The new system will be monitored by ConvergEx’s execution team, backed by real-time market data. The technology will be 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.
Carey Pack, CEO of execution solutions at ConvergEx, said: “By streamlining and centralizing our internal processes, we have dramatically increased the number of highquality IOIs we send and clients are seeing greatly increased matched rates against the firm’s liquidity. Having a wealth of natural IOIs gives ConvergEx and our clients a tremendous advantage sourcing liquidity in today’s fragmented and complex markets.”
Anthony Conroy, head trader at ConvergEx, said: “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.”