BNY CONVERGEX OFFERS GLOBAL, SMART ORDER-ROUTER

Posted November 14, 2008

NEW YORK – Global agency brokerage and investment technology solutions provider BNY ConvergEx Group LLC is offering a new global smart order-routing platform in response to the growth of new liquidity pools and multi-lateral trading facilities (MTFs) in Europe.

“The implementation of MiFID has led to the creation of several new trading venues in Europe that have further fragmented markets and made finding liquidity difficult for clients,” says Joseph M. Velli, Chairman and Chief Executive Officer of BNY ConvergEx Group. “Our new, global, smart order-router is a significant addition to ConvergEx’s industry-leading electronic trading platform because it gives clients access to a broad array of liquidity from the primary markets as well as Europe’s new trading venues, helping them to achieve best execution.”

The global, smart router will look at orders bound for certain European markets and analyze other venues that quote or trade that same stock to determine whether there is a better chance of execution at better prices than the primary market. In addition, the smart order-router will help improve performance of algorithmic trading strategies, provide greater trading anonymity, increase execution speed and reduce market impact by taking advantage of greater depth at all price points over multiple venues.

“As market fragmentation continues unabated and the number of execution venues increases exponentially, the need for a smart order-router with the speed and advanced trading intelligence of our platform has never been more important,” says William Capuzzi, President of BNY ConvergEx Group’s G-Trade Services LLC.