ConvergEx Group Expands Commission Management Platform

NEW YORK, June 22, 2011 /PRNewswire/ -- ConvergEx Group, a leading technology company, today announced that Westminster Research Associates has expanded its global execution network to over 150 broker-dealers, up from 90 brokers less than two years ago.  

"The growth in our network is a function of the fact that major institutional customers are implementing complete commission aggregation programs with Westminster," said John Meserve, executive managing director and head of the commission management business at ConvergEx Group.  "Customers recognize that Westminster's unique set of workflow solutions and processing tools creates a more efficient framework through which to manage their Commission Sharing Arrangements (CSAs), Client Commission Arrangements (CCAs) and third-party research payments."

"This is an important milestone for ConvergEx and demonstrates our commitment to providing innovative commission management technologies to the industry," said Meserve.  "Our unique model provides customers with a flexible platform through which to expand the syndicate of trading partners they leverage to accrue research credits.  We expect to continue to grow our global network in direct response to our customers' execution needs."

As one of the industry's leading providers of end-to-end commission management solutions, ConvergEx provides a complete suite of neutral, anonymous and transparent services that encompasses every step of the commission management process from broker vote to third-party payment.  Westminster Research, the global leader in aggregating research commissions, offers its customers access to a comprehensive suite of trading strategies - including global algorithms, crossing networks, DMA platforms, full-service and agency trading desks -in over 100 markets worldwide.          

About ConvergEx Group

ConvergEx Group is a leading technology company providing mission-critical proprietary software products and technology-enabled services to asset managers and financial intermediaries globally.  Its products and services span the investment life cycle and are designed to enable customers to achieve improved results through operational and workflow efficiencies, execution and analytical tools and highly personalized service. The firm serves customers accessing over 100 global markets.  Formed in 2006, the firm has over 1,200 employees in 22 locations throughout the U.S., Europe, Asia, Australia and Africa.

BNY ConvergEx Group, LLC is comprised of the following businesses: BNY ConvergEx Execution Solutions LLC (member NYSE/FINRA/SIPC), LiquidPoint, LLC (member CBOE/SIPC); Eze Castle Transaction Services LLC (member FINRA/SIPC); Westminster Research Associates LLC (member FINRA/SIPC); G-Trade Services LLC (member FINRA/SIPC); NorthPoint Trading Partners, LLC (member FINRA/SIPC); Eze Castle Software LLC,  RealTick LLC and ConvergEx Research Solutions LLC, of which Jaywalk, Cogent Consulting and LDB are divisions.   Additional information is available at www.convergex.com.

SOURCE ConvergEx Group

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