NEW YORK and CHICAGO, Sept. 14, 2011 /PRNewswire/ -- ConvergEx Group, a leading technology company, today announced that LiquidPoint executed and /or routed a record 177.8 million options contracts during the month of August 2011. This is its highest volume ever recorded in one month, topping its May 2010 volume by 45 million contracts. LiquidPoint's August volume represents an increase of 101% compared to its August 2010 volume. Over the same period, overall volume of the U.S. options industry increased approximately 94%, according to transaction volume data obtained from the Options Clearing Corporation (OCC).
"We are pleased to report that the growth in our volume continues to outpace the growth in overall options volume," commented Mark Bromley, managing director of Business Development for ConvergEx's LiquidPoint. "In the extremely volatile markets last month, clients depended upon LiquidPoint's reliable and cutting‐edge technologies."
The August contract traffic represented an uptick of nearly 63% over July's activity, compared to a 58% industry increase, according to OCC data. LiquidPoint's iSpreads, its technology for managing and routing spread orders, executed 5.6 million contracts, up 70% from last August.
"We continue to increase our market share by offering clients the technology and functionality they need to keep pace with the ever‐changing options landscape," said Joseph Corona, director of strategic planning for ConvergEx's LiquidPoint. "Spreading capabilities continue to lead the competition. And we are quickly becoming recognized as the leader in multi‐exchange crossing functionality, whether it be facilitation or solicitation, large block orders or small, and our crossing volume has contributed nicely to our overall growth throughout the past few months."
LiquidPoint offers flexible, customizable and comprehensive solutions, specifically designed to meet the diverse needs of institutional options traders. Combining sophisticated electronic trading tools with superior order execution services and outstanding customer support, LiquidPoint provides a complete platform to help maximize options execution efficiency while seeking to improve performance and overall results.
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 customers accessing over 100 global markets. Formed in 2006, the firm has over 1,200 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, RealTick LLC and ConvergEx Research Solutions LLC, of which Jaywalk, Cogent Consulting and LDB are divisions. Additional information is available at www.convergex.com
SOURCE ConvergEx Group