Source: Bank of New York
BNY Brokerage Inc., a subsidiary of The Bank of New York and a member of BNY Securities Group, has integrated its DEx electronic trading platform with Pipeline's Alternate Trading System (ATS).
Pipeline offers a unique electronic market where traders can enter priced orders for large blocks of stock in an anonymous and leakproof environment that enhances the trader's control over the order execution process.
DEx users are able to access Pipeline directly through SonicPort, DEx's front-end execution management system that provides direct market access to all market centers for both listed and over-the-counter equities, smart routing and advanced order types, and full depth of electronic communications network (ECN) book display. Pipeline has also been incorporated into BNY Brokerage's broker-assisted platform as an additional source of liquidity.
The integration complements a series of enhancements to SonicPort that increase the resources available through a single interface, including automated access to BNY Brokerage's trading algorithms; direct order routing to BNY Brokerage's NYSE floor brokers; direct access to the BNY Brokerage block trading desk; and seamless integrations to all major buyside order management systems. Additionally, SonicPort has been upgraded to enhance market visibility, providing users with access to NYSE OpenBook as well as market imbalance information.
Carey Pack, president of BNY Brokerage, said, "Since our acquisition of the Sonic system, we have developed the DEx platform to offer the most comprehensive suite of agency-based trading tools available in the industry. With the Pipeline integration, we now provide not only the best in both DMA and broker-assisted trading resources, but also access to one of the fastest-growing and most innovative trading venues.
"We're not merely routing to Pipeline via FIX, but have tightly integrated Pipeline's Block Board into SonicPort," added Pack. "The fact that we are the only company to have an integration like this demonstrates our commitment to provide our clients with cutting-edge technologies and trading tools to meet the fast-changing demands of the marketplace."
Fred Federspiel, president and founder of Pipeline Trading Systems, said, "We're delighted to provide BNY Brokerage's institutional clients with access to Pipeline through DEx. As one of the industry's leading agency brokerages, BNY Brokerage is a natural conduit to our leakproof marketplace, which is built on clients' need to trade large equity blocks anonymously with minimum market impact."