BNY ConvergEx Group, LLC’s LiquidPoint routed or executed a record 685 million options contracts in 2007, the seventh consecutive year, since the firm’s inception in 1999, that LiquidPoint’s yearly performance has outpaced the previous year.
BNY ConvergEx Group completed its acquisition of LiquidPoint on July 2, 2007. LiquidPoint’s average daily volume in 2007 represented an increase of 56% compared to the year before, and its share of OCC volume increased 57% compared to 2006.
The overall volume of the US options industry increased approximately 41% in 2007, according to transaction volume data obtained from the Options Clearing Corporation (OCC).
LiquidPoint’s record-breaking 2007 was marked by increases in monthly volume throughout the year, and continued to gain strength even during the highly volatile market conditions that occurred during the second half of the year.
“2007 proved to be an exceptional year for ConvergEx. The combination of unparalleled client service and sophisticated technology offerings that have led to the ongoing growth at LiquidPoint is a great representation of the dynamic entrepreneurial spirit that drives the continued success of ConvergEx,” says Joseph M. Velli, chairman and CEO, BNY ConvergEx Group.
“Last year’s record-breaking volume numbers are a direct result of the increasing amount of advanced electronic functionality engineered into the Heat System as well our ability to listen to what our clients want and customise their systems to suit their individual options trading preferences, and this will not change in 2008 and beyond,” adds Anthony J. Saliba, president and CEO, LiquidPoint.
LiquidPoint, based in Chicago and a member of BNY ConvergEx Group, is an agency-based registered broker-dealer that focuses on derivatives execution management technology and brokerage services for listed options and equities.