Convergex is shuttering one of its two dark pools, effective Oct. 1.
In a note obtained first by Reuters, the firm, citing lack of interest in trading in the Vortex dark pool, said it would be closing the trading platform.
The remaining dark pool, Millennium, will continue operating as normal and will be the focus of the firm going forward. According to Convergex, Millennium executes all orders are the NBBO mid-point.
“Our clients have indicated that ATS platforms that do not offer unique liquidity and functionality are no longer essential in the marketplace,” the Convergex note said.
According to the FINRA data for August 24, Vortex saw only 18 million shares traded. Meanwhile, Millennium saw more than four times the amount of shares traded.
