BNY Brokerage Offers Hosted Algorithmic Trading Solution
NEW YORK, October 25, 2005 - BNY Brokerage Inc., a subsidiary of The Bank of New York and member of BNY Securities Group, has begun offering FlexTRADER linked to DEx, a hosted program trading application that provides direct market access to major sources of liquidity, as well as a full range of algorithmic trading options. DExSM is BNY Brokerage’s direct execution platform.
This new offering brings a full array of algorithmic trading capabilities to DEx and can be easily deployed on clients’ desktops without any hardware installation. Trading algorithms include off-the-shelf pairs, risk-arb, long/short, VWAP, PWAP, benchmark and minimum market impact strategies.
FlexTRADER linked to DEx provides BNY Brokerage’s buy-side clients with increased speed, quantitative capabilities and integrated end-to-end functionality, including pre-trade cost estimation, smart order routing, real time risk management, execution algorithms, quantitative trading strategies, real time access to full depth of book, and transaction quality management. FlexTRADER is a broker-neutral algorithmic trading platform developed by FlexTrade Systems Inc.
Carey S. Pack, president of BNY Brokerage, said, "FlexTRADER linked to DEx is a key development in our relationship with FlexTrade and complements our DEx suite of direct market access capabilities, providing our clients with the most advanced algorithmic trading tools available without requiring a major IT investment on their part. We are committed to enabling our customers to take control of as much of their trading as they wish, even as we continue to provide expert broker assistance whenever it is needed."
Vijay Kedia, president of FlexTrade Systems Inc. said, "FlexTRADER will deliver our leading algorithmic platform to BNY Brokerage clients with the same robust functionality and speed relied upon by hundreds of institutional traders worldwide."
BNY Brokerage is a premier institutional agency brokerage firm that provides full-value brokerage solutions to institutional asset owners, asset managers, and broker-dealers worldwide. BNY Brokerage offers a full range of execution services, including specialized global transition management capabilities, commission management services, research and wholesale services. 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 17 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 and BNY Brokerage are service marks of BNY Brokerage Inc.
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