ConvergEx Goes Live with Technology for Mahogany Partners

NEW YORK, June 2 /PRNewswire/ -- ConvergEx Group, a leading technology company, today announced that it has launched the advanced blotter polling tools and shadow blotter system, SONAR (SM), it was selected to build for Mahogany Partners, LLC, a consortium of independent broker-dealer firms, including NYSE floor brokers. This innovative solution, which provides access to anonymous block trading, gives Mahogany members a powerful way to access external block liquidity as well as electronically cross blocks among themselves.

Powered by proprietary ConvergEx technology, this software represents the first time a blotter polling solution has been designed for sell-side participants. Mahogany's SONAR (SM) system complements sell-side order management systems and incorporates unique blotter polling and liquidity-seeking capabilities and an improved workflow process.

"In the past, the broker-dealer community was only able to electronically trade block liquidity by resting designated orders. This new customized workflow gives the Mahogany participant firms an advanced way to interact with each other and gives them the advantage of blotter polling technology, which proactively notifies them with a tradable alert as soon as relevant block liquidity becomes available," said Andrew Levine, managing director at ConvergEx Group.

"Since we announced that we were building this technology, we have attracted a strong pipeline of clients," said John Rapa, chief operating officer of Mahogany Partners. "We formed Mahogany to identify efficiencies and facilitate greater access to block liquidity. By partnering with the technology experts at ConvergEx, we not only achieved that, but also have greatly improved the way we provide access to block trading."

Mahogany Partners was founded in 2008 by a team of veteran market structure experts and technologists and is backed by a consortium of sell-side firms dedicated to facilitating access to natural block liquidity venues and innovative block trading technology and strategic alliances. The Mahogany consortium consists of a network of experienced trading professionals serving the nation's top financial institutions. Each of its members has a long track record and respected industry pedigree.  Through the Mahogany team of market structure and trading technology experts, the consortium members are able to consolidate resources, intellectual capital, marketing ideas and market access to reduce costs, increase market share and grow revenues.    

ConvergEx is a leading technology company providing products and services to asset managers and financial intermediaries globally.  Its products and services span the investment life cycle and center on the development, marketing and servicing of technology-based solutions that enable clients to achieve improved investment results through operational and workflow efficiencies, execution and analytical tools and highly personalized service. The firm serves more than 6,000 institutional clients in over 100 global markets.  Formed in 2006, the firm has over 1,000 employees in 22 locations throughout the U.S., Europe, Asia, Australia and Africa.

BNY ConvergEx Group, LLC is comprised of the following businesses: BNY ConvergEx Execution Solutions LLC (member NYSE/FINRA/SIPC), LiquidPoint, LLC (member CBOE/SIPC); Eze Castle Transaction Services LLC (member FINRA/SIPC); Westminster Research Associates LLC (member FINRA/SIPC); G-Trade Services LLC (member FINRA/SIPC); NorthPoint Trading Partners, LLC (member FINRA/SIPC); Eze Castle Software LLC, and ConvergEx Research Solutions LLC, of which Jaywalk and Cogent Consulting are divisions.   Additional information is available at www.convergex.com.

Mahogany Partners, LLC manages a consortium of mid-tier securities broker-dealer firms, facilitating access to anonymous block trading venues through innovative technology and strategic alliances.  With professional management oversight and trading technology experience, Mahogany enables access to state-of-the-art block trading technology and order aggregation networks to leverage today's fast-moving electronic markets. For more information on Mahogany Partners, please see www.mahogany-partners.com and/or contact [email protected] or by phone at 212 809 3800.

SOURCE ConvergEx Group