LocateStock, an electronic portal for securities lending, has added its Matador real-time stock location platform to agency broker and technology provider ConvergEx Group’s Eze OMS order management system.
The addition of Matador gives Eze OMS users an additional means of short-selling by offering instant access to LocateStock’s $50 billion securities pool.
According to ConvergEx, Matador complements the existing Eze Locate short location service, which has recently been redesigned and enhanced.
“In a time of increased fragmentation, institutional traders need every tool available to access hard-to-borrow stocks,” said John Dolan, director of advanced program management at ConvergEx’s Eze Castle Software unit. “By adding the power of Matador to Eze Locate, clients have additional ways to source hard-to-borrow liquidity, while saving valuable time that might be lost from a lengthy call to a trade desk.”
John Tabacco, founder of LocateStock, added, “This integration is a natural complement to the new streamlined functionalities of Eze Locate and further eliminates manual operational demands that traditionally have added friction and slowed the short-selling order flow process.”
LocateStock, founded by Tabacco in 2004 and launched a year later, is designed to be an efficient way for hedge funds and professional traders to find a stock before executing a short sale.