ConvergEx Launches Abraxas Europe

Highly Adaptable Technology to Source Fragmented European Liquidity

Oct 27, 2010, 11:22 ET from ConvergEx Group

LONDON, Oct. 27 /PRNewswire/ -- ConvergEx Group, a leading technology company, today announced the European launch of Abraxas(SM), the firm's tactical trading algorithm that uses several technologies to source liquidity in both displayed and dark venues.  Using this algorithm, clients can now better exploit hidden liquidity, favorable price movements and volatility changes, while simultaneously accessing nearly two dozen of the most liquid European primary exchanges, multilateral trading facilities (MTFs) and broker-sponsored pools.

To consistently capture maximum liquidity while minimizing market impact, Abraxas Europe balances orders among the most advantageous market venues based on changing market conditions.  Abraxas Europe is highly customizable to suit clients' preferred destinations and level of aggressiveness.

"Europe's fragmented markets can make it very challenging for clients to find liquidity without leaving a footprint, especially with orders that deal with illiquid or hard-to-trade names or when a trade demands urgent execution," said William Capuzzi, president of ConvergEx Group's G-Trade Services. "The highly flexible technology in Abraxas uses a mix of different order types all at once to help ensure clients do not miss liquidity opportunities. This becomes especially valuable in lower volume environments."

"We have seen a tremendous demand for Abraxas in the United States and early users of Abraxas Europe have been very pleased with its performance," said Craig Lax, executive managing director at ConvergEx Group. "We are committed to delivering innovative technology-based investment solutions and will continue to roll out new products to give our clients a trading edge."

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 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


Elizabeth Anderson


SOURCE ConvergEx Group