Convergex to Launch ETF Direct Platform
Agency broker expands to quote-sourcing for exchange-traded funds.
Agency-only brokerage Convergex says it will launch a new quote-sourcing platform for exchange-traded funds (ETFs) later this year, to be known as ETF Direct.
Features of the new platform will include the ability to request competitive quotes simultaneously from multiple liquidity providers, even in niche markets and sectors; complete anonymity for clients and market makers; access to an aggregated competitive market; and an available comprehensive audit trail for enhanced transparency.
“We are very excited about this innovative new platform,” says Troy Draizen, global head of electronic and program trading at Convergex. “We believe that it will continue to enhance price discovery in trading block-size ETFs, where liquidity remains a concern.”
The firm anticipates an August launch date.
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