May 22, 2013

ConvergEx Group said it revamped the infrastructure behind its Millenium ATS, a move that has reduced latency by 75 percent.

The upgrade was undertaken to support the needs of ultra-low latency and immediate or cancel (IOC) orders and includes matching engine optimization and connectivity enhancements. The firm is currently in the process of transitioning customers onto the new FIX architecture.

“Millennium is known for its pioneering role in dark pool execution, diverse known for its pioneering role in dark pool execution, diverse liquidity and high execution quality,” comments Brian Carr managing director and co-head of Sell-Side Services at ConvergEx Execution Solutions in today’s release. “This upgrade continues Millennium’s long established tradition of excellence and keeps customers at the forefront of execution technology.”

Millennium aggregates more than five billion shares of available liquidity in over 6,000 symbols daily, according to ConvergEx. Over 100 broker-dealers access the Millennium ATS every day.

In addition to Millennium, ConvergEx operates a second ATS, VortEx The firm offers customers anonymous access to liquidity in both Millennium and VortEx simultaneously through proprietary technologies. These tools seek to improve overall execution quality by helping to reduce information leakage, market impact and execution expenses, the company said.

ABOUT THE AUTHOR
Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in ...