The Tradetech Daily

ConvergEx Millennium and VortEx

ConvergEx Millennium and VortEx

Operating two alternative trading systems (ATSs), ConvergEx offers both buy-side and sell-side customers anonymous access to US markets, reducing information leakage, market impact and execution expenses. By offering two ATSs each with unique subscribers and matching models, clients benefit from access to a deep and diverse source of liquidity. Millennium is an independent ATS in the US equity markets, while VortEx is ConvergEx’s high-speed continuous dark pool. VortEx flow includes algorithmic, SOR and dark flow from ConvergEx execution desks, institutional clients and wholesale customers.

Functionality and order types

Multiple order types are supported by
order/session. Clients can set a combination of parameters including pegging,
minimum execution size, spread constraints, day, etc. ConvergEx’s ATSs support
institutional order flow in the US. VortEx and Millennium both accept standard
day and immediate or cancel orders. VortEx matching is strictly price-time
priority, while Millennium matching is based on a parity model.

Access and participation

Currently, VortEx and Millennium can be accessed
from order management system and execution management system platforms or
directly via FIX.

Instruments traded

VortEx and Millennium support matching in all
national market system US equities.