NEW YORK, Jan. 31, 2013 /PRNewswire/ -- ConvergEx Group, a leading technology company, today announced that Westminster Research Associates recently celebrated 20 successful years since its founding. Its global execution network is now at a new high, growing to more than 200 broker-dealers. This represents a 100% growth rate in just the past three years. In addition, Westminster now provides research from over 5,000 companies.
"In 1993 Westminster showed tremendous foresight in anticipating an unbundled marketplace by introducing a client-driven, multiple trading framework that enhanced money managers' trading flexibility and streamlined their Commission Sharing Arrangements (CSAs), Client Commission Arrangements (CCAs) and third-party research payments," said Joseph M. Velli, chairman and chief executive officer of ConvergEx Group. "Today, the need for a comprehensive, centralized commission management offering like ours has become paramount."
"CSAs have become widely accepted, both in the U.S. and abroad," said John Meserve, executive managing director and head of the commission management business at ConvergEx Group. "Looking forward, Westminster will continue to provide what our clients want and need - an agnostic, anonymous trading framework that allows money managers to execute where they want to acquire research from virtually anywhere."
As one of the industry's leading providers of end-to-end commission management solutions, ConvergEx provides a complete suite of neutral, anonymous and transparent services that encompasses every step of the commission management process. Through Westminster Research, a global leader in aggregating research commissions, ConvergEx offers its customers access to a comprehensive suite of trading strategies - including global algorithms, crossing networks, DMA platforms, full-service and agency trading desks - in over 100 markets worldwide.
About ConvergEx Group
ConvergEx Group is a leading technology company providing mission-critical proprietary software products and technology-enabled services to asset managers and financial intermediaries globally. Its products and services span the investment life cycle and are designed to enable customers to achieve improved results through operational and workflow efficiencies, execution and analytical tools and highly personalized service. The firm serves more than 4,000 customers accessing over 100 global markets. Formed in 2006, the firm has over 1,250 employees located in 23 cities throughout the Americas, Europe, Middle East, Africa and Asia-Pacific.
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); Eze Castle Transaction Services LLC (member FINRA/SIPC); ConvergEx Prime Services LLC (member FINRA/SIPC); Eze Castle Software LLC; RealTick LLC; ConvergEx Solutions LLC, of which Cogent Consulting, ConnEx, Jaywalk and LDB are divisions; ConvergEx Limited in the UK and Australia; and ConvergEx Asia Pacific Limited in Hong Kong. ConvergEx Group, LLC is a subsidiary of ConvergEx Holdings, LLC. Additional information is available at www.convergex.com.
SOURCE ConvergEx Group