ConvergEx Launches Enhanced IQx

NEW YORK, June 29 /PRNewswire/ -- ConvergEx Group, a leading technology company, today announced that it has launched a new version of IQx®, its performance-oriented, short duration global algorithm designed to automate the trading of small orders.  Its enhanced market intelligence includes volume prediction and price prediction engines that autotune small orders to current market volatility in order to achieve better performance.  IQx's upgraded slicing technology continually adjusts trading speed as an order becomes more or less risky throughout the day.  These risk-adjustable decision engines are designed to work best for orders that are less than 5% of a stock's daily average volume.

"Our large asset manager clients have told us that up to 20% of the orders that cross their desks account for less than 1% of their daily volume. In addition, our quantitative clients have asked for enhanced small order technology in order to address slippage that may occur during periods of higher volatility.  We built this technology to help give these clients a hands-free tool to automatically manage these orders, while achieving price improvement," said Scott Daspin, managing director, global electronic sales. "For these clients, trading small orders has become increasingly complicated, so the new logic built into IQx automatically determines how fast or slow to trade an order and whether or not to be in the non-displayed markets in order to trade these orders in the most intelligent way possible."

"IQx reads the market for each order to come up with an opinion about expected momentum, printing behavior, volatility and volume," said Gary Ardell, head of ConvergEx's Financial Engineering and Advanced Trading Solutions group. "Additionally, because tick increment, trading volumes and regulations vary greatly between various global markets, we also built specific market data into the new IQx so that it knows how a small order should be traded in each individual global market."

IQx is available to clients through all major OMSs, EMSs and through ConvergEx's electronic trading and high-touch execution desks.  IQx can be customized for each customer's style of trading, depending on their preferences. As an added safe-guard, ConvergEx's in-house technologists continually monitor the performance of all its algorithms in real-time and clients can choose to be alerted should an order trade outside of certain parameters or in the event of a rapidly changing market environment.  IQx is another example of how ConvergEx is developing innovative technologies that can be used by clients directly on their desktops or on ConvergEx's desktop to service its clients.

ConvergEx Group is a leading technology company providing products and services to asset managers and financial intermediaries globally.  Its products and services span the investment life cycle and center on the development, marketing and servicing of technology-based solutions that enable clients to achieve improved investment results through operational and workflow efficiencies, execution and analytical tools and highly personalized service. The firm serves more than 6,000 institutional clients in 100 global markets.  Formed in 2006, the firm has over 1,000 employees in 22 locations throughout the U.S., Europe, Asia, Australia and Africa. Additional information is available at www.convergex.com.

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, and ConvergEx Research Solutions LLC, of which Jaywalk and Cogent Consulting are divisions.  

SOURCE ConvergEx Group

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