ConvergEx to Build Suite of Advanced Electronic Block Trading Technologies for
Consortium Members
NEW YORK, Nov. 3 /PRNewswire/ -- ConvergEx, a leading provider of investment
and execution technology solutions to institutional clients worldwide, today
announced that it has been selected by Mahogany Partners LLC, a consortium of
independent NYSE broker-dealers, to build a full line of advanced electronic
block trading technologies.
Under the terms of the agreement, ConvergEx will develop a suite of electronic
trading products to enhance the consortium members' block trading
capabilities. For the first component, ConvergEx will build advanced blotter
polling tools that will give Mahogany's members a powerful way to access
external block liquidity as well as electronically cross block trades among
themselves. This represents the first time anonymous blotter polling
functionality has been made available to NYSE independent floor brokers. The
blotter polling functionality, along with each additional tool ConvergEx
builds for Mahogany, will all be accessible through an aggregated user
interface.
"Using a combination of ConvergEx's proprietary technologies and expertise, we
are able to offer the Mahogany consortium innovative ways to incorporate
state-of-the-art technology into their businesses and daily work flow," said
Andrew Levine, managing director at ConvergEx. "We look forward to building
additional solutions to help the Mahogany consortium realize substantial block
and liquidity opportunities."
"Mahogany was formed for this very purpose of finding creative ways to produce
sophisticated approaches to facilitate block trading and enhance trading
performance," said Gregory Johnston, chief executive officer of Mahogany.
"Contracting with a best-of-breed technology provider like ConvergEx gives us
a significant edge addressing today's complex market structure. ConvergEx's
deep experience and proven track record of implementing intricate trading
systems made them a natural selection to build these technologies for us."
About ConvergEx
BNY ConvergEx Group, LLC provides investment and execution technology
solutions to institutional clients worldwide. The Company provides a full
array of leading technologies and an integrated platform of
performance-driven, global trading capabilities. BNY ConvergEx Group 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); Eze Castle
Software LLC, and ConvergEx Research Solutions LLC, of which Jaywalk and
Cogent Consulting are divisions. Additional information is available at
www.bnyconvergex.com.
About Mahogany Partners, LLC
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.
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. Mahogany participant firms are independent but work together
toward a common goal: to help grow their business and become more profitable
in a cooperative environment and establish access to the best block trading
venues in the industry. For more information on Mahogany Partners, please see
www.mahogany-partners.com and/or contact sales@mahogany-partners.com or by
phone at 1-212 809 3800.
Contact:
Elizabeth Anderson
EAnderson@bnyconvergex.com
212.468.7713
SOURCE ConvergEx
Elizabeth Anderson of ConvergEx, EAnderson@bnyconvergex.com, +1-212-468-7713
