ConvergEx Group, a leading provider of investment
technologies and execution solutions to institutional clients worldwide,
today announced the successful launch of a new trade messenger system
to aggregate the firm’s high-touch order flow and boost real, relevant
and natural indications of interest (IOIs).
"By streamlining and centralizing our internal processes, we
have dramatically increased the number of high-quality IOIs we send and
clients are seeing greatly increased matched rates against the firm’s
liquidity," said Carey S. Pack, chief executive officer of ConvergEx
Execution Solutions. "Having a wealth of natural IOIs gives
ConvergEx and our clients a tremendous advantage sourcing liquidity in
today’s fragmented and complex markets."
Since going live with this technology, ConvergEx has seen a
fourfold increase in the number of natural IOIs sent.
"Our new trade messenger technology provides tremendous
efficiencies and gives a much more immediate view of ConvergEx’s natural
flow to cross against. This is especially valuable for clients who are
dealing with illiquid names," said Anthony Conroy, head trader at
ConvergEx. "This technology is yet another example of
ConvergEx building and using innovative technology for the benefit of
The new system is monitored by ConvergEx’s execution experts,
backed by vast amounts of real-time market data and is highly
customizable. The technology is respectful of clients’ preferences and
intelligent IOIs are specifically targeted based on client interests and
watch lists. The orders are kept current by automatically checking the
marketability and availability of the order.