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CA Cheuvreux CrossFire adds BNY ConvergEx VortEx to dark pool sweep

29 May 2008  |  2618 views  |  0 Source: Crédit Agricole Cheuvreux

Crédit Agricole Cheuvreux North America, Inc. ("CA Cheuvreux North America") has added BNY ConvergEx Group's VortEx dark pool as a destination accessible via CrossFire, the firm's non-displayed liquidity sweep algorithm.

The addition of VortEx brings CA Cheuvreux North America's menu of alternative liquidity venues available via CrossFire to 14, further increasing depth of choice and overall access to non-displayed liquidity for CA Cheuvreux North America's global client base.

"Fragmentation in today's market, spurred on by an increasing number of new execution venues operating in a non-displayed fashion, has made liquidity navigation a daunting challenge for today's professional investor," said Ian Peacock, Chief Executive Officer at CA Cheuvreux North America. "Because of this, we are constantly looking to help our clients access this disparate liquidity efficiently and intelligently, and CrossFire provides them the means to do so. With the addition of VortEx, we now offer clients access to 14 sources of alternative or hidden liquidity through a single algorithm."

CA Cheuvreux North America not only provides access to a variety of alternative execution facilities via CrossFire, but also helps clients manage the diverse rule sets and operational logistics of each destination. As each venue offers a distinct set of rules and parameters for interaction, management of this process provides an extremely useful level of assistance. CrossFire is a key algorithm in CA Cheuvreux's suite of strategies covering domestic and international equity markets.

BNY ConvergEx Group's combination of execution and technology expertise provides clients with the ability to gain access to liquidity while bringing value and cost efficiency to transactions. VortEx is a dark liquidity pool that uses a patent-pending process in which ConvergEx streaming and resting orders can be crossed internally or with dynamic IOIs from a broad network of external liquidity providers. VortEx creates a unique, aggregated pool of liquidity that minimizes information leakage and latency by interacting with only those liquidity providers that are ready to trade.

Carey S. Pack, Chief Executive Officer, BNY ConvergEx Execution Solutions, stated "We are always looking for new ways to bring increased liquidity into VortEx, and we are very excited about the additional execution opportunities that CA Cheuvreux will bring to our respective clients."

CA Cheuvreux North America's CrossFire dark pool sweep algorithm provides clients with access to some of the industry's leading alternative execution facilities in terms of average daily volume executed. Eventually, CA Cheuvreux North America intends to include all venues with significant liquidity within its CrossFire sweep algorithm.

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