Trading on the Ballista ATS is always anonymous. But participants have the option of retaining anonymity through the cross/print process of various exchanges by leveraging Ballista's exchange memberships, or having the trade submitted with the trader's own representation which reveals a degree of the participant's identity.

Participants may choose one of the clearing methods below best suited to their anonymity goals. Please contact Ballista Sales at 800.434.7552 for pricing applicable to each clearing method.

CLEARING METHOD A
Option Clearing: CMTA
Stock Clearing: DVP
This clearing method is generally used by buy-side institutions and other customer accounts requiring brokered exchange representations. Options are flipped via CMTA into a trader’s clearing/prime brokerage account, while stock is sent via DVP to a trader’s established clearing/PB DVP account.

CLEARING METHOD B
Option Clearing: Direct Give-Up
Stock Clearing: 9A/9B Correspondent Clearing
This clearing method is generally used by sell-side participants, broker/dealers, and marketmakers. Using this method exposes the owner of the trade at cross time by using the trader’s own representation on the exchange. Option clearing occurs via use of a trader’s OCC membership or that of a trader’s clearing firm if so allowed, while stock clearance leverages NSCC’s 9A/9B Correspondent Clearing process to flip stock components to receiving broker/dealer and clearing firm entities.