Convergex ETF Direct Platform Sets One-Day Volume Record For Total Shares Executed and Notional Value
Convergex – New York – Convergex, an agency-focused global brokerage and trading related services provider, announced today that its ETF Direct platform set a new one-day volume record on Friday, September 30, for total shares executed and notional value, surpassing its own previous one-day volume record set on May 19, 2016. ETF Direct is a platform that streamlines the process for firms accessing quotes from numerous ETF liquidity providers.
Below is an overview of the new ETF Direct trading records set on Friday, September 30:
• Notional value on September 30 exceeded $396 million, an increase of almost 230% when compared to its previous one-day record of $120 million reached on May 19; • Volume increased almost 165% from its previous one-day record to approximately 7.5 million shares; • Average block size executed equaled approximately 62.4% of ADV (20); • Average slippage measured vs. arrival price (midpoint) was -2.35 bps vs. an average spread of 4.69 bps, only .0235 bps from the touch.
“Not only did our ETF Direct Platform set new trading records during the month of September, October is also starting off strong as interest in our platform continues to grow,” 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.
The next focal point of the crypto market will be over-the-counter derivatives.
Total assets under management grew to more than $10 trillion in 2021.
Interest is expected to grow across crypto asset-based futures, options and NDFs.
Net inflows were $9.3bn as at November last year versus $278m gathered in the same period in 2020.
More sources of ETF liquidity allow for operational efficiencies.