NEW YORK, Oct. 4, 2016 /PRNewswire/ -- Convergex, an agency-focused global brokerage and trading related services provider, announced today that its ETF Direct platform set a new one-day volume record on Friday, September 30, for total shares executed and notional value, surpassing its own previous one-day volume record set on May 19, 2016. ETF Direct is a platform that streamlines the process for firms accessing quotes from numerous ETF liquidity providers.
Below is an overview of the new ETF Direct trading records set on Friday, September 30:
- Notional value on September 30 exceeded $396 million, an increase of almost 230% when compared to its previous one-day record of $120 million reached on May 19;
- Volume increased almost 165% from its previous one-day record to approximately 7.5 million shares;
- Average block size executed equaled approximately 62.4% of ADV (20);
- Average slippage measured vs. arrival price (midpoint) was -2.35 bps vs. an average spread of 4.69 bps, only .0235 bps from the touch.
"Not only did our ETF Direct Platform set new trading records during the month of September, October is also starting off strong as interest in our platform continues to grow," 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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