BNY ConvergEx Group Introduces Commission Management Solution

By Tim Clark, Wall Street & Technology

Agency brokerage and investment technology solutions provider ConvergEx Group recently announced the launch of SHAREx, its solution for commission sharing arrangements for the investment management community. SHAREx is one of the key offerings of BNY, ConvergEx Group's commission management model, enabling clients to manage commissions more efficiently by consolidating broker research payments with execution expertise.SHAREx enables investment managers to credit a single, consolidated commission account from which they can pay for investment research from virtually any source. Investment managers can fund their SHAREx accounts by trading with BNY Brokerage or Westminster Research Associates, both BNY ConvergEx Group subsidiaries.

"Our active thought leadership campaign on commission management has been reinforced by the SEC's new guidelines, which serve as the foundation for SHAREx," said Joseph M. Velli, chairman and chief executive officer of BNY ConvergEx Group, from a release. "SHAREx demonstrates BNY ConvergEx Group's commitment to bringing together best execution and innovative commission management solutions."

For more information about how commission sharing functionality works, be sure to check out "A Hard Act to Follow" in the October issue of Wall Street & Technology.