Capital Institutional Services (CAPIS) is an independent agency firm that provides 24-hour global execution services, commission management solutions and independent research. The Dallas-based firm employs 105 people. Its trading desk is comprised of global equity, global fixed-income and options trading, as well as transition management and program trading. CAPIS has 14 global equity traders, three fixed-income traders, two transition management traders, two program traders and four options traders. On average CAPIS trades between 10 million and 12 million shares a day, split among equities (85 percent), global fixed income (10 percent) and options (5 percent).