06.03.2016

Convergex ETF Direct Platform Executes Over $1 Billion in Notional Value Since Its Inception

Convergex.com – New York – Convergex, an agency‐focused global brokerage and trading related services provider, announced today that its ETF Direct platform continues to experience significant volume growth with notional value surpassing $740 million during the month of May, an increase of approximately 140% over the previous month.

During the month of May, ETF shares traded increased over 175% from the month of April and the number of trades increased over 105%.

“We created ETF Direct after hearing from our clients that being able to access block liquidity at a fair price is of paramount importance when trading in the ETF space,” said Eric W. Noll, Convergex President and CEO.    “ETF Direct meets the needs of our clients by enabling them to transact in large sizes while offering complete anonymity and full transparency on price discovery,” said Noll.

For the month of May, the average block size = 35% of average daily volume (ADV); 

For the month of May, the average slippage measured vs. arrival price (midpoint) was 3.47 bps vs. an average spread of 4.08 bps, only 1.07 bps outside the NBBO;

On May 19, ETF Direct reached a new one‐day volume record when over $120 million in notional value traded; 

Since its launch earlier this year, over $1 billion in notional value has been executed; 

Select ETFs are transacting greater than 2x ADV. ETF Direct is a platform that streamlines the process for firms accessing quotes from numerous ETF liquidity providers.

Key features include: 

The ability to request competitive quotes simultaneously from multiple liquidity providers including those in niche markets and sectors; 

Complete anonymity for clients and liquidity providers; 

Access to an aggregated, competitive market; 

No minimum/maximum order size; and 

A comprehensive audit trail, highlighting transparency

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