy.
Direction / Price level Direction is either above or below. New participation rate should
implementation shortfall

/ Ratio % apply when the stock price is “Above or Below” the Price Level.
Maximum consistency controls are applied to these parameters
at the start of the strategy. The user can define up to 3 ranges.
14

VWAP
Natixis Algorithmic Trading Strategies (Price Driven Algorithms)

TWAP
5.0 Steps
Steps Parameters

Participate
Target Close
STEPS
MOMENTUM/VALUE
hunt
implementation shortfall
15

VWAP
Natixis Algorithmic Trading Strategies (Price Driven Algorithms)

TWAP
6.0 Momentum/Value
The two strategies trade at a targeted percentage of the current volumes on primary

Participate
exchanges and MTFs, and dynamically adjust this participation rate to stock price variations
benchmarked to a reference price.

The reference price can be automatically defined by the strategy or entered by the user.
The Value Strategy will increase the participation rate when the stock price moves
favorably and decrease it when the stock price moves away from the reference price.

Target Close
The Momentum Strategy adopts the opposite behaviour.

Characteristics

Momentum/Value is to be favoured in the following cases

• The Value Strategy suits mean-reverting

STEPS
trading belief.
Participation Rate
Price limit

• The Momentum strategy suits

trend-following belief.

MOMENTUM/VALUE
Open Time Close
Stock price
Algo Participation

Main Parameters
Description
Start / End time By default, start time is at reception of the order, potentially
including market open if received before the opening auction.
End Time will apply if the order has not been completed before.
hunt

Trading style Conservative, neutral and aggressive. The conservative option

suits a favorable price variation while the aggressive option
applies better to an adverse price trend.

Optional Parameters
implementation shortfall

Description
Price limit The strategy will apply the price limit to orders. Orders may not
be completed. Volume traded outside the price limit is not taken
into account by the strategy.
Would price The strategy will attempt to complete the order if the stock
trades at the Would price or better.
Reference price The strategy replaces the mid-point bid offer with the defined
reference price as the benchmark price.
16

VWAP
Natixis Algorithmic Trading Strategies (Price Driven Algorithms)

TWAP
6.0 Momentum/Value
Momentum/Value Parameters

Participate
Target Close
STEPS
MOMENTUM/VALUE
hunt
implementation shortfall
17

VWAP
Natixis Algorithmic Trading Strategies (Price Driven Algorithms)

TWAP
7.0 Hunt
The Hunt strategy provides the opportunity to execute an order on the primary exchange

Participate
and MTFs while never being placed in the market and thus to minimize information leakage.

Characteristics

Hunt is to be favoured in the following cases

• Suitable for illiquid instruments.

Target Close
• To execute an order at a limit price without
Price limit

Volume

being visible to the market.

100%

0%
Open Time Close

Stock price
Algo Participation

STEPS
Main Parameters
Description
Start / End time By default, start time is at reception of the order, potentially
including market open if received before the opening auction.

MOMENTUM/VALUE
End Time will apply if the order has not been completed before.
Price limit The strategy reacts to liquidity offered at the price limit or better.

Optional Parameters
Description
Minimum quantity The strategy will react to favorable price only if available liquidity
is above the Minimum Quantity so as to reduce information
leakage for small quantities.
hunt

Hunt Parameters
implementation shortfall
18

VWAP
Natixis Algorithmic Trading Strategies (Price Driven Algorithms)

TWAP
8.0 Implementation Shortfall
The objective of Implementation Shortfall is to minimize the execution cost of an

Participate
order. The aim is to try trading off the real time market impact cost of the order and the
opportunity cost of delayed execution. The strategy will increase the targeted participation
rate when the stock price moves favorably and decrease it when the stock price
moves adversely.

The strategy is designed to trade on primary exchanges and MTFs, requiring minimum

Target Close
input from the user.

Characteristics

Implementation Shortfall is to be favoured in the following cases

• Order benchmarked to the current stock

STEPS
price (bid-offer mid price) with decent
Participation Rate

liquidity.

45%* • Orders where you want to control market

impact** while benefiting from favorable
5%* conditions (as regards price and

MOMENTUM/VALUE
Open Time Close
volume variations).
Stock price * Participation limit – excluded from limit & would price
Algo Participation ** to specific benchmark

Main Parameters
Description
Start / End time By default, start time is at reception of the order, potentially
including market open if received before the opening auction.
End Time will apply if the order has not been completed before.
Trading style Conservative, neutral and aggressive. The conservative option
hunt

suits a favorable price variation while the aggressive option

applies better to an adverse price trend.

Optional Parameters
Description
implementation shortfall

Price limit The strategy will apply the price limit to orders. Orders may not
be completed. Volume traded outside the price limit is not taken
into account by the strategy.
Would price The strategy will aim to complete the order if the stock trades at
the Would price or better.
Reference price The strategy replaces the mid-point bid offer with the defined
reference price as the benchmark price.
19

VWAP
Natixis Algorithmic Trading Strategies (Price Driven Algorithms)

TWAP
8.0 Implementation Shortfall
Implementation Shortfall Parameters

Participate
Target Close
STEPS
MOMENTUM/VALUE
hunt
implementation shortfall
 Natixis Equity Markets Global Execution Services Do you want to know more?
Our Algorithmic Trading Expert Team will be pleased to answer your questions.

Natixis Execution Algorithms in a Nutshell

Call us on +33 (0) 1 58 55 92 66 / 06 99 / 05 09 (Paris) 0800 917 15 47 (London)
or email to [email protected]

1 Variety
2 Simplicity
3 Flexibility
8 algorithms, 1 SOR, a range of order types Automatic setting of most parameters In-house developments means fast customisation

4 Accessibility
5 Performance
6 Defragmentation
Direct access on clients’ gateways via FIX Daily analysis and backtests Multi-venue trading and benchmarks

Volume Driven Algorithms Price Driven Algorithms

Used to control the execution rate. Better suited for long duration orders – from 30 min to 1 day Can execute 100% of an order very rapidly if market conditions are compatible with order parameters

VWAP TWAP PARTICIPATE TARGET CLOSE STEPS MOMENTUM / VALUE HUNT IMPLEMENTATION SHORTFALL

Performance 25 25 25 25
No. of shares (‘000)

No. of shares (‘000)

No. of shares (‘000)

No. of shares (‘000)

20 20 20 20
Diagram

Participation limit
Price limit

Price limit

Price limit
15 15 15 15 R3
Market volume 10 10 10 10 R2 100% 45%
Algo volume 5 5 5 5 R1
5%
Stock price 0 0 0 0 0%
Algo Participation Open Time Close Open Time Close Open Time Close Open Time Close Open Time Close Open Time Close Open Time Close Open Time Close

Strategy •

Aims to target the VWAP
(Volume Weighted Average
•

Aims to execute trades evenly
based (on time) not volume
•

Aims to execute trades at a user
predefined participation rate
•

Aims to execute trades targeting
the closing price while monitoring
•

Aims to execute trades
at multiple user predefined
•

Momentum strategy aims to
minimize the spread between the
•

Aims to execute all liquidity
proposed at a better price than
• Aims to minimize the spread between
the execution price and the arrival price.
Objective Price) over a defined period over a defined period not based on real-time volume until the market impact on the closing participation rates subject to execution price and the arrival price the limit price while not being
not exceeding the day. exceeding the day. the order is completed. auction by beginning the order market price bandwith. while assuming that the stock price visible in the market.
before the auction if needed. will remain on its trend.
• Value strategy aims to minimize the
• VWAP target orders. • Anticipation of unfavorable • Execution in line with real-time • Closing prices target orders. • Orders with flexibility on the spread between the execution price • Orders where information leakage • Large orders targeting the arrival price while
Usage prices during high volume market volume with a trade participation rate to step up and and the arrival price while assuming would be very detrimental. monitoring the impact cost.
• Passive strategy in order to • Orders with the ability to
minimize market impact on periods. price close to the VWAP over the minimize market impact over down at user defined price levels. that the stock price will follow a • Particularly suited to illiquid stocks. • To reduce impact on liquid stocks and improving
large orders. • Alternative strategy to VWAP but execution period. the closing price. mean reverting behaviour. performance compared to a constant participation
• Liquid securities with low with a flat volume profile. • Satisfied with current market rate.
volume variance market • Liquid securities with high price but willing to reduce • Large orders targeting the arrival
impact on large orders. volume variance. market impact over the price while assuming a belief on
execution period. the stock price’s future trend.

Main • Limit price • Limit price • Limit price • Limit price • Limit price • Limit price • Limit price • Limit price
• Percentage of volume • Percentage of volume • Percentage of volume: main • Percentage of volume: available • Percentage of volume: • Would • Minimum quantity • Would
Parameters parameter for intraday and auctions multiple possibilities offered
• Would • Would • Would • Trading style: conservative, • Trading style: conservative, neutral, aggressive
• Trading style: conservative, • Trading style: conservative, • Would neutral, aggressive • Reference price
• Trading style: conservative,
neutral, aggressive neutral, aggressive • Trading style: conservative, neutral, aggressive • Reference price
neutral, aggressive

Typical Order/ •

Buy 150,000 shares over the
day including open and closing
•

Buy 150,000 shares spread
evenly between open and
•

Buy 150,000 shares at a
participation rate of 25% not
•

Buy 150,000 shares targeting the
closing price without exceeding
•

Buy 150,000 shares at a
participation rate of 25% below
•

Buy 150,000 shares targeting
the arrival price subject to an
•

Buy 150,000 shares below 41.00
without being in the market.
• Buy 150,000 shares targeting the arrival price
subject to an aggressive trading style. Try to
Example auctions with a volume limit closing auctions with a volume exceeding a price 40.20 with 25% of the estimated volume 41.00. Increase the participation aggressive trading style, increase React to any offer price below complete the order below 40.20.
of 20%. limit of 20%. a neutral trading style until during the execution period. rate to 30% below 40.00 and the participation rate when the price 41.00 and with a minimum
completed or market closes. stops above 41.40. moves away from the arrival price. quantity of 100 shares.

Main Volume and price delay Price delay Execution strategy Model monitoring Momentum quantitative model Price change Quantitative model
• When a volume or price limit is set, trades are suspended as long as • When a volume or price limit • Historical volumes are used to • Initial controls are implemented • The algorithm will automatically • Dynamic triggers as mid-point • The algorithm will automatically define in real
Behaviour the limit condition is not met. is set, trades are suspended define the start time and volume to validate the consistency in define in real-time the or price within the spread can time the participation rate balancing the impact
• As soon as the limit is reached, the volume delay is spread over a as long as the limit condition placed at the closing auction. participation rates and price levels. participation rate balancing the be defined in order to reduce risk and the market risk.
short period of time is not met. • Although minimum input impact risk and the market risk. information leakage to the • In a favorable price move, the algorithm will
• As soon as the limit is reached, is required, several execution • In a favorable price move, the market. substantially increase the participation rate.
Execution strategy
the volume delay is gradually strategies for trading before the algorithm will substantially
Volume profile calculation • Similar behaviour to the
caught up in order to reduce closing auction are proposed. decrease the participation rate in
• A volume profile for 2,500 Participate strategy with several
market impact. order to benefit from the
securities is generated at least levels of participation rates.
favorable trend.
every day based on historical data
using proprietary models.
• Confidence level indicators are
generated in order to analyse
each security volume profile
variance.
47, quai d’Austerlitz
75648 Paris cedex 13
www.natixis.com

Natixis, Paris Natixis, London Natixis, New York Natixis, Hong Kong
47, Quai d’Austerlitz Cannon Bridge House 9 West 57th Street Level 23, Two Pacific Place
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www.equity.natixis.com

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directors, officers, partners, employees, agents, representatives or advisors as to or in relation to the characteristics of this information.

The statements, assumptions and opinions contained in this document may be forward-looking and are therefore subject to risks and uncertainties. Actual results and developments
may differ materially from those expressed or implied, depending on a variety of factors and accordingly there can be no guarantee of the projected results, projections or
developments. Natixis makes no representation or warranty, expressed or implied, as to the accomplishment of or reasonableness of, nor should any reliance be placed on any
projections, targets, estimates or forecasts, or on the statements, assumptions and opinions expressed in this document. Nothing in this document should be relied on as a promise
or guarantee as to the future. Natixis is authorized in France by the Autorité de contrôle prudentiel (ACP) as a Bank – Investment Services Provider and subject to its supervision.
Natixis is regulated by the AMF in respect of its investment services activities.

Natixis is authorised by the Autorité de Contrôle Prudentiel (ACP) in France and subject to limited regulation by the Financial Services Authority (FSA) in the United Kingdom. Details
on the extent of our regulation by the Financial Services Authority are available from us on request. Natixis is regulated by the BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht)
for the conduct of its business in Germany. Natixis is regulated by Bank of Spain and the CNMV for the conduct of its business in Spain. Natixis regulated by Bank of Italy and the
CONSOB (Commissione Nazionale per le Società e la Borsa) for the conduct of its business in Italy.

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