Having trouble Moving Large orders through the market?

Time Slicing®

Cut your orders down to size.

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Bernard L. Madoff Investment Securities LLC, a leading market maker of exchange listed and Nasdaq securities, introduces Time Slicing^®. Designed for both individual orders and baskets, Time Slicing^® will execute your orders across the span of an entire day or a specified period, lessening your vulnerability to significant price swings. Time Slicing® ensures active participation throughout the day with significantly less market impact. Executions are reported to you as a single trade upon their completion.

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Time Slicing® is an automated methodology for delivering average price executions. For those clients looking for an effective way to "work" an order (typically a few thousand to a few hundred thousand shares) over part or all of the day, our execution program is designed to reduce trading costs and eliminate the exposure to daily “market timing” risk. There are four Time Slicing® products to choose from.

Time Slicing® divides your order or basket of orders into smaller executions, spread throughout the day. You choose the amount of time between executions (every 15 minutes is standard) and the start and end time of your trade. Upon acceptance of your order (delivered to us via the Internet, phone or fax), our proprietary system executes each "slice" of your order at the specified intervals. When completed, you receive a single report for your entire order priced at the average of all the individual executions. Madoff automatically submits the trade to NSCC or DTC for regular way settlement.

The benefits of Time Slicing® are clear:

Reduce your trading costs. Each slice has an opportunity for price improvement. In addition, since you receive a single report, the expenses associated with multiple tickets are eliminated.

Eliminate your exposure to "market timing" risk. At a time of increased volatility, Time Slicing® offers a complete fill at an average price without having to predict the direction of the market. Time Slicing® will dramatically lessen your vulnerability to adverse intra-day price swings.

Reduce the market impact of your orders. Time Slicing® works your order(s) over the course of the day. Most orders are divided into more than 25 pieces, virtually eliminating the market impact of walking into the marketplace with a large order.

Technological Superiority. Time Slicing® is available over the Internet. Our proprietary web technology allows you to monitor the progress of your Time Slices® online. Of course, you can enter large lists or single orders in a few quick and easy steps.

Differentiate your sales force. Time Slicing® is a unique average price trading tool that will answer your concerns about trading costs and market volatility. Time Slicing® is a product that is simple to understand while yielding tremendous results.

4 Choices for Order Handing in the Time Slicing® Family

a. Standard Time Slice® - we will work your order from the time of receipt until the close, breaking it into equal segments and executing one piece every 15 minutes.

b. Custom Time Slice® - the client can define a start time, end time, and interval time, we will then work an equal segment on each interval within the defined time frame.

c. IntelliSlice ® - the client can define a start time, end time, and interval time, we will then weight the number of shares to be executed at each interval based on the historical volume pattern of the particular stock (usually resulting in a heavier weighting near the open and close)

d. Dollar Slice – similar to the CUSTOM TIME SLICE® (the client can define a start time, end time, and interval time), but client selects a dollar amount of stock rather than a shares amount. We will then work an equal segment on each interval within the defined time frame, adjusting the order size at the end to achieve the specified dollar amount.

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Minimum order size: The total order for Time Slicing® must be at least 100 shares. In addition, individual pieces of Time Slice® orders will be executed in minimum lots of 100 shares. This may result in an order being completed sooner than the requested end time. Total orders that are less then 5,000 shares will automatically default to 15 minute intervals.

All Time Slice® orders are treated as “not held”, unless the client specifically instructs us otherwise. For complete terms and conditions, please see our “Guide to Best Execution” or use the following links:

Listed Order Handling:

Nasdaq Order Handling: