Agency broker and technology firm BNY ConvergEx Group has linked its VortEx dark liquidity pool with Credit Suisse’s Advanced Execution Services (AES) CrossFinder alternative trading system (ATS).
BNY ConvergEx believes the interface of the two ATSs will help clients of both firms better address the challenge of finding liquidity in today’s fragmented equity markets.
“Credit Suisse is one of the leading liquidity providers in the marketplace, and joining our respective alternative trading systems will immediately enhance the liquidity that we can provide to our buy-side customers,” said Carey S Pack, chief executive officer, BNY ConvergEx Execution Solutions, in a statement.
Dmitri Galinov, a director of Credit Suisse AES, added, “Our accord with ConvergEx underscores Credit Suisse’s commitment to provide more liquidity to customers in the easiest manner possible.”
VortEx is a dark liquidity pool in which ConvergEx streaming and resting orders can be crossed internally or with dynamic indications of interest (IOIs) from external liquidity providers. According to BNY, 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.
Credit Suisse AES CrossFinder is live in US, European and Asian markets. It can be accessed directly or as part of any AES strategy.