ConvergEx Group, a leading provider of investment technologies and execution solutions to institutional clients worldwide, today announced the successful launch of a new trade messenger system to aggregate the firm's high-touch order flow and boost real, relevant and natural indications of interest (IOIs).
"By streamlining and centralizing our internal processes, we have dramatically increased the number of high-quality IOIs we send and clients are seeing greatly increased matched rates against the firm's liquidity," said Carey S. Pack, chief executive officer of ConvergEx Execution Solutions. "Having a wealth of natural IOIs gives ConvergEx and our clients a tremendous advantage sourcing liquidity in today's fragmented and complex markets."
Since going live with this technology, ConvergEx has seen a fourfold increase in the number of natural IOIs sent.
"Our new trade messenger technology provides tremendous efficiencies and gives a much more immediate view of ConvergEx's natural flow to cross against. This is especially valuable for clients who are dealing with illiquid names," said Anthony Conroy, head trader at ConvergEx. "This technology is yet another example of ConvergEx building and using innovative technology for the benefit of our clients."
The new system is monitored by ConvergEx's execution experts, backed by vast amounts of real-time market data and is highly customizable. The technology is respectful of clients' preferences and intelligent IOIs are specifically targeted based on client interests and watch lists. The orders are kept current by automatically checking the marketability and availability of the order.