Showing posts with label dark liquidity. Show all posts
Showing posts with label dark liquidity. Show all posts
Friday, 31 October 2008
Liquidnet
Liquidnet is an electronic marketplace that facilitates institutional equities trading for asset management firms worldwide. By giving buy-side traders a first look at a global natural liquidity pool of more than 7.98 billion shares per day of liquidity on average, Liquidnet consolidates and delivers the institutional equities market directly to the desktops of 535 buy-side trading firms. Institutional investors use the Liquidnet marketplace to enhance the quality and speed of trade execution, gain price improvement for their trades, and, ultimately, lower overall trading costs. Launched in 2001, Liquidnet now trades in 30 equity markets across five continents. Liquidnet is headquartered in New York with offices in London, Toronto, Tokyo, Hong Kong and Sydney. Additional company information is available online at www.liquidnet.com.
Friday, 5 September 2008
BNY ConverEx Group Alliance with Thomson Reuters
BNY ConvergEx Group, LLC, has entered into a strategic alliance with Thomson Reuters,to provide Thomson Reuters clients access to ConvergEx's execution and liquidity management capabilities. As part of the agreement, Thomson Reuters will become a preferred market data provider for ConvergEx clients, and ConvergEx will become a preferred broker for Thomson Reuters clients.
As a leading global agency brokerage, ConvergEx delivers multi-asset class strategies and tools for world-class execution on every major exchange, seamless connectivity to global markets, and anonymous sourcing of deep liquidity. The ConvergEx liquidity and execution management offering includes the VortEx(SM) dark liquidity pool; ConvergEx Cross(SM), a sophisticated block crossing engine; a complete set of performance-enhancing global algorithms; TactEx, which is a comprehensive suite of advanced DMA order types for accessing both displayed and non-displayed liquidity in the US; and Perform-Ex(SM), a web-based transaction cost analysis platform. The alliance will also allow Thomson Reuters clients to draw on ConvergEx's market-leading commission management and research solutions to help them get maximum value from their commission spend.
Joseph M. Velli, Chairman and Chief Executive Officer of BNY ConvergEx Group, commented, "Thomson Reuters is a recognized leader in providing world-class financial information products to the institutional investor community and we are very excited about the many significant benefits that this partnership is going to bring to our clients."
"Thomson Reuters delivers to customers unparalleled industry expertise, combined with innovative technology -- this is our focus," said Chris Perry, President, Thomson Reuters Americas Markets Division. "ConvergEx, with its leading trading technology solutions, substantially extends our ability to further deliver value to clients through content, analytics and market liquidity solutions."
As a leading global agency brokerage, ConvergEx delivers multi-asset class strategies and tools for world-class execution on every major exchange, seamless connectivity to global markets, and anonymous sourcing of deep liquidity. The ConvergEx liquidity and execution management offering includes the VortEx(SM) dark liquidity pool; ConvergEx Cross(SM), a sophisticated block crossing engine; a complete set of performance-enhancing global algorithms; TactEx, which is a comprehensive suite of advanced DMA order types for accessing both displayed and non-displayed liquidity in the US; and Perform-Ex(SM), a web-based transaction cost analysis platform. The alliance will also allow Thomson Reuters clients to draw on ConvergEx's market-leading commission management and research solutions to help them get maximum value from their commission spend.
Joseph M. Velli, Chairman and Chief Executive Officer of BNY ConvergEx Group, commented, "Thomson Reuters is a recognized leader in providing world-class financial information products to the institutional investor community and we are very excited about the many significant benefits that this partnership is going to bring to our clients."
"Thomson Reuters delivers to customers unparalleled industry expertise, combined with innovative technology -- this is our focus," said Chris Perry, President, Thomson Reuters Americas Markets Division. "ConvergEx, with its leading trading technology solutions, substantially extends our ability to further deliver value to clients through content, analytics and market liquidity solutions."
Monday, 25 August 2008
Chi-X
Chi-X is a "multilateral trading facility" (MTF). Licencing by the UK's Financial Services Authority means it has been passported through to provide services to firms throughout the European Economic Area due to the MiFiD.
The owners, (majority owned by Instinet Europe) claim their platform is of a faster, cheaper and higher capacity alternative to trading on-exchange. Chi-X was the first order driven pan-European matching engine and central limit order book or Multilateral Trading Facility (MTF) to start trading.
Details of claims are:
TRADING ON Chi-X IS CHEAPER - Equity trading is up to ten times cheaper (estimated cost advantages based on an Chi-X internal review) than trading on Europe's traditional stock exchanges. Built on a low cost business model, Chi-X offers lower explicit transaction costs [Click here to find out more]
TRADING ON Chi-X IS FASTER - Traders can execute trades on Chi-X up to ten times faster than major European exchange order driven systems measured by Transact Tools
MiFID COMPLIANCE - Market participants have the opportunity to route orders and trade report to help satisfy MiFID best execution and transparency requirements
STANDARDISED CONNECTIVITY - Chi-X connectivity is provided using the FIX (Financial Information eXchange) protocol 4.2
TRADING ON Chi-X REDUCES YOUR MARKET IMPACT - Traders can slice and represent their orders across a number of liquidity pools to reduce their market impact
REDUCTION OF IMPLICIT TRANSACTION COSTS - Chi-X could help reduce implicit transaction costs
WIDER TRADING OPPORTUNITIES - We offer trading opportunities when the main markets are closed
ARBITRAGE OPPORTUNITIES - Trading on multiple venues in the same instruments offers arbitrage opportunities
TIMING AND OPPORTUNITY COSTS ARE REDUCED - Real time clearing and greater certainty of execution significantly reduces trading costs
LIQUIDITY FLOW - In addition to the flow of market participants who can smart route to Chi-X as part of their MiFID compliant best execution policy
Chi-X
The Chi-X core is comprised of three primary applications: the Matching Engine, FIX, market data connectivity and a number of secondary applications. The Matching Engine is a proprietary system that resides on the Linux operating system.
The owners, (majority owned by Instinet Europe) claim their platform is of a faster, cheaper and higher capacity alternative to trading on-exchange. Chi-X was the first order driven pan-European matching engine and central limit order book or Multilateral Trading Facility (MTF) to start trading.
Details of claims are:
TRADING ON Chi-X IS CHEAPER - Equity trading is up to ten times cheaper (estimated cost advantages based on an Chi-X internal review) than trading on Europe's traditional stock exchanges. Built on a low cost business model, Chi-X offers lower explicit transaction costs [Click here to find out more]
TRADING ON Chi-X IS FASTER - Traders can execute trades on Chi-X up to ten times faster than major European exchange order driven systems measured by Transact Tools
MiFID COMPLIANCE - Market participants have the opportunity to route orders and trade report to help satisfy MiFID best execution and transparency requirements
STANDARDISED CONNECTIVITY - Chi-X connectivity is provided using the FIX (Financial Information eXchange) protocol 4.2
TRADING ON Chi-X REDUCES YOUR MARKET IMPACT - Traders can slice and represent their orders across a number of liquidity pools to reduce their market impact
REDUCTION OF IMPLICIT TRANSACTION COSTS - Chi-X could help reduce implicit transaction costs
WIDER TRADING OPPORTUNITIES - We offer trading opportunities when the main markets are closed
ARBITRAGE OPPORTUNITIES - Trading on multiple venues in the same instruments offers arbitrage opportunities
TIMING AND OPPORTUNITY COSTS ARE REDUCED - Real time clearing and greater certainty of execution significantly reduces trading costs
LIQUIDITY FLOW - In addition to the flow of market participants who can smart route to Chi-X as part of their MiFID compliant best execution policy
Chi-X
The Chi-X core is comprised of three primary applications: the Matching Engine, FIX, market data connectivity and a number of secondary applications. The Matching Engine is a proprietary system that resides on the Linux operating system.
Thursday, 21 August 2008
BlocSec In Hong Kong Expansion
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.
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.
Friday, 16 May 2008
CA Cheuvreux Joins Euro Millenium
CA Cheuvreux has joined Euro Millennium, a neutral dark pool of liquidity for pan-European listed cash equities that was successfully launched by NYFIX International earlier this year.
CA Cheuvreux will offer the benefits of reduced market impact and anonymity to its large base of buy-side and sell-side firms, offering a reliable and proven answer to the dramatic changes observed in European equity markets since the implementation of MiFID.
Euro Millennium is the first truly open European dark pool. It currently matches UK-listed equities, and will be rolling out other major European markets over the course of 2008. Euro Millennium is built upon the proven technology that powers NYFIX Millennium(R), a leading independent US dark pool in operation for the past seven years. Euro Millennium allows participation from both buy-side and sell-side firms seeking price improvement and minimal market impact.
Jerry Lees, Head of Alternative Execution Services at CA Cheuvreux commented: "CA Cheuvreux's strategy is to offer neutral, unbiased access to all new liquidity venues across Europe, enabling our clients to customise their Smart Order Routing strategies to achieve their investment objectives. As the first European neutral dark pool, Euro Millennium further increases the liquidity options open to our clients."
Adding to this, Chris Smith, Director, NYFIX International, said: “Euro Millennium was born out of a committed year-long partnership with buy-side and sell-side participants who have provided valuable advice and feedback through our Advisory Board. We are very proud that Euro Millennium reflects the rapidly evolving needs of our clients in today’s environment of dramatic regulatory change and increased competition. CA Cheuvreux joining Euro Millennium reinforces the depth and neutrality offered by the platform and we are delighted to have them onboard.
CA Cheuvreux will offer the benefits of reduced market impact and anonymity to its large base of buy-side and sell-side firms, offering a reliable and proven answer to the dramatic changes observed in European equity markets since the implementation of MiFID.
Euro Millennium is the first truly open European dark pool. It currently matches UK-listed equities, and will be rolling out other major European markets over the course of 2008. Euro Millennium is built upon the proven technology that powers NYFIX Millennium(R), a leading independent US dark pool in operation for the past seven years. Euro Millennium allows participation from both buy-side and sell-side firms seeking price improvement and minimal market impact.
Jerry Lees, Head of Alternative Execution Services at CA Cheuvreux commented: "CA Cheuvreux's strategy is to offer neutral, unbiased access to all new liquidity venues across Europe, enabling our clients to customise their Smart Order Routing strategies to achieve their investment objectives. As the first European neutral dark pool, Euro Millennium further increases the liquidity options open to our clients."
Adding to this, Chris Smith, Director, NYFIX International, said: “Euro Millennium was born out of a committed year-long partnership with buy-side and sell-side participants who have provided valuable advice and feedback through our Advisory Board. We are very proud that Euro Millennium reflects the rapidly evolving needs of our clients in today’s environment of dramatic regulatory change and increased competition. CA Cheuvreux joining Euro Millennium reinforces the depth and neutrality offered by the platform and we are delighted to have them onboard.
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