OES Holdings Expands 'Dark Book' Liquidity Program.Names Robert Y. Garrett to Join OES Team PRINCETON, N.J. -- Order Execution Services Holdings, Inc. (OES), said today that it was moving to advance the business development and sales strategy for its Dark Book Explorer Suite of Products, and naming Robert Y. Garrett as managing director to help lead the company's Dark Book Liquidity Program. Dark books are private pools of trading liquidity often sponsored by large broker-dealers. David Scheckel, the company's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said that with Mr. Garrett on board, OES will work to find innovative ways to integrate dark books into the national market system and its displayed markets from the exchanges and ECNs in a Reg NMS See NetWare Management System. environment. "Rob Garrett's nearly 20 years of senior-level industry experience will be tremendously beneficial in expanding marketing for our Dark Gate(SM) and InterPool(SM) products," he said. "With the growing importance of dark books in the overall market structure," said Mr. Scheckel, "market fragmentation prevents extracting the best execution value for investors of all sources of liquidity. The OES Dark Book Explorer Suite of Products helps to integrate dark books into the national market system in a manner that provides the benefits of added liquidity and price improvement without leaking trading interests and negatively affecting the value of the dark books business model." Mr. Scheckel said OES, which is positioned to be a significant private linkage player in the replacement of the Intermarket Trading System Intermarket Trading System (ITS) Electronic communications network linking the trading floors of seven registered exchanges to permit trading among them in stocks listed on either the NYSE or AMEX and one or more regional exchanges. (ITS), has recently entered into agreements with a number of market centers and major brokerage firms to provide smart routing and other value-added services that enhance its clients' competitiveness in the current and post-Reg NMS securities industry. Helping Customers Match Natural Buyer and Seller Interests "We are helping dark book customers enhance the facilitation of executing natural buyer and seller trading interests without losing anonymity, and de-fragmenting the marketplace by integrating additional price improvement opportunities into the intermarket structure," said Mike Barth, senior vice president - Exchanges and Market Centers of OES. "As a leading intermarket innovator, we believe OES's Dark Gate and InterPool products are uniquely qualified to equitably serve our market center clients and our dark book clients in ways that add value to the strengths of each model, benefits investors overall, and through the OES smart agency services, integrate huge liquidity pools -- dark books -- as hidden routing destinations, providing seamless access that incorporates the hidden liquidity with no information leakage Information leakage happens whenever a system that is designed to be closed to an eavesdropper reveals some information to unauthorized parties nonetheless. For example, when designing an encrypted instant messaging network, a network engineer without the capacity to crack your ." OES's proprietary Dark Book Explorer Suite of Products, including Dark Gate and InterPool, provide benefits including: * Dark Gate: * route to dark books and find all visible, hidden, reserve and discretionary liquidity; * price improvement to enhance best execution through finding hidden liquidity at the midpoint mid·point n. 1. Mathematics The point of a line segment or curvilinear arc that divides it into two parts of the same length. 2. A position midway between two extremes. of the national best bid or best offered price (NBBO NBBO National Best Bid and Offer ), and greatly enhance OES' one-stop convenient access to all listed and OTC markets by introducing access through a single connection; and * InterPool: * maintain each dark book's anonymity and business model value while integrating its liquidity along with the liquidity of other dark books into a deeper pool, InterPool; * facilitates without price slippage the combining of natural buyers and sellers from separate dark books. OES Expands Dark Book Team In his newly created position, Mr. Garrett will expand the company's senior staff involved in negotiating agreements with major brokerage firms whereby OES will provide smart routing and other value-added services in connection with their "dark book" efforts. Mr. Garrett also joins the OES Advisory Board. In his financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. career, Mr. Garrett has had a long-standing involvement in the evolution of securities execution. Mr. Garrett previously served as managing director of the Strategic Trading Division of the U.S. Trust Company of 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 after it acquired Strategic Trading Corp., which he co-founded in 1992. He was formerly with Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. and Drexel Burnham Lambert Drexel Burnham Lambert was a major Wall Street investment banking firm, which first rose to prominence and then was driven into bankruptcy in the 1980s by its involvement in illegal activities in the junk bond market, driven by Drexel employee Michael Milken. , and is a graduate of Hobart College Hobart College can refer to:
About Order Execution Services (OES) Order Execution Services Holdings, Inc. (OES), through its wholly owned technology and broker-dealer subsidiaries, provides seamless electronic market connectivity, liquidity access and rapid executions by linking broker-dealers, trading systems, exchanges and market centers. As an innovative securities industry leader, OES specializes in smart-order routing, Reg. NMS compliance tools, sponsored market access, agency execution and private inter-market linkages. OES was formed in 2002 by the management buyout Management buyout (MBO) Leveraged buyout whereby the acquiring group is led by the firm's management. management buyout See going private. of the Herzog-listed trading division from Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. . Closely-held, OES is headquartered in Princeton N.J., with offices in Chicago, Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , San Francisco, Boston and Philadelphia. For information, visit www.tradeoes.com This press release contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. With the exception of historical information contained herein, the matters discussed in this press release involve risk and uncertainties. Actual results could differ materially from those expressed in any forward-looking statement. All trademarks are properties of their respective owners. 2006 Order Execution Services Holdings, Inc. All Rights Reserved |
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