Source: BNY ConvergEx
BNY ConvergEx Group, a leading provider of global agency brokerage and investment technology solutions, today announced that it has expanded the multiasset class execution capabilities that it offers its buy-side clients with the launch of a new trading desk that will offer both broker-assisted and fully electronic options trading.
The new desk will leverage the sophisticated options trading technology of LiquidPoint, the newest member of the ConvergEx family, in order to give clients an options trading platform that will allow for a greater diversification of trading and hedging strategies.
Clients will have the ability to trade U.S. options either directly through the new DerivatEx execution management system or via the options trading desk. Used either individually or together, clients will be offered an array of choices to help satisfy each individual trading need, whether it is broker-assisted trading, electronic delivery with broker-assisted trading or pure, self-directed electronic trading.
The new options trading desk is headed by Frank Burnett, and will provide a number of benefits to ConvergEx clients, including access to all U.S. options exchanges as well as connections to an external network of liquidity providers, which expands the overall liquidity pool and results in potential price improvement. In addition, the DerivatEx platform will provide multiple server-based sweep algorithms, an industry-leading high-speed router, and proprietary iSpreads technology to enter and manage multi-legged orders and provide direct access to the ISE and CBOE spread books.
Joseph M. Velli, Chairman and Chief Executive Officer of BNY ConvergEx Group, commented, "Launching an options execution business will allow our buy- side clients to benefit from the many ways that options trading can be used to enhance trading strategies, especially at a time when the options market is experiencing a great surge in interest and activity. Today, ConvergEx is one of only a few firms not affiliated with a principal trading organization to offer execution of equities and options on both an electronic and broker- assisted basis."
"Our expansion into options enables us to broaden our execution and liquidity management business to provide clients with multi-asset class execution capabilities on an agency business," commented Carey S. Pack, President, BNY ConvergEx Execution Solutions. "The addition of an options execution desk and the DerivatEx platform further expands upon our strategy of providing clients with choices so that they can best seek enhanced returns, especially in these volatile markets."