Service offers client-centric crossing alternative.
Press Release Summary:
Providing scalable, service-oriented architecture, ConvergEx CrossSM features customizable functionality for both negotiated and automated crossing. Transparent liquidity management environment brings together buyers and sellers to help move blocks of shares by accessing both institutional and broker order flow. Traders can set default preferences to include or exclude certain types of trading partners.
Original Press Release:
BNY ConvergEx Group Announces Launch of New Crossing Network
ConvergEx Cross(SM) offers a client-centric, conflict-free crossing alternative
NEW YORK, March 6 /-- BNY ConvergEx Group, LLC, a leading provider of agency brokerage and investment technology solutions, today announced the launch of ConvergEx Cross(SM), its new, patent-pending proprietary block crossing service, offering advanced, customizable functionality for both negotiated and automated crossing. From one of the largest liquidity providers in the marketplace, ConvergEx Cross provides a transparent, cost-effective and enhanced liquidity management environment that brings together buyers and sellers to help move blocks of shares efficiently by accessing both institutional and broker order flow.
Today the ConvergEx Cross is currently available to Eze Castle Software order management system (OMS) clients and through the BNY ConvergEx Execution Solutions trading desks. Integration with other OMS vendors, as well as other connectivity platforms, is planned for the second half of 2007.
The launch of the ConvergEx Cross service, which follows the recent formation of BNY ConvergEx Group, clearly demonstrates the firm's commitment and ability to swiftly bring to market the advanced technologies needed to succeed in today's rapidly evolving marketplace. While there have been multiple crossing systems emerging, ConvergEx Cross provides a fast, scalable trading platform that is differentiated in its ability to enable participants to customize their preferences and parameters through an intuitive, easy-to- use interface to meet their unique trading styles. Open to both buy- and sell- side participants, ConvergEx Cross enables traders to set default preferences to include or exclude certain types of trading partners and offers the ability to use both negotiated and automated crossing preferences simultaneously. By incorporating best-of-breed technology and a service-oriented architecture, ConvergEx Cross provides a secure and efficient crossing environment -- one whose features are a natural extension of the ConvergEx commitment to conflict-free, agency solutions.
"In October 2006 when we launched BNY ConvergEx Group, our vision was to create a trading and technology company that would foster entrepreneurship -- one that would harness our combined trading and technological capabilities to swiftly and effectively respond to rapid changes in the marketplace," said Joseph M. Velli, Chairman and CEO, BNY ConvergEx Group. "It is very exciting to realize our mission so soon into 2007 and introduce ConvergEx Cross, the first of many technology initiatives set to launch this year."
"We evaluated existing alternative trading systems, spoke to clients and are pleased to bring to market in just four months the ConvergEx Cross," said Gary Ardell, Managing Director and head of BNY ConvergEx Group's Financial Engineering and Advanced Trading Solutions (FEATS) unit. "Our crossing system offers a complete array of trader-driven features, configurable at the trader or firm-level, which tap into multiple rich pools of natural liquidity. Our focus on meeting traders' needs and the mastery of rapid technology developments are hallmarks of BNY ConvergEx Group."
"As an OMS provider, we are constantly looking to provide our clients with new ways to access liquidity and new ways to streamline the trading process," says Tom Gavin, CEO, Eze Castle Software. "Our broker-neutral platform allows clients to access a wide variety of electronic trading tools and venues. However, as part of the ConvergEx Group we have been able to ensure that our OMS has a truly seamless integration with the cutting edge functionality and deep liquidity of the new ConvergEx Cross."
About BNY ConvergEx Group
BNY ConvergEx Group, LLC provides premier institutional agency brokerage and investment technology solutions designed to deliver a comprehensive, integrated approach to the investment cycle, from idea generation and trade execution to clearance and settlement. The Company offers a broadly diversified suite of services providing innovative solutions in trade execution, investment technologies, transition management, commission management, research and wholesale and outsourcing solutions. BNY ConvergEx Group is comprised of the following businesses: BNY ConvergEx Execution Solutions LLC (member NYSE/NASD/SIPC), including BNY Global Transition Management and LJR Recapture Services; BNY Jaywalk LLC; ConvergEx Global Markets; Eze Castle Software LLC; and Westminster Research Associates LLC (member NASD/SIPC). BNY ConvergEx Group is an affiliate of The Bank of New York Company, Inc. (NYSE:BK). Additional information is available at www.bnyconvergex.com.
ConvergEx Cross is a trademark of BNY ConvergEx Group, LLC.
CONTACT: Peggy Farrell, +1-212-468-7708
