BNY Brokerage Integrates Its DExSM Trading Platform with Pipeline Trading Systems
First company to integrate Pipeline's Block Board into its electronic trading platformNEW YORK, August 1, 2005 -- BNY Brokerage Inc., a subsidiary of The Bank of New York and a member of BNY Securities Group, has integrated its DExSM electronic trading platform with Pipeline's Alternate Trading System (ATS). Pipeline offers a unique electronic market where traders can enter priced orders for large blocks of stock in an anonymous and leakproof environment that enhances the trader's control over the order execution process.
DEx users are able to access Pipeline directly through SonicPortSM, DEx's front-end execution management system that provides direct market access to all market centers for both listed and over-the-counter equities, smart routing and advanced order types, and full depth of electronic communications network (ECN) book display. Pipeline has also been incorporated into BNY Brokerage's broker-assisted platform as an additional source of liquidity.
The integration complements a series of enhancements to SonicPort that increase the resources available through a single interface, including automated access to BNY Brokerage's trading algorithms; direct order routing to BNY Brokerage's NYSE floor brokers; direct access to the BNY Brokerage block trading desk; and seamless integrations to all major buyside order management systems. Additionally, SonicPort has been upgraded to enhance market visibility, providing users with access to NYSE OpenBook as well as market imbalance information.
Carey S. Pack, president of BNY Brokerage, said, "Since our acquisition of the Sonic system, we have developed the DEx platform to offer the most comprehensive suite of agency-based trading tools available in the industry. With the Pipeline integration, we now provide not only the best in both DMA and broker-assisted trading resources, but also access to one of the fastest-growing and most innovative trading venues.
"We're not merely routing to Pipeline via FIX, but have tightly integrated Pipeline's Block Board into SonicPort," added Pack. "The fact that we are the only company to have an integration like this demonstrates our commitment to provide our clients with cutting-edge technologies and trading tools to meet the fast-changing demands of the marketplace."
Fred Federspiel, president and founder of Pipeline Trading Systems, said, "We're delighted to provide BNY Brokerage's institutional clients with access to Pipeline through DEx. As one of the industry's leading agency brokerages, BNY Brokerage is a natural conduit to our leakproof marketplace, which is built on clients' need to trade large equity blocks anonymously with minimum market impact."
BNY Brokerage is a leading institutional agency brokerage firm offering a broad range of execution and commission management services to money managers, institutional broker-dealers, and plan sponsors. Additional information on BNY Brokerage is available at www.bnybrokerage.com.
BNY Securities Group is the global agency brokerage, clearing and financial services outsourcing sector of The Bank of New York Company, Inc. It provides institutions, broker-dealers and corporations with a broadly diversified suite of services and "The Power of Choice" through multiple business models. Through its broad range of businesses, BNY Securities Group offers creative solutions in trade execution, commission management, independent research, securities clearing and financial services outsourcing. BNY Securities Group is the largest provider of commission management services, has 21 New York Stock Exchange seats, and offers global execution and clearing services in over 80 markets with offices in the U.S., Europe, Asia, and Australia. BNY Securities Group is an organization consisting of several broker-dealers and other companies. BNY Brokerage Inc. is a member of NYSE/NASD/SIPC.
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, investment management, and individual & regional banking services. The Company's extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. Additional information is available at www.bankofny.com.
DEx, SonicPort, and BNY Brokerage are service marks of BNY Brokerage Inc.
Pipeline Trading Systems L.L.C., member NASD/SIPC.
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