BNY Convergex Doubles Its NYSE Volume

By: Ray Pellecchia

File Under: NYSE

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BNY ConvergEx is growing, and their rising participation on NYSE is a big part of that, according to the press release the firm issued earlier today. According to the release:

BNY ConvergEx Group, LLC, a leading provider of global agency brokerage and investment technology solutions, today announced that it has attained record-breaking equity trading volume growth and market share through May 2008.

The increase in volume occurred across a number of different market centers and other execution venues, and is best demonstrated by the doubling of ConvergEx's average daily volume at the New York Stock Exchange since the first of the year. ConvergEx also tripled its percentage of NYSE market share during the same time frame, which has led to a significant move up the NYSE's Broker Volume Top 10 rankings. The NYSE Broker Volume Top 10 provides a way to identify the leaders in equity orderflow and lists the top 10 NYSE member firms by volume.

Carey S. Pack, Chief Executive Officer, BNY ConvergEx Execution Solutions, stated "Clients have become increasingly cognizant of the advantages of our unique agency trading model because it allows us to put their needs first and remain on firm ground no matter the current volatility of the markets. We have integrated advanced trading technology with the knowledge and expertise of our sales traders to create an execution platform that will help clients reach their investment objectives, and it is gratifying to see that message resonating throughout the marketplace."

"BNY ConvergEx Group's commitment to customers and to providing best execution of their orders has been a catalyst to the firm's growing presence in the industry and on the NYSE," said Larry Leibowitz, Group Executive Vice President and Head of U.S. Execution & Global Technology, NYSE Euronext. "ConvergEx has embraced change and new technology which, coupled with its high-touch, high-tech service model, positions the firm very well in an increasingly competitive marketplace. We value ConvergEx's increased participation on the NYSE, which adds even more liquidity to the primary market for NYSE-listed issues."

A look at yesterday's Broker Volume report indicates that BNY ConvergEx was our fith-largest volume provider, with 3.29 percent of the total, or 170,929,649 shares. We appreciate every single one of 'em, and will keep working overtime to merit BNY ConvergEx's business and everyone else's.

Hope you're having a good Thursday, folks. Today is the birthday of one of the greatest athletes of all time, the Yankees' Lou Gehrig (born 1903, taken tragically way too soon in 1941). Happy birthday in selfless-heroes heaven, Mr. Iron Horse.