Bank of New York's agency broker subsidiary, BNY Brokerage, has launched Direct Execution Services (DEx), a package of direct market access trading software based on technology it recently acquired from Sonic Financial Technologies.
Bank of New York acquired the software and other assets of direct access electronic trading firm Sonic Financial Technologies in March this year.
DEx provides clients with direct access to all primary ECNs, Nasdaq, market makers and multiple-listed equity markets through a set of self-directed trading tools for single-stock and programme trading that consolidate market data access. The product also features the BNY Direct Execution system which provides direct access to floor brokers at the New York Stock Exchange.
Carey Pack, president of BNY Brokerage, says: "The DEx platform cements our standing as the leading agency brokerage, able to meet the full array of institutional investors' needs for top-tier technology, unconflicted expertise and anonymous access to all liquidity points. DEx allows clients to take full advantage of the markets' continuing evolution toward electronic direct access trading."