BNY ConvergEx Group Announces New Global Smart Order Routing for Europe

13 November 2008

BNY ConvergEx Group, LLC, a leading provider of global agency brokerage and investment technology solutions, today announced that it is offering a new global smart order routing platform in response to the growth of new liquidity pools and multilateral trading facilities (MTFs) within Europe.
ConvergEx’s new global smart order router gives clients the ability to take advantage of the critical benefits that these alternative trading venues offer for executing European equities. The global smart router will look at orders bound for certain European markets and analyze other venues that quote or trade that same stock to determine whether there is a better chance of execution at better prices than the primary market.
In addition, the smart order router will help improve performance of algorithmic trading strategies, provide greater trading anonymity, increase execution speed and reduce market impact by taking advantage of greater depth at all price points over multiple venues.

Joseph M. Velli, Chairman and Chief Executive Officer of BNY ConvergEx Group, commented, “The implementation of MiFID has led to the creation of several new trading venues in Europe that have further fragmented markets and made finding liquidity difficult for clients. Our new global smart order router is a significant addition to ConvergEx’s industry-leading electronic trading platform because it gives clients access to a broad array of liquidity from the primary markets as well as Europe's new trading venues, helping them to achieve best execution.”

“As market fragmentation continues unabated and the number of execution venues increases exponentially, the need for a smart order router with the speed and advanced trading intelligence of our platform has never been more important,” stated William Capuzzi, President of BNY ConvergEx Group’s G-Trade Services LLC.

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