How it Works

ML X-ACT’s integrated, interactive screens allow clients to customize their orders via input parameters and constraints.

These parameters include:

  • start time
  • end time
  • target participation rate
  • maximum participation rate
  • risk aggressiveness factors

All strategies utilize the same fundamental structure to minimize transaction costs.

  • Suitability checks - determine proper candidates for automation for a given strategy
  • Scheduling strategy - dynamically determines when, how much and how frequently to trade for a given benchmark
  • Optimal pricing - determines limit prices and when to cancel/replace to more or less aggressive levels
  • Smart routing - determines the liquidity destination, liquidity access tactics and display sizes



Clients connect to ML X-ACT through three primary channels:

  • Partner third-party order management systems*
  • A two-way FIX connection
  • Merrill Lynch equity sales trader
*Specific connectivity information is available through a Merrill Lynch sales trader.
ML X-ACTsm is a registered service mark of Merrill Lynch & Co., Inc.