BNY ConvergEx Group Announces 'Grey' Order Type
December 02 2008 - 9:00AM
PR Newswire (US)
NEW YORK, Dec. 2 /PRNewswire-FirstCall/ -- BNY ConvergEx Group,
LLC, a leading provider of global agency brokerage and investment
technology solutions, today announced the release of "Grey," its
latest TactEx order type. Grey is designed to actively sweep
available displayed liquidity while an order is marketable and then
post the remaining balance across multiple dark pools, including
VortEx(SM), ConvergEx's agency dark pool with patent-pending IOI
aggregation technology. This order type was developed to capture
liquidity as it becomes available while minimizing a trader's
footprint in the market. With unprecedented levels of volatility in
today's marketplace, orders that once stood out in the crowd are
now hidden. Liquidity today is quickly being dispersed between
transparent market centers and dark pools. To capture non-displayed
flow, current smart order routing technology needs to shift between
light and dark seamlessly. TactEx is the first suite of DMA order
types that allows traders to access both dark and displayed
liquidity simultaneously. Designed to increase execution
opportunities by reaching multiple liquidity sources and
simplifying workflow, TactEx helps to maximize execution rates and
improve performance. Unlike dark algorithms, which are built to
make decisions for traders, TactEx gives traders more control over
execution strategies. Joseph M. Velli, Chairman and Chief Executive
Officer, BNY ConvergEx Group, stated, "With liquidity fragmented
between displayed markets and dark pools, traditional execution
tools are quickly becoming obsolete. Grey, our latest TactEx order
type, is another example of ConvergEx's ongoing commitment to
innovation. We will continue to develop sophisticated products and
technologies to help clients efficiently aggregate and access the
breadth of available liquidity in the evolving electronic
marketplace." About BNY ConvergEx Group BNY ConvergEx Group, LLC
provides global agency brokerage and investment technology
solutions to institutional clients worldwide. The Company's key
business lines - Liquidity and Execution Management, Investment
Technologies and Intermediary and Clearing Services - focus on a
broad array of services designed to deliver a comprehensive,
integrated platform of performance-driven, global multi-asset class
trading capabilities. BNY ConvergEx Group is comprised of the
following businesses: BNY ConvergEx Execution Solutions LLC (member
NYSE/FINRA/SIPC), LiquidPoint, LLC (member CBOE/SIPC); Eze Castle
Transaction Services LLC (member FINRA/SIPC); Westminster Research
Associates LLC (member FINRA/SIPC); G-Trade Services LLC (member
FINRA/SIPC); BNY Jaywalk LLC; ConvergEx Global Markets Ltd. and Eze
Castle Software LLC. BNY ConvergEx Group is an affiliate of The
Bank of New York Mellon Corporation. Additional information is
available at http://www.bnyconvergex.com/. DATASOURCE: BNY
ConvergEx Group, LLC CONTACT: Margaret E. Farrell for BNY ConvergEx
Group, +1-212-468-7708 Web Site: http://www.bnyconvergex.com/
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