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In an exclusive to Traders Magazine, BondWave's CEO warns fixed income participants that they have less than two months until the May 14th deadline for the implementation of the mark-up disclosure rule and the implementation of the PMP "waterfall" approach for fixed income.

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April 20, 2010

BNY ConvergEx Consolidates Information to Offer Better IOIs

By John D'Antona Jr.

BNY ConvergEx can now send clients many more indications of interest, after investing in new technology.

Anthony Conroy, head trader at ConvergEx and a former buyside trader, told Traders Magazine that the company's new IOI system uses a smart algorithm that automatically and instantaneously updates clients' order sizes, order status, order limit parameters and overall equity market conditions. The information is immediately available on the trading desk, and each sales trader can then target his own clients.

The previous system was manual--the number of IOIs sent out was limited by human input speed and subject to human error.

"Our new trade messenger technology provides tremendous efficiencies and gives a much more immediate view of ConvergEx's natural flow to cross against," Conroy said.

The new system allows IOIs to target specific liquidity pockets. For example, clients who only trade financial stocks will only receive IOIs for financial stock. Clients can also decide what trading venue an order goes to.

"This is especially valuable for clients who are dealing with illiquid names," Conroy said.

Since going live with this technology, Conroy said, ConvergEx has seen a fourfold increase in the number of natural IOIs sent.

 

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