ConvergEx''s Millennium offers price priority matching with parity for sharing prints among best priced orders. It is an agency-run independent pool with ConvergEx client flow fully integrated.
Functionality and order types
Millennium accepts all standard order types including limit, market, midpoint, peg (primary and spread), day, immediate-or-cancel. Price priority matching with parity for sharing prints is used among best priced orders.
Access and participation
ConvergEx allows all client types to become members of Millennium. The firm allows connectivity and access from most algos and vendors/ order management systems. Millennium also accepts order flow from institutional broker-dealers as well as retail order flow.
Millennium executes all national market system securities. The average trade size is 300 shares. Some 15% of matches are between 2,000-10,000 shares and 3% are above 10,000 shares. Over the last three months, 45 million shares were traded per day on average.
The platform uses monitoring systems to track hit/fill rate, marketability, reversion and other data points to deter gaming
Millennium ATS does not route out to other pools.