Source: BNY ConvergEx Group
BNY ConvergEx Group, a leading provider of global agency brokerage and investment technology solutions, today announced the launch of Perform-Ex, a web-based performance measurement, monitoring and management platform for robust transaction cost analysis.
Perform-Ex is the latest addition to ConvergEx's recently launched suite of liquidity management technologies, which provides clients with the tools they need to help manage liquidity and better leverage opportunities in a constantly evolving marketplace.
Through a combination of pre-trade, intra-trade and post-trade web-based analytics, Perform-Ex enables users to make informed trading decisions and precisely measure results. Pre-trade analytics equip users with critical information for selecting trading strategies and scheduling trades. Intra- trade analytics bring transparency back to trading by giving clients the ability to monitor real-time performance and executions for orders routed to ConvergEx algorithms. Intra-day views keep clients informed about trading progress and any problem trades so that they can efficiently intervene when necessary. Post-trade analytics allow clients to aggregate order data into a variety of useful categories. Users can pull individual trade records or group orders by size, market capitalization, and %ADV categories among others.
Joseph M. Velli, Chairman and Chief Executive Officer of BNY ConvergEx Group, stated, "As execution strategies become more complex and execution options grow in number, advanced, effective trade quality measurement tools become crucial to determining optimal trading strategies. The addition of Perform-Ex to our platform of liquidity management technologies gives clients the means to ensure value and cost efficiency in their transactions throughout the trading day."
In addition to Perform-Ex, the ConvergEx suite of liquidity management technologies has also been enhanced through the creation of several unique order types that help increase the probability of execution in both the VortEx dark liquidity pool and the ConvergEx Cross.
The new Resting and Immediate or Cancel (IOC) order types were designed to give clients additional options for executing trades in VortEx. Resting orders provide access to hidden liquidity throughout the trading day, thereby increasing the probability of execution. IOC orders monitor non-displayed liquidity and any shares not executed are immediately returned to the client.
The functionality of the ConvergEx Cross block crossing system has been similarly enhanced by two new order types that strengthen execution probability and eliminate partial fills. The automated Clean Up Trade order stops partial fills through the use of an algorithmic engine that begins working to complete an order once at least half of that order has already been successfully crossed. The Get It Done order type goes one step further to complete orders by leaving the Cross in order to find outside liquidity if necessary.
"The central theme of our liquidity management platform is to provide clients with choices so that they can decide the best way to execute a trade," commented Carey S. Pack, President, BNY ConvergEx Execution Solutions. "Perform-Ex and the suite of new order types for VortEx and the ConvergEx Cross offer yet another layer of choice to the array of execution solutions that ConvergEx brings to clients."