Source: BNY ConvergEx Group
BNY ConvergEx Group, LLC, a leader in agency brokerage and investment technology solutions, today announced the launch of SHAREx, its solution for commission sharing arrangements for the investment management community.
SHAREx is one of the key offerings of BNY ConvergEx Group's innovative commission management model, enabling clients to manage commissions more efficiently by consolidating broker research payments with execution expertise.
The new SEC guidelines on client commission arrangements suggest that an effective commission management model should provide the ability to merge best execution with sophisticated commission sharing practices. Evolving market structure changes, such as Regulation NMS, along with the new SEC guidelines, have changed the way clients think about their commission management practices. Through SHAREx, BNY ConvergEx Group combines its ongoing commitment to developing comprehensive trading capabilities that help investment managers seek best execution with client commission practices that fall within the framework of the SEC's recent release.
SHAREx enables investment managers to credit a single, consolidated commission account from which they can pay for investment research from virtually any source. BNY ConvergEx Group's approach affords clients the ability to seek best execution, while consolidating the administration and management of their investment research services. Investment managers can fund their SHAREx accounts by trading with BNY Brokerage or Westminster Research Associates, both BNY ConvergEx Group subsidiaries.
"Our active thought leadership campaign on commission management has been reinforced by the SEC's new guidelines, which serve as the foundation for SHAREx," said Joseph M. Velli, Chairman and Chief Executive Officer of BNY ConvergEx Group. "SHAREx demonstrates BNY ConvergEx Group's commitment to bringing together best execution and innovative commission management solutions."
"The demand for investment research from un-conflicted sources and niche players has continued to experience significant growth," said John D. Meserve, Director of BNY ConvergEx Group. "When you combine this with the fact that investment managers are no longer seeking execution and research from the same place, the need for a comprehensive commission management solution becomes a necessity."