NEW YORK, Sept. 7, 2011 /PRNewswire/ -- ConvergEx Group, a leading technology company, today announced that it has enhanced Darkest, its global liquidity-seeking algorithm, so that users can now simultaneously access the vast majority of the dark liquidity spread throughout Europe and Asia -- all with a single order.
"Liquidity in Europe and Asia continues to be dispersed among an increasing number of market centers and volumes in dark venues have grown to record levels. While customers seeking this liquidity have more pools to choose from, efficiently accessing all of them remains difficult," said William Capuzzi, president of ConvergEx's global execution business. "Darkest is the solution to this challenge."
Darkest's proprietary methodology allows users to quickly source almost all of Europe and Asia's dark liquidity with minimal information leakage. Its Multi-Dimensional Sensitivity Profile continuously monitors all dark venues accessed to determine how aggressively to expose orders. And as executions occur, it automatically rebalances between venues based upon execution quality. ConvergEx offers transparency as to where orders are executed with real-time notifications and end-of-day reports.
"Being able to access such a vast swath of global liquidity in one ticket means our customers no longer have to break out orders themselves or pay multiple ticket charges," said Kish Desai, head of EMEA Sales for ConvergEx's global execution business. "Darkest gives our customers unprecedented ease of access to liquidity and saves them time and money."
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