Automated Trading Goes Global

Terry Flanagan

ConvergEx Group, a provider of global brokerage and trading-related services, said that its international execution business has grown by more than 25% year-over-year. By offering a unified high- and low-touch global desk, clients have been able to realize the full benefits of the company’s service model and products, and the business has grown accordingly.

“We have invested a large amount of capital in our products in a time when others are contracting their businesses,” said William Capuzzi, managing director of global execution at ConvergEx. “We have found that both new and existing clients have been very pleased with our offerings and have continued to increase their business with ConvergEx as they see how our client-first approach helps them achieve their goals.”

The usage of ConvergEx’s most popular liquidity-seeking international algorithms, Abraxas and Darkest, are up nearly 400% year-over-year. “We attribute this growth to the quantifiable execution improvement and amount of liquidity captured that clients obtain when they trade with us,” said Pamela Cheng, ConvergEx’s vice president and global product manager, global execution.

ConvergEx provides its clients a single point of coverage for global electronic, worked orders and program trading. The hybrid desk is run in a virtual capacity out of a number of different locations that follow the sun for round-the-clock coverage.

ConvergEx has leveraged its expertise in international markets to increase its international institutional clearing capabilities. The company plans to roll out more clearing capabilities in the coming quarters.

“Our coverage model, along with our liquidity-seeking tools, offer clients a highly consultative service and tangible results that they cannot get anywhere else,” said Capuzzi.

Separately, Citi is to start offering clients direct market access (DMA) and algorithmic trading options on the Moscow Exchange securities market.

The bank is taking advantage of the recent improvements to the market structure, connectivity and interoperability of the Moscow Exchange which has invested considerable funds in a state-of-the-art technology platform.

The Moscow Exchange has migrated to T+2 trade settlement and has established central clearing, as well as a centralized trade depository, making it ready for the new global regulatory regime coming into force under legislation such as Dodd Frank and the European Market Infrastructure Regulation (Emir).

“The exchange has recently introduced a series of structural enhancements which have significantly improved the trading and settlement process in this market,” said Andrew Thompson, Citi’s head of equities for Europe, the Middle East and Africa (EMEA).
“We have been thoroughly preparing our platform for these changes and are pleased to be one of the first brokers to offer electronic trading on this venue to clients.”

Added Andrey Shemetov, deputy chief executive officer (CEO) of Moscow Exchange commented: “Our migration to T+2 marks a new phase of Moscow’s integration into the group of the main global financial centers. Investors from around the world can now trade Russian assets directly in a more convenient way.”

Related articles

  1. Deutsche Borse-LSE Merger in Focus

    Instinet Fox River Quant Solution will initially be rolled out in the Americas.

  2. Algos, Post-Trade Top FCM Concerns

    Instinet's Anushree Laturkar says investing in research and analysis is key to improving client outcomes.

  3. The new platform launched via a partnership with BestEx Research.

  4. It is the first liquidity-seeking algorithm on Atlas, the equities trading platform introduced in 2019.

  5. Algorithms in Focus

    Strategy Studio allows brokers to create their own execution platforms.