BNY ConvergEx Group expands on Fidessa's global network

First Published 12th August 2008

Fidessa announces that BNY ConvergEx Group has expanded its offering on Fidessa's network

Martin Hakker, EVP Marketing, Fidessa: "Customers will also benefit from BNY ConvergEx's extensive range of algorithms which allow for smarter and faster trading in today's increasingly challenging landscape."

Fidessa group plc has announced that BNY ConvergEx Group has expanded its offering on Fidessa's network to include: DMA, care order, algorithmic trading solutions and access to ConvergEx Cross SM.

The full suite of ConvergEx services are now available through the Fidessa trading platform, Fidessa LatentZero EMS Workstation, Minerva OEMS or via Fidessa's global FIX connectivity network, which provides access to 310 brokers, 1800 buy-sides and 100 venues worldwide.

ConvergEx's algorithms are available immediately in North America, Europe, and Asia and include: VWAP, TWAP, POV, Initiation Price, IQx, Scaling, and Closing Price, as well as TactEx, which is ConvergEx's suite of advanced DMA order types. Each algorithm is designed to help users track market sensitivity, monitor marketplace changes and nuances, and dynamically optimise performance and minimise market impact.

In addition, Fidessa users can now access ConvergEx CrossSM, which is ConvergEx's block crossing system that brings together unique institutional, agency-only order flow to provide anonymous execution at the mid-point with natural buy-side contraparties and zero market impact.

Craig S. Lax, Executive Managing Director and Head of Global Electronic Trading, BNY ConvergEx Group, commented, "Integrating our global algorithms into Fidessa's global connectivity network is a great opportunity to expand our exposure to a new segment of the institutional buy-side trading community. We are very excited to partner with Fidessa and look forward to continuing to build our relationship with them."

Martin Hakker, EVP Marketing at Fidessa adds, "Our clients are continually searching for additional sources of liquidity, so it's our pleasure to have BNY ConvergEx on board our global network. Customers will also benefit from BNY ConvergEx's extensive range of algorithms which allow for smarter and faster trading in today's increasingly challenging landscape."

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