BNY ConvergEx, an agency broker, has launched the ConvergEx CrossBoard, a new method of finding block liquidity in its ConvergEx Cross block-crossing system.
Using symbol-only indications, the CrossBoard has a graphical user interface that displays ticker symbols to give clients a snapshot of liquidity available in the ConvergEx Cross.
As executions occur and new liquidity becomes available in the crossing network, CrossBoard symbols are updated to help clients focus on activity change.
The ConvergEx Cross can be accessed via a FIX destination from an OMS or EMS system and clients are allowed to proactively rest their trade in the system to help them find a natural match.
“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,” said Andrew Levine, managing director and ConvergEx Cross product manager, in a statement. “The creation of the CrossBoard increases this likelihood through its ability to help clients quickly locate the liquidity that they are looking for.”