New ConvergEx Platform Expands Access To Block Liquidity

ConvergEx Group said today that it launched advanced blotter polling tools and the shadow blotter system Sonar, which were designed to give traders access to anonymous block trading and external block liquidity.

The firm was chosen to build the platform for Mahogany Partners LLC, a consortium of independent broker-dealer firms, including NYSE floor brokers. The new technology enables Mahogany members to electronically cross blocks among themselves.

“In the past, the broker-dealer community was only able to electronically trade block liquidity by resting designated orders,” ConvergEx managing director Andrew Levine said in a statement.

“This new customized workflow gives Mahogany participant firms an advanced way to interact with each other and gives them the advantage of blotter polling technology, which proactively notifies them with a tradable alert as soon as relevant block liquidity becomes available,” Levine added.

Mahogany Partners, which was founded in 2008, was designed to give members better access to block liquidity.

As the Senior Editor of Advanced Trading, Justin Grant plays a key role in steering the magazine's coverage of the latest issues affecting the buy-side trading community. Since joining Advanced Trading in 2010, Grant's news analysis has touched on everything from the latest ... View Full Bio