Pershing's sales-trading desk will now be using LiquidPoint's sophisticated TORCH (Total Order Routing and Contra Handling) options trading platform. Pershing is also adding this new capability to its comprehensive suite of open architecture trading technology solutions for its introducing broker-dealer and independent registered investment advisor customers.

TORCH is a complete options workflow solution for sales and trading desks that was designed to make the entire order flow process more efficient and productive. By allowing users to electronically enter, route, assign and transfer ownership of client orders, TORCH automates processes that were previously done manually and frees up sales-trading desks to focus on other aspects of the order.

The TORCH system gives users fully electronic direct market access (DMA) to all U.S. listed options exchanges and provides the ability to sweep those exchanges in order to seek enhanced liquidity and potential price improvement. Users can also generate internal contra orders and create customizable order status windows that can include fill reports, cancellations, and cancel/replace orders.

LiquidPoint's options trading volume in 2007 has been growing at an unprecedented rate, with each new month seeing a marked increase over the month before. While the overall volume of the U.S. options industry is also experiencing great exponential growth, LiquidPoint's volume continues to outpace the growth of the industry as a whole.

Joseph M. Velli, Chairman and Chief Executive Officer of BNY ConvergEx Group, commented, "As LiquidPoint's record-breaking volume illustrates, clients are drawn to the exceptional range of options trading functionality included in the TORCH system. The ongoing success of LiquidPoint is a direct reflection of the value that clients place on our ability to provide world-class trading and investment technology solutions."