Source: ConvergEx
ConvergEx, a leading provider of investment and execution technology solutions to institutional clients worldwide, today announced that it has completed its acquisition of NYFIX Inc.'s U.S. Transaction Services business, which is comprised of the Millennium Alternative Trading System (ATS) and a suite of direct market access (DMA) and algorithmic trading products.
Millennium is now ConvergEx's third in-house ATS and is independently operated alongside the VortEx(SM) ATS and ConvergEx's dark block trading platform, ConvergEx Cross(SM).
"With the close of this acquisition, ConvergEx now offers one of the largest and most diverse sources of agency non-displayed liquidity on the Street," said Joseph M. Velli, chairman and chief executive officer of ConvergEx Group. "We continue to invest heavily in expanding and enhancing our capabilities and Millennium's ultra-fast and high-tech architecture was ideally suited to complement ConvergEx's execution technologies."
"We were very impressed with the high level of sophistication of the NYFIX Transaction Services platform and since announcing this deal in November, we have been overwhelmed with positive feedback from our clients," said Carey S. Pack, chief executive officer of ConvergEx Execution Solutions. "We are delighted to welcome their very talented staff to the ConvergEx family."
As previously announced, Brian R. Carr, formerly the head of NYFIX's U.S. Transaction Services business, has joined ConvergEx in a senior management position and is responsible for the day-to-day operations of the business.
ConvergEx did not acquire NYFIX Inc.'s European Transaction Services business.