ConvergEx Receives Patent for Commission Management Technology from the U.S. Patent and Trademark Office

NEW YORK, Aug. 3 /PRNewswire/ -- ConvergEx Group, a leading technology company, today announced that the United States Patent and Trademark Office has issued United States Patent Number 7,769,658 to the company for a Commission Management System.

The patent covers the proprietary technology and methodology for a commission management platform that enables users to pool and manage their commission dollars from multiple executing brokers, including allowing those users to review, approve and authorize payment of its research invoices using those pooled commissions.

"This patent approval is a major milestone in ConvergEx's commitment to provide innovative commission management technologies to give our clients a full-service solution that is truly unique in the marketplace," said John Meserve, executive managing director and head of the commission management business at ConvergEx Group. "Combining a state-of the-art processing utility and our proprietary methodology, our solution offers a complete suite of workflow integration and processing tools for Commission Sharing Arrangements (CSAs), Client Commission Arrangements (CCAs) and third-party research payments."

As one of the industry's leading providers of 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.  

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.

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.  Additional information is available at www.convergex.com.

SOURCE ConvergEx Group

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