BNY ConvergEx Group, a leading provider of global agency brokerage and investment technology solutions, today announced that it has introduced new functionality to its block crossing system.
The new ConvergEx CrossBoard uses symbol-only indications (SOIs) to give clients trading in the ConvergEx Cross a dynamic new approach to finding block liquidity, thereby increasing the probability of finding a match.
The ConvergEx CrossBoard is a graphical user interface (GUI) that displays ticker symbols in order to give clients a snapshot of the unique liquidity available in the Cross. As executions occur and/or new liquidity becomes available in the Cross, the CrossBoard symbols are updated dynamically to help clients focus on changes in activity.
Clients can easily connect to the Cross via a basic FIX destination on their OMS or EMS. In addition, the ConvergEx Cross designated order allows the client to proactively rest their trade in the Cross in order to find a natural cross for a given amount. The longer a client rests an order in the Cross, the higher the likelihood of a match.
Joseph M. Velli, Chairman and Chief Executive Officer of BNY ConvergEx Group, commented, "Our commitment to helping clients achieve excellence in reaching their investment objectives is the reason why we continuously strive to perfect the execution capabilities that we offer them. The new enhanced functionality now available for the Cross is a perfect example of the kind of results that this commitment can provide."
"Our primary responsibility to the ConvergEx Cross trading community is to continually improve their ability to execute against the natural, agency-only block order flow that they have come to expect. The creation of the CrossBoard increases this likelihood through its ability to help clients quickly locate the liquidity that they are looking for," stated Andrew P. Levine, Managing Director and ConvergEx Cross product manager.
Launched in 2007, the ConvergEx Cross is a block crossing system that brings together unique institutional, agency-only order flow to provide anonymous execution at the mid-point with natural buy-sideside contraparties and zero market impact. The ConvergEx Cross provides a cost-effective, enhanced liquidity management environment that gives traders access to domestic equity shares traded by ConvergEx's institutional, transition, program/portfolio and wholesale desks as well as Eze clients, Pershing order flow and other electronic trading clients to create natural crossing opportunities for some of the largest and most diversified financial institutions.