PIONEERS IN COMMISSION MANAGEMENT
Serving Institutional Investors Since 1977
CAPIS is an independent broker specializing in high-touch global trade execution and commission management solutions. We pair cutting-edge technology with unparalleled dedication to client service.
As a compliance-focused firm, CAPIS helped pioneer the commission management practice for institutional investors. Today, we’re one of the only brokers who enable investment managers to earn research credit in multiple asset classes, including global equities, fixed income, and options trades. CAPIS is also the leading provider of commission recapture solutions for sub-advised funds and plan sponsors. We are different by design.
Capital Institutional Services, Inc. (CAPIS) was founded by Don Potts in 1977.
Born out of the deregulation of brokerage commissions in the mid-1970s, CAPIS was a pioneer in creating the unbundled independent research model. Don’s vision was to create an alternative to the traditional bundled research model. He believed that independent, third-party research provided more value than bundled, proprietary research – and was ultimately better for investors.
Through this transparent model, managers and their clients knew exactly what they were paying for. As managers learned that they could receive independent research through client commissions, CAPIS’ business began to grow, and the company expanded into additional asset classes.
SEC passes Section 28(e), an amendment to the Securities Exchange Act of 1934, which protects the practice of acquiring research in exchange for brokerage commissions.
SEC issues Interpretive Release #12251, clarifying the types of research and brokerage services covered by the regulations and reiterating third party-party research falls within the scope of Section 28(e).
Capital Institutional Services, Inc. (CAPIS) is formed by Don Potts.
CAPIS receives first trade via Bear Stearns.
Apple stock begins trading.
CAPIS formally opens its Equity Trading desk in Dallas, TX.
CAPIS formally opens its Fixed Income desk in New York, NY.
The 1994 Great Bond Massacre market crisis happens.
CAPIS formally launches International Equity Desk in London, England. The firm also executes its first Transition Management event.
CAPIS officially launches its Transition Management business.
CAPIS begins trading global equities 24×6 from Dallas-based global trading desk.
CAPIS moves fixed income trading desk to Dallas, TX.
SEC Interpretive Release #3454165 published – clarifying what constitutes “research and brokerage services.”
U.S. Financial Crisis hits.
- Bear Stearns collapses
- Lehman Brothers fails
Facebook goes public.
CAPIS begins trading futures as an NFA-registered Introducing Broker (IB.)
Launches CAPIS ARC, designed to address best-execution issues in the Managed Accounts space.
MiFID II goes into effect in Europe.
CAPIS formally launches Outsourced/Supplemental Trading Desk.
CAPIS acquires FinTech Securities, an Atlanta, GA-based broker/dealer.
COVID-19 Pandemic hits.
CAPIS has record-setting year for Transition Management services.
CAPIS celebrates its 45 year anniversary.
Over The Years - Different by Design
The regulatory landscape is constantly changing, and CAPIS has faced its fair share of challenges. However, the CAPIS business model has always been protected by the safe harbor provisions of Section 28(e). We provide our clients with a transparent way to supplement their internal research efforts with valuable investment research from independent providers, ultimately benefiting the underlying investors.
CAPIS is one of the few independent agency brokers. As a legacy to Don’s vision over four decades ago, Ann Sebert, CEO, continues to guide the firm based on the principles upon which it was founded.
The CAPIS Difference
What makes CAPIS different is our people. Innovative technology powers everything we do, but our people make it happen. We are Different by Design.
You won’t find a greater commitment to private, personalized relationships anywhere in the industry.
Our trading and research services are transparent and fully disclosed – so you know exactly how your commission dollars are spent.
Lack of conflicts
With no competing lines of business to compromise our objectivity, we focus solely on delivering superior execution services for our institutional clients. CAPIS is Different by Design.
Our Employees are Our Greatest Assets
Looking for a career in institutional brokerage? At CAPIS, we recognize that our success is due to the talent and dedication of our employees. Because our business is focused on the client experience, we are always looking for extraordinary service oriented people.
Memberships and Affiliations
CAPIS maintains memberships and is affiliated with the following
Security Traders Association
The Alliance in Support
of Independent Research
Dallas Security Traders Association
New York Stock
National Futures Association
Securities Investor Protection Corporation
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