ConvergEx Group's LiquidPoint Expands Multi-Leg Offering with Launch of NXP DARK™ Algorithm to Source Dark Liquidity for Options
NEW YORK, April 3, 2014 /PRNewswire/ -- ConvergEx Group, a leading provider of global brokerage and trading-related services, today announced that its LiquidPoint options technology business has expanded its offering of multi-leg solutions to include the NXP DARK™ algorithm. With the market for complex order types expected to grow more than 20% in 2014*, LiquidPoint continues to enhance its capabilities to address the unique demands that this growing trend places upon its clients: efficient price discovery on spreads and finding liquidity in fragmented markets.
Using DARK, clients can act without potential market impact. Clients with multi-leg trading strategies can access LiquidPoint's NXP dark pool with their originating order only going to market if a match is found within NXP. If liquidity is not found, the order immediately returns to the client as canceled. NXP, an SEC-registered alternative trading system for U.S. listed options, sources liquidity by aggregating LiquidPoint's extensive order flow and network of liquidity providers, leveraging the firm's long history of providing price improvement opportunities within a secure and anonymous venue.
"Since May 2013, our spread algorithm volume has nearly tripled," said Anthony J. Saliba, CEO of LiquidPoint. "Customers are using complex orders more frequently to achieve their investment goals, and DARK's multi-leg order capability delivers a powerful new dimension for their trades."
DARK joins LiquidPoint's suite of multi-leg algorithms that have seen broad adoption by options traders since their launch last year, including Complex Order Book Sweep, Reserve, Hidden and Pulse. Additionally, LiquidPoint's Execution Quality Dashboard provides clients with daily transparent reporting for both single- and multi-leg orders.
ConvergEx's LiquidPoint offers flexible, customizable and comprehensive solutions, specifically designed to meet the diverse needs of the options trading community.
*Tabb Group - US Options Market Making 2013: Scale, Scope and Survival, March 2014
About ConvergEx Group
ConvergEx Group is a leading provider of global brokerage and trading-related services for institutional investors and financial intermediaries. ConvergEx combines client-first service with innovative products, sophisticated strategies and proprietary technology to meet the challenges of increasingly dynamic and fast-paced markets. Headquartered in New York with a presence in several other key locations including London, Chicago, San Francisco, Boston and Atlanta, the company serves more than 3,000 clients accessing over 100 global market centers.
ConvergEx Group includes ConvergEx Execution Solutions LLC (member NYSE/FINRA/SIPC); LiquidPoint, LLC (member CBOE/SIPC); G-Trade Services LLC (member FINRA/SIPC); Westminster Research Associates LLC (member FINRA/SIPC); ConvergEx Prime Services LLC (member FINRA/SIPC); ConvergEx Solutions LLC, of which ConnEx, Jaywalk and LDB are divisions; and ConvergEx Limited in the UK. ConvergEx Group, LLC is a subsidiary of ConvergEx Holdings, LLC. Additional information is available at www.convergex.com.
SOURCE ConvergEx Group