NEW YORK, Sept. 12, 2016 /PRNewswire/ -- Convergex, an agency-focused global brokerage and trading related services provider, announced today that its ETF Direct platform continues to experience significant volume growth while surpassing its own monthly volume records. ETF Direct is a platform that streamlines the process for firms accessing quotes from numerous ETF liquidity providers. Since the ETF Direct platform's recent launch, notional value executed has exceeded $2.5 billion. Other significant ETF Direct volume statistics include:
- For the month of August, the average block size executed equaled approximately 65.5% of average daily volume (ADV) and the average slippage measured vs. arrival price (midpoint) was 2.91 bps vs. an average spread of 4.27 bps, only .775 bps outside the NBBO;
- Since May 2016, ETF Direct has improved executions by over 27.5% vs. the midpoint;
- August volume increased over 157% from the previous month to approximately 10.4 million shares;
- August notional value exceeded $655 million, an increase of over 136% when compared to July;
- August ETF Direct trades increased by over 93% versus July.
"While August tends to be a slow volume month for the financial marketplace as a whole, Convergex's ETF Direct platform has been experiencing record volume days while our clients are receiving optimal price discovery on thinly traded ETFs," said Eric W. Noll, Convergex President and CEO. "ETF Direct allows our clients to transact ETFs in large sizes while offering complete anonymity and full transparency on price discovery," said Noll.
Key features of ETF Direct platform include:
- The ability to request competitive quotes simultaneously from multiple liquidity providers including those in niche markets and sectors;
- Complete anonymity for clients and liquidity providers;
- Access to an aggregated, competitive market;
- No minimum/maximum order size; and
- A comprehensive audit trail, highlighting transparency.
Convergex is an agency-focused global brokerage and trading related services provider that takes on the industry's toughest challenges, from complicated trades to complex businesses. With clients' interests as the top priority, Convergex delivers comprehensive solutions that span global high-touch and electronic trading, options technologies, prime brokerage, clearing, commission management and beyond. Headquartered in New York with a presence in several other locations including Atlanta, Boston, Chicago, Orlando, San Francisco and London, the company serves nearly 3,000 clients accessing over 100 global market centers.
Convergex is an agency-focused global brokerage and trading related services provider. In the U.S., Convergex offers products and services through Convergex Execution Solutions LLC (member NYSE/FINRA/NFA/SIPC), of which Convergex Prime Service and Options Trading and Technology are divisions; Westminster Research Associates LLC (member FINRA/SIPC); and Convergex Solutions LLC, of which Connex, Jaywalk and LDB are divisions. In London, Convergex operates through Convergex Limited, which is incorporated in England and Wales (registered with company number 06262150). Convergex Limited is authorized and regulated by the Financial Conduct Authority (FCA) of the United Kingdom. Westminster Research Associates LLC is regulated in the United States by the U.S. Securities and Exchange Commission. Westminster provides services in Australia pursuant to an exemption from the requirement to hold an Australian financial services license under the Corporations Act 2001 (ASIC Class Order [CO 03/1100]).
Convergex provides brokerage services primarily on an agency basis, but may operate in a riskless principal and/or net trading capacity, and in connection with certain ETF or ADR transactions, may act as principal or engage in hedging strategies. Convergex does not engage in market making or investment banking activities.
The material, data and information (collectively "Convergex Information") that is available from Convergex is intended for institutional investor use only; is for informational purposes only; is subject to change at any time; is not intended to provide tax, legal or investment advice; and does not constitute a solicitation or offer to purchase or sell securities. Convergex Information is believed to be reliable, but Convergex does not warrant its completeness or accuracy and Convergex assumes no duty to update such information. Clients should read their account agreement(s) and documentation with Convergex carefully as those documents contain important information and disclosures about the products or services covered thereby. Convergex is not responsible for third-party information or services, including market data from the exchanges. (Rev. 03/30/2016)
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