How SPI Stocks Works
We’re proud to introduce Strategic Price Improvement (SPI) - a ground-breaking equity trading algorithm that allows you to sell short, even after the stock has triggered the down 10% Short Sale Circuit Breaker.
SPI's algorithm is accessible through the SunGard Global Network via a range of OMSs and extranets. Once integrated, the system activates automatically when SEC Rule 201 triggers on a restricted security.
When a stock enters SSR status, any short sale execution must be priced above the National Best Bid. SPI's algorithm generates a compliant, sub-penny price improvement above the NBBO bid and purchases your position on the ACT — transferring risk to our broker-dealer partner immediately and allowing you to exit your position as needed.
With SSR-flagged securities appearing daily across NYSE and NASDAQ — often representing over a billion shares — SPI provides a reliable, compliant exit when liquidity is most constrained.
SPI Stocks - The View Others Miss.
Before
SPI.
Your stock hits SSR. Rule 201 restricts the bid. You need to exit, but your execution options are limited. You’re absorbing market risk on a position you’ve already decided to leave. Every minute costs. And that’s not money well spent.
Using
SPI.
SPI steps in as a principal buyer above the bid — satisfying the uptick requirement. Your position executes immediately. Principal risk transfers to SPI on the trade. You’re out of the position now, not when the market cooperates.
Our direct partner is a FINRA-registered broker-dealer, fully compliant with applicable securities regulations. Our counterparty relationship is suitable for regulated broker-dealer and fund relationships.
SPI operates in full conformity with Rule 201.
We are a principal buyer — not a short seller.
How the Integration Works
SPI connects to your trading desk via the FIX protocol — the same standard your OMS already uses. Once integration is established, executing with SPI is operationally seamless.
What’s required:
FIX connectivity with your OMS or execution management system
Counterparty approval through your compliance and prime broker
A brief onboarding conversation with our team
There is no new software to install. No proprietary platform to learn. If your desk uses FIX routing, you’re ready.
Ready to talk to your trading desk?
Integration conversations typically start with a 20-minute call. We’ll confirm FIX compatibility, walk through the execution model, and answer compliance questions directly.