NEW YORK, Nov. 3 /PRNewswire/ -- ConvergEx, a leading provider of investment and execution technology solutions to institutional clients worldwide, today announced that it has been selected by Mahogany Partners LLC, a consortium of independent NYSE broker-dealers, to build a full line of advanced electronic block trading technologies.
Under the terms of the agreement, ConvergEx will develop a suite of electronic trading products to enhance the consortium members' block trading capabilities. For the first component, ConvergEx will build advanced blotter polling tools that will give Mahogany's members a powerful way to access external block liquidity as well as electronically cross block trades among themselves. This represents the first time anonymous blotter polling functionality has been made available to NYSE independent floor brokers. The blotter polling functionality, along with each additional tool ConvergEx builds for Mahogany, will all be accessible through an aggregated user interface.
"Using a combination of ConvergEx's proprietary technologies and expertise, we are able to offer the Mahogany consortium innovative ways to incorporate state-of-the-art technology into their businesses and daily work flow," said Andrew Levine, managing director at ConvergEx. "We look forward to building additional solutions to help the Mahogany consortium realize substantial block and liquidity opportunities."
"Mahogany was formed for this very purpose of finding creative ways to produce sophisticated approaches to facilitate block trading and enhance trading performance," said Gregory Johnston, chief executive officer of Mahogany. "Contracting with a best-of-breed technology provider like ConvergEx gives us a significant edge addressing today's complex market structure. ConvergEx's deep experience and proven track record of implementing intricate trading systems made them a natural selection to build these technologies for us."
About ConvergEx
BNY ConvergEx Group, LLC provides investment and execution technology solutions to institutional clients worldwide. The Company provides a full array of leading technologies and an integrated platform of performance-driven, global trading capabilities. BNY ConvergEx Group is comprised of the following businesses: BNY ConvergEx Execution Solutions LLC (member NYSE/FINRA/SIPC), LiquidPoint, LLC (member CBOE/SIPC); Eze Castle Transaction Services LLC (member FINRA/SIPC); Westminster Research Associates LLC (member FINRA/SIPC); G-Trade Services LLC (member FINRA/SIPC); Eze Castle Software LLC, and ConvergEx Research Solutions LLC, of which Jaywalk and Cogent Consulting are divisions. Additional information is available at www.bnyconvergex.com.
About Mahogany Partners, LLC
Mahogany Partners, LLC manages a consortium of mid-tier securities broker-dealer firms, facilitating access to anonymous block trading venues through innovative technology and strategic alliances. With professional management oversight and trading technology experience, Mahogany enables access to state-of-the-art block trading technology and order aggregation networks to leverage today's fast-moving electronic markets.
The Mahogany consortium consists of a network of experienced trading professionals serving the nation's top financial institutions. Each of its members has a long track record and respected industry pedigree. Through the Mahogany team of market structure and trading technology experts, the consortium members are able to consolidate resources, intellectual capital, marketing ideas and market access to reduce costs, increase market share and grow revenues. Mahogany participant firms are independent but work together toward a common goal: to help grow their business and become more profitable in a cooperative environment and establish access to the best block trading venues in the industry. For more information on Mahogany Partners, please see www.mahogany-partners.com and/or contact sales@mahogany-partners.com or by phone at 1-212 809 3800.
Contact:
Elizabeth Anderson
EAnderson@bnyconvergex.com
212.468.7713
ConvergEx
