NEW YORK, Feb. 29, 2016 /PRNewswire/ -- Convergex, an agency-focused global brokerage and trading related services provider, recently launched a new suite of multi-leg capital commitment crossing algorithms to facilitate the process of liquidity providers committing capital to, and executing block trades on behalf of, their customers. These new algorithms were designed to streamline and simplify the process of sourcing additional liquidity and price improvement while giving traders the ability to choose different "touch rate" paths in order to more effectively manage risk and capital usage.
Unique features of these innovative algorithms include: sweeping of all complex order books; interaction with all complex order auctions; and the ability to simultaneously direct crossing orders to multiple exchanges.
"Convergex is once again ahead of the curve in offering this new suite of multi-leg capital commitment crossing algos," said Ben Londergan, Executive Managing Director of Options Trading and Technology at Convergex. "We responded to feedback from our clients and created multi-leg crossing algos to enable them to customize their interactions with the marketplace when facilitating customers' options orders," said Londergan.
Convergex's options division has seen tremendous growth over the past 12 months, consistently reaching new firm record volume levels. Most recently, on Friday, February 19, 2016, Convergex set a new firm one-day options record when 2.71 million options contracts traded, representing over 15% of the total U.S. listed equity options volume for that date. In addition, year-to-date, Convergex has seen an increase in its average daily options volume of almost 45% in comparison to 2015 total average daily options volume.
Other notable milestones:
- Ben Londergan joined Convergex in 2014 as Executive Managing Director of Options Trading and Technology at Convergex. An options industry veteran, Ben Londergan has played a key role in shaping Convergex's options strategy and has overseen key personnel hires to further enhance Convergex's options program;
- In October 2015, Convergex and IMC Financial Markets (IMC), a global market making firm, announced their plans to enter into an agreement on an innovative liquidity program focused on the options market;
- In December 2015, Convergex expanded its presence on the floor of the Chicago Board Options Exchange (CBOE) when a team from Associated Options Inc. joined forces with Convergex's High Touch Options team, further expanding Convergex's options execution capabilities.
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 Services is a division; 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 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]). Westminster is regulated in the United States by the U.S. Securities and Exchange Commission, which laws differ from those of Australia.
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, other than as a selling group member.
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. 12/2015)