BofA Securities Instinct X®
BofA Securities operates Instinct X®, an NMS Stock Alternative Trading System (“NMS Stock ATS”) in the US and as an Alternative Trading System (“ATS”) and/or Broker Crossing Network (“BCN”) in other geographies. BofA Securities seeks to operate its Instinct X in accordance with applicable regulations, and in accordance with reasonable expectations of fairness. However, potential execution counterparties in I Instinct X® and in external venues may have trading objectives and/or expectations that may be adverse to your own, and so execution outcomes may vary. BofA Securities makes no guarantee as to the performance that can be achieved through the use of Instinct X®.
Within Instinct X®, BofA Securities may offer a variety of crossing services that support, as applicable, a segmentation and/or tiering model or various order types/attributes and counterparty selection criteria to enhance Client choice regarding the nature of potential counterparties with whom they may execute. Where it does so, BofA Securities will use reasonable efforts to adhere to your expressed preferences regarding the use of different crossing services, to assign Clients to the appropriate segment and to maintain those assignments, and to adhere to your expressed preferences regarding interaction with participants in such segments. While BofA Securities will use reasonable efforts in this context, it makes no guarantee as to accuracy or consistency of the composition of any segmentation assignment, which may be based in part on BofA Securities’ understanding of information supplied by others.
BofA Securities Routing and Order Handling In the absence of instructions to the contrary, or depending upon your expressed preferences, the particular BofA Securities routing strategy or algorithm that you may elect to employ, or that is employed on your behalf, and as part of BofA Securities’ services seeking the most efficient and effective experience for Client orders, your orders may be given an opportunity to interact with any non-displayed and conditional placements in the relevant BofA Securities’ own ATSs or BCNs, which may include BofA Securities’ principal trading interest, prior to being exposed to external venues. External venues may include but not be limited to public exchange markets, multi-lateral trading facilities, other ATSs or BCNs, or broker dealers, (such routing appropriate to each BofA Securities’ region) consistent with your instructions or BofA Securities’ routing logic as applicable. While BofA Securities maintains relationships and connectivity to a variety of such venues as part of its routing processes, BofA Securities does not represent that it has access to all such venues that potentially may be available at any given point in time. To the extent that this document references performance times, such information is indicative and attempts to illustrate the performance speed and latency generally associated with certain systems, order/message paths, and linkages. Actual performance may be different and, in some cases, materially slower than indicated.
Additional Disclaimers and Information
This document is provided to you solely for informational purposes by BofA Securities and is designed to serve as a general summary of the trading services and products that BofA Securities may offer from time-to-time. This document is not research and it was not prepared or reviewed by employees within the BofA Global Research department. This document is not intended to constitute advertising or advice of any kind, and it should not be viewed as an offer or a solicitation to buy or sell securities or any other financial instrument or product. BofA Securities makes no representation, warranty or guarantee, express or implied, concerning this document and its contents, including whether the information (which may include information and statistics obtained from third party sources) is accurate, complete or current. The information in this document is provided “as is,” is subject to change at any time, and BofA Securities has no duty to provide you with notice of such changes.
BofA Securities will not be responsible or liable for any losses, whether direct, indirect or consequential, including loss of profits, damages, costs, claims or expenses, relating to or arising from your reliance upon any part of this document. Before determining to use any service or product offered by BofA Securities, you should consult with your independent advisors to review and consider any associated risks and consequences. This document has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. BofA Securities does not render any opinion regarding legal, accounting, regulatory or tax matters.
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Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed.
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