Program Participation and Policy

SWIB will select a limited number of minority brokers, allowing SWIB’s trading staff to maintain close communication and a strong professional relationship with each broker. Minority brokers will only be evaluated on their trading execution services and after a two-year period, SWIB will reassess a firm’s contributions to the agency. Minimum trading requirements for minority brokers include:

  • Knowledgeable trading staff with appreciable years of experience

  • Financial Information eXchange(FIX) Protocol connection (to receive trades and return executions electronically

  • A set of algorithms to facilitate

    • Volume Weighted Average Price trades

    • Percent of volume trades

  • Clearing bank /functional back office


Firms interested in doing business with SWIB may contact To be eligible, a firm must be certified by the Department of Administration as a minority owned business enterprise in Wisconsin. Firms should disclose their capital amount and submit general and financial information about their firm including a list of existing institutional clients, backing by a reputable securities clearing firm, and proof of FIX protocol connectivity. Click here to begin the application process.



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