BNY ConvergEx Group has launched ConvergEx CrossSM, its new, patent-pending proprietary block crossing service.
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, says BNY ConvergeEx.
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.
“We evaluated existing alternative trading systems, spoke to clients and are pleased to bring to market in just four months the ConvergEx Cross,” says Gary Ardell, Managing Director and head of BNY ConvergEx Group’s Financial Engineering and Advanced Trading Solutions (FEATS) unit.
“Our focus on meeting traders’ needs and the mastery of rapid technology developments are hallmarks of BNY ConvergEx Group,” he adds.