09.13.2016

Convergex ETF Direct Platform Executing Record Volume; Notional Value Surpasses $2.5 Billion Since Inception

Convergex – New York – September 12, 2016 – Convergex, an agency-focused global brokerage and trading related services provider, announced today that its ETF Direct platform continues to experience significant volume growth while surpassing its own monthly volume records. ETF Direct is a platform that streamlines the process for firms accessing quotes from numerous ETF liquidity providers. Since the ETF Direct platform’s recent launch, notional value executed has exceeded $2.5 billion.  Other significant ETF Direct volume statistics include:

  • For the month of August, the average block size executed equaled approximately 65.5% of average daily volume (ADV) and the average slippage measured vs. arrival price (midpoint) was 2.91 bps vs. an average spread of 4.27 bps, only .775 bps outside the NBBO;
  • Since May 2016, ETF Direct has improved executions by over 27.5% vs. the midpoint;
  • August volume increased over 157% from the previous month to approximately 10.4 million shares;
  • August notional value exceeded $655 million, an increase of over 136% when compared to July;
  • August ETF Direct trades increased by over 93% versus July.

“While August tends to be a slow volume month for the financial marketplace as a whole, Convergex’s ETF Direct platform has been experiencing record volume days while our clients are receiving optimal price discovery on thinly traded ETFs,” said Eric W. Noll, Convergex President and CEO. “ETF Direct allows our clients to transact ETFs in large sizes while offering complete anonymity and full transparency on price discovery,” said Noll.

Key features of ETF Direct platform 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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