BNY ConvergEx Group announces record day for ConvergEx Cross

BNY ConvergEx Group, an agency brokerage and investment technology solutions provider, says it achieved record volume on its newly launched crossing system, ConvergEx Cross, on May 17, 2007.
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BNY ConvergEx Group, an agency brokerage and investment technology solutions provider, says it achieved record volume on its newly launched crossing system, ConvergEx Cross, on May 17, 2007. The system crossed a record 5.7 million shares, with an average cross of 21,000 shares.

Separately, VortEx, a new dark liquidity pool and the latest addition to ConvergEx’s suite of liquidity management technologies, has been gaining momentum. Since its launch in April, VortEx has also recently achieved executed volume nearing 18 million shares.

ConvergEx Cross is a patent-pending proprietary block crossing service that offers advanced, customisable functionality for both negotiated and automated crossing. It provides a cost-effective, enhanced liquidity management environment that brings together buyers and sellers to help move blocks of shares efficiently by accessing both institutional and broker-dealer order flow.

VortEx is a new dark liquidity pool that uses a patent-pending process where ConvergEx streaming orders intersect with IOIs from a broad network of external liquidity providers. VortEx creates an aggregated pool of liquidity that minimises information leakage and latency by interacting with only those liquidity providers that are ready to trade.

Joseph M. Velli, chairman and CEO of BNY ConvergEx Group, comments, “The rapid growth in use of both ConvergEx Cross and VortEx is a testament to the easy customisation and ability to tap into multiple rich pools of liquidity that are hallmarks of their design. Our focus on the mastery of rapid technology developments and the ability to integrate multiple liquidity management technologies is a key strategic focus of BNY ConvergEx Group.”

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