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ConvergEx Enhances Its Algorithms to Take Advantage of Opening and Closing Auction Liquidity

NEW YORK, Sept. 3, 2014 /PRNewswire/ -- ConvergEx Group, a leading provider of global brokerage and trading-related services, today announced enhancements to its Closing Price, POV and AbraxasSM trading algorithms that will seek to optimize client participation in the NASDAQ, NYSE and NYSE Arca opening and closing auctions.

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Using historical data and real-time auction imbalance information, ConvergEx's algorithms can now determine the optimal number of shares to commit to the auctions, to minimize market impact and determine how best to trade the shares that remain in the market. For the NYSE, the algos also allow discretionary quote orders (D-quotes) to be transmitted electronically to designated floor traders, allowing trades as close to the end of the day as possible.

"Our research shows the opening and closing auctions collectively account for approximately 5% of total trading volume," said Gregory Voetsch, chief executive officer of ConvergEx Execution Solutions and head of brokerage services. "It's essential that investors have the same sophisticated tools for participating in the auctions as they do in the continuous market, and our enhanced algorithms provide powerful new ways for our clients to interact with this unique liquidity and maximize their trading performance."

The algorithms with enhanced auction access are:

  • Closing Price – Designed to perform well against the day's closing price, this algorithm can either maximize alpha or strictly track the benchmark price.
  • Abraxas – Efficiently seeks liquidity across all markets, light and dark. This algorithm also tactically takes advantage of favorable price movements and volatility changes.
  • POV – Strives for minimal market impact by participating at a specified percentage of volume. Ideal when consistent participation takes priority over guaranteed completion.

About ConvergEx Group
ConvergEx Group is a leading provider of global brokerage and trading-related services. Its companies provide products and services in the following areas: global execution and clearing, commission management, independent research, commission recapture, options technologies, prime services and outsourced connectivity. ConvergEx Group companies do not engage in market making or investment banking, but may operate in a riskless principal and/or net trading capacity as well as in an agency capacity. In connection with certain ETF transactions requested by clients, ConvergEx Execution Solutions may act as a principal or engage in hedging strategies in connection with such transactions.

In the U.S., ConvergEx Group is comprised of ConvergEx Execution Solutions LLC (member NYSE/FINRA/SIPC), of which ConvergEx Prime Services is a division; LiquidPoint, LLC (member CBOE/SIPC); G-Trade Services LLC (member FINRA/SIPC); Westminster Research Associates LLC (member FINRA/SIPC); and ConvergEx Solutions LLC, of which ConnEx, Jaywalk and LDB are divisions. ConvergEx Group, LLC is a subsidiary of ConvergEx Holdings, LLC. Additional information is available at www.convergex.com.

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SOURCE ConvergEx Group

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