BlocSec, the first Asian dark pool to cater to both the buy side and the sell side launched by CLSA Asia-Pacific Markets earlier this year, is now offering block trading services in the Hong Kong market in addition to those already available in Singapore and Japan.
In the first week since the launch of the service in Hong Kong to existing CLSA Group clients on 14 August 2008, more than US$1.1 billion of liquidity has passed through the BlocSec platform at an average of US$243 million per day. The recent successful crosses in Hong Kong add to those already achieved in Singapore and Japan.
The service offers both buy and sell side participants an anonymous crossing network that eliminates information leakage and reduces the potential for negative market impact. Since its launch, more than 75 companies have signed up to trade via the BlocSec platform.
BlocSec CEO Ned Phillips said he was highly encouraged by the response to the BlocSec service and to the launch of the Hong Kong market. Since launching, BlocSec has seen liquidity in a total of 356 different stocks, with an average cross size of US$1.15 million.
“There is clearly demand for this type of service in Asia. Dark pools have become an essential part of trading strategy in the US and Europe and we are excited to be one of the first dark pools in Asia. We firmly believe that clients benefit greatly from improved liquidity and execution through the BlocSec platform,” Phillips said. BlocSec is built on the latest technology to provide an electronic marketplace with continuous and high speed order matching and execution. The minimum order is USD$1 million on a firm order basis only. A choice of crossing options is available from the traditional mid-point, passive and aggressive, through session-based and full day VWAP, as well as a last-close option.
Clients customize when and how to interact with the system. They can connect from their existing OMS using FIX, via the Bloomberg EMS or using the BlocSec web-based application front-end.
Showing posts with label Asian markets. Show all posts
Showing posts with label Asian markets. Show all posts
Thursday, 21 August 2008
Friday, 4 April 2008
BNY ConvergEx Group Asian Appointment
BNY ConvergEx Group, LLC, a leading provider of global agency brokerage and investment technology solutions, today announced the appointment of Luis Camacho as Head of ConvergEx Global Markets Asia. He will be based in Hong Kong and report to Anthony Blumberg in New York. ConvergEx Global Markets specializes in global agency trading in over 94 markets worldwide, including global portfolio trading, single stock and block-trading, portfolio rebalancing, foreign exchange and liquidations.
Mr. Camacho, previously a Senior Vice President for ConvergEx Global Markets in New York, will now manage all aspects of that business in the Asia Pacific region, which includes overseeing all sales and trading, client development, and trading technology infrastructure. Prior to joining BNY ConvergEx Group, Mr. Camacho held a number of senior trading positions at JP Morgan, Credit Agricole, and Societe Generale.
Joseph M. Velli, Chairman and Chief Executive Officer of BNY ConvergEx Group, commented, "Ensuring the continued strength of our global trading capabilities is essential to meeting the investment needs of our clients. We are extremely pleased to have a person of Luis's caliber take on a leadership role in a business and region that is central to the ConvergEx franchise."
"Luis brings an abundance of international trading expertise and a wealth of relationships in the local and global institutional investment community to his new role as head of ConvergEx Global Markets Asia," commented Anthony Blumberg, Chief Executive Officer of ConvergEx Global Markets. "I am confident that our clients in Asia and throughout the world will benefit significantly from this appointment."
In addition to appointing a new head of ConvergEx Global Markets Asia, ConvergEx also recently enhanced its client servicing capabilities in Japan through the hire of Yasuo Kitagawa as Head of Japan Product Sales for BNY Global Transition Management. Mr. Kitagawa is responsible for business development in Japan for the pension fund, insurance and asset management sectors, working with clients to develop and implement cost efficient transition management strategies.
Mr. Camacho, previously a Senior Vice President for ConvergEx Global Markets in New York, will now manage all aspects of that business in the Asia Pacific region, which includes overseeing all sales and trading, client development, and trading technology infrastructure. Prior to joining BNY ConvergEx Group, Mr. Camacho held a number of senior trading positions at JP Morgan, Credit Agricole, and Societe Generale.
Joseph M. Velli, Chairman and Chief Executive Officer of BNY ConvergEx Group, commented, "Ensuring the continued strength of our global trading capabilities is essential to meeting the investment needs of our clients. We are extremely pleased to have a person of Luis's caliber take on a leadership role in a business and region that is central to the ConvergEx franchise."
"Luis brings an abundance of international trading expertise and a wealth of relationships in the local and global institutional investment community to his new role as head of ConvergEx Global Markets Asia," commented Anthony Blumberg, Chief Executive Officer of ConvergEx Global Markets. "I am confident that our clients in Asia and throughout the world will benefit significantly from this appointment."
In addition to appointing a new head of ConvergEx Global Markets Asia, ConvergEx also recently enhanced its client servicing capabilities in Japan through the hire of Yasuo Kitagawa as Head of Japan Product Sales for BNY Global Transition Management. Mr. Kitagawa is responsible for business development in Japan for the pension fund, insurance and asset management sectors, working with clients to develop and implement cost efficient transition management strategies.
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