BNY ConvergEx’s new dark pool trading desk has been launched in response to urgent US client demand, Carey Pack, CEO at BNY ConvergEx Execution Solutions, told theTRADEnews.com.
“Our clients were coming to us repeatedly, venting their frustration at trying to keep abreast of all the newly emerging dark pools,” said Pack. “Many of them were unsure if they were reaching all the pools they should be.”
The Dark Desk will serve as a utility for ConvergEx’s global sales trading team to exploit dark liquidity execution opportunities for clients and help them to navigate through the plethora of dark pools. The Dark Desk is currently connected to around 25 dark liquidity venues.
ConvergEx now has a small team of sales traders in place who manage the Dark Desk to try and find liquidity through the dark pools for their clients. Customers are able to specify what proportion of their order they wish to send through the Dark Desk. There are also plans to extend this service to include European dark pools in the future.
“We wanted our sales traders to have the maximum tools at their fingertips,” Pack added. “It’s hard for traders to be experts in all the available pools. We are trying to complement what we are doing in the sales trading business with a team that really understands the nuances and how to operate on the platforms of these dark pools.”