APEX combines a dynamic implementation shortfall portfolio algorithm with sophisticated metrics to form a comprehensive strategy that identifies optimal trading rates in real time as market conditions evolve.

Backed by advanced, proprietary financial engineering technology, APEX uses forward modeling methodology that effectively minimizes market impact and portfolio risk at a selected level of risk aversion and provides smooth, stable adjustments to the trading rate over time. During the trading day, actual daily volume and volatility measures can substantially alter optimal percentage of volume (POV) trading rates. APEX resolves this dilemma by re- optimizing with current market data every two minutes.

APEX works in combination with several components of the ConvergEx suite of Liquidity Management Technologies in order to help optimize execution strategies. It first dynamically interacts with the ConvergEx Cross to identify a possible trading match. If none is found, it will next explore VortEx, the ConvergEx unique dark liquidity pool.

Joseph M. Velli, Chairman and Chief Executive Officer of BNY ConvergEx Group, stated, "Our primary mission as a firm is to be a leader in innovation in the trading and investment technology space by creating new and different products that both anticipate and keep pace with what our clients need to compete in today's dynamic markets, and APEX certainly encapsulates that. Accessed through our ConvergEx Program Trading Desk, APEX provides another advanced tool to help clients optimize their trading strategies while reducing operational risk and execution costs. Together with our other powerful liquidity management technologies, APEX offers a robust, dynamic addition to our clients' execution choices."

"With current market conditions bringing increased pressure on portfolio managers and other institutional investors to change strategies more frequently to reach their investment objectives, the importance of a portfolio algorithmic optimizer with the strength of functionality of APEX has grown increasingly vital," said Carey S. Pack, President of BNY ConvergEx Execution Solutions.