NY ConvergEx Group, a provider of global agency brokerage and investment technology solutions has launched
FBW Direct, a new connection service for managed options orders. It provides a free routing for block orders, cross trades and other institutional options business.
The trading facility uses ConvergEx's LiquidPoint technology to give off-floor customers and firms the ability to electronically route options orders of all sizes to the exchange-based floor broker workstations (FBW) for the first time, the firm said in a release.
FBW Direct enhances the efficiency of sending orders to the floor broker workstation by increasing the speed of the routing process and eliminating the need for multiple order entries, the firm said. Clients can send order status and fill reports to clients electronically, and as fills occur, integrated them into mid and back office feeds for real time booking and risk analysis.
Anthony J. Saliba, chief executive, LiquidPoint said that many of his clients have trading
desks that rely heavily on floor brokers. The solution is of no cost to the users and provides a mechanism to help satisfy compliance obligations and internal audit trails.
Clients can connect to the floor broker workstation via a LiquidPoint application or through a FIX connection. Clients that are only interested in receiving fills and order status can make use of the Remote Order Status Window. All order types are supported by the program, including single legs, spreads, crosses, facilitations and solicitations. LiquidPoint, a BNY ConvergEx Group member company, is an agency-based registered broker dealer that specializes in derivatives execution management technology and brokerage services for listed options and equities.
