ConvergEx Group, a leading provider of investment technologies and execution solutions to institutional clients worldwide, today announced the successful launch of a new trade messenger system to aggregate the firmâs highâtouch order flow and boost real, relevant and natural indications of interest (IOIs).
âBy 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 firmâs liquidity,â said Carey S. Pack, chief executive officer of ConvergEx Execution Solutions. âHaving a wealth of natural IOIs gives ConvergEx and our clients a tremendous advantage sourcing liquidity in todayâs fragmented and complex markets.â
Since going live with this technology, ConvergEx has seen a fourfold increase in the number of natural IOIs sent. âOur new trade messenger technology provides tremendous efficiencies and gives a much more immediate view of ConvergExâs natural flow to cross against. This is especially valuable for clients who are dealing with illiquid names,â said Anthony Conroy, head trader at ConvergEx. âThis technology is yet another example of ConvergEx building and using innovative technology for the benefit of our clients.â The new system is monitored by ConvergExâs execution experts, backed by vast amounts of realâtime market data and is highly customizable. The technology is respectful of clientsâ 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.