BNY ConvergEx Group, a provider of agency brokerage and investment technology solutions, has added VortEx, a new dark liquidity pool, to its list of liquidity management technologies. VortEx uses a patent-pending process in which ConvergEx streaming orders intersect with dynamic indications of interest from a network of liquidity providers, including electronic market makers, alternative trading systems and exchanges.
BNY Convergex believes Regulation National Market System in the US (Reg NMS) presents many new challenges to the equities marketplace. One of the effects of NMS, says the company, is the proliferation of alternative liquidity pools. It claims VortEx creates an aggregated pool of liquidity that minimises information leakage, market impact and latency by interacting with only those liquidity providers that are ready to trade.
“We are very excited about bringing this innovative, new technology to market participants,” says Joseph Velli, chairman and CEO of BNY Convergex Group. “The VortEx patent-pending process continues to position us as a major liquidity provider in the marketplace. This new offering, together with our recently launched ConvergEx Cross, gives clients another tool to seek liquidity and minimize exposure.”