BNY ConvergEx Group, LLC, a leading provider of global agency brokerage and investment technology solutions, today announced that it was named a top broker for best execution according to Investment Technology Group, Inc.'s (ITG(R)) ITG Broker Edge(TM) report for the period ending March 31, 2008.
ConvergEx was named a Top 5 broker in execution quality for "medium trades - between 10,000 and 50,000 shares" and a Top 10 broker in "small trades - less than 10,000 shares." ConvergEx was also ranked in the Top 5 for "lowest execution cost" for both small and medium trades.
ITG Broker Edge is a transaction database of nearly 7 million trades ($3.3 trillion in volume) compiled from data contributed by Investment Technology Group, Inc.'s investment manager clients. The rankings are based on four quarters of U.S. equity trading data for the period ended March 31st, 2008, and on the top 50 by dollar volume.
Joseph M. Velli, Chairman and Chief Executive Officer of BNY ConvergEx Group, commented, "Being recognized as a top broker in several categories that are so important to the investment performance of our clients is a great tribute to the knowledge and expertise of our sales traders and the advanced technologies used in our execution platform. Our commitment to providing best execution is the foundation of all of our client relationships, and the catalyst for our continued growth in the marketplace."
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