ConvergEx Group, a leading technology company, today announced that it has launched the advanced blotter polling tools and shadow blotter system, SONAR SM, it was selected to build for Mahogany Partners, LLC, a consortium of independent broker-dealer firms, including NYSE floor brokers. This innovative solution, which provides access to anonymous block trading, gives Mahogany members a powerful way to access external block liquidity as well as electronically cross blocks among themselves.
Powered by proprietary ConvergEx technology, this software represents the first time a blotter polling solution has been designed for sell-side participants. Mahoganyâs SONAR SM system complements sell-side order management systems and incorporates unique blotter polling and liquidity-seeking capabilities and an improved workflow process.
âIn the past, the broker-dealer community was only able to electronically trade block liquidity by resting designated orders. This new customized workflow gives the Mahogany participant firms an advanced way to interact with each other and gives them the advantage of blotter polling technology, which proactively notifies them with a tradable alert as soon as relevant block liquidity becomes available,â said Andrew Levine, managing director at ConvergEx Group.
âSince we announced that we were building this technology, we have attracted a strong pipeline of clients,â said John Rapa, chief operating officer of Mahogany Partners. âWe formed Mahogany to identify efficiencies and facilitate greater access to block liquidity. By partnering with the technology experts at ConvergEx, we not only achieved that, but also have greatly improved the way we provide access to block trading.â
Mahogany Partners was founded in 2008 by a team of veteran market structure experts and technologists and is backed by a consortium of sell-side firms dedicated to facilitating access to natural block liquidity venues and innovative block trading technology and strategic alliances. The Mahogany consortium consists of a network of experienced trading professionals serving the nationâs top financial institutions. Each of its members has a long track record and respected industry pedigree. Through the Mahogany team of market structure and trading technology experts, the consortium members are able to consolidate resources, intellectual capital, marketing ideas and market access to reduce costs, increase market share and grow revenues.