BNY Securities Group Forms New Unit to Develop Next-Generation Trading Technology.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- BNY BNY Bank of New York Securities Group, a unit of The Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. , has formed a new Financial Engineering & Advanced Trading Solutions (FEATS) unit to accelerate development of next-generation trading tools and technology for institutional clients of BNY Brokerage and Pershing. BNY Brokerage and Pershing are members of BNY Securities Group and subsidiaries of The Bank of New York. The new unit reinforces BNY Securities Group's commitment to providing clients with premier execution capabilities, as well as advanced financial engineering solutions, which meet new requirements arising from market structure changes both in the U.S. and Europe. FEATS is headed by Gary Ardell and comprises approximately 15 quantitative analysts, programmers and IT specialists. It will initially focus on further development of customized algorithms and program trading program trading, a form of securities trading, also known as index arbitrage. Program traders exploit the price discrepancies between indexes of stocks and futures contracts by using sophisticated computer models to hedge positions. capabilities, pre- and post-trade analytics, and expansion of other quantitative capabilities to help users of DEx (Direct Execution Services) and Sonic(TM) meet existing and emerging liquidity challenges. DEx, BNY Brokerage's premier electronic trading  This article or section is in need of attention from an expert on the subject.Please help recruit one or [ improve this article] yourself. See the talk page for details. platform, provides institutional buyside and sellside clients with direct market access, algorithmic trading Algorithmic Trading A trading system that utilizes very advanced mathematical models for making transaction decisions in the financial markets. The strict rules built into the model attempt to determine the optimal time for an order to be placed that will cause the least amount of , and integration with a broad array of order management systems and crossing networks. Sonic is DEx's single stock DMA (1) (Digital Media Adapter) See digital media hub. (2) (Document Management Alliance) A specification that provides a common interface for accessing and searching document databases. interface. Joseph M. Velli, senior executive vice president of The Bank of New York and head of BNY Securities Group, said, "This unit demonstrates the strategic focus we have on utilizing the most advanced technology to achieve best execution in the rapidly evolving, global trading environment. We are committed to remaining ahead of the curve technologically as our clients prepare for a post-Reg NMS See NetWare Management System. world." Gary Ardell, director and head of FEATS, said, "To succeed today, great traders require great trading tools. Our mandate is to use the most advanced trading science, engineering and information systems technology to create those tools. Our clients should know that we are creating tools designed to pull fragmented liquidity back together for them. Whether clients use our trading tools directly or go through our trading desks, our expertise, market presence and connectivity can help them achieve best execution." 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 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. and Pershing LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control are members of NYSE/NASD/SIPC. The Bank of New York Company, Inc. (NYSE NYSE See: New York Stock Exchange : BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets Financial assets Claims on real 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, Sonic and BNY Brokerage are service marks of BNY Brokerage Inc. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion