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Cowen to discontinue Millennium Dark Pool Matching Engine.

M2 EQUITYBITES-June 5, 2017-Cowen to discontinue Millennium Dark Pool Matching Engine


Cowen Inc. (NASDAQ:COWN) has announced that, following the closing of ts acquisition of Convergex Group, LLC ("Convergex"), it has made the strategic decision to discontinue the Millennium ATS midpoint matching offering, the company said.

Millennium's Form ATS has been amended to reflect this change and all subscribers and trading partners have been notified of the pending change. All midpoint matching in the Millennium ATS will end as of June 23, 2017.

Cowen will continue to operate the Millennium Crossing Facility (MCF), which is part of the Millennium ATS. This trade printing function runs separately from the midpoint matching engine.

The MCF executes pre-matched orders and prints the resulting trades to the tape on behalf of exchange and broker-dealer partners. This crossing facility will continue going forward.

However, any trading volume attributed to the Millennium ATS following June 23, 2017 will simply and solely reflect the volume of pre-matched trades within the Millennium ATS for trade reporting purposes. As of June 23, 2017, there will be no midpoint matching engine within the Millennium ATS and no continuous trading functionality. Millennium's Form ATS has been amended to reflect this change.

Cowen Inc. is a diversified financial services firm and, together with its consolidated subsidiaries, provides alternative asset management, investment banking, research, sales and trading and prime brokerage services through its two business segments: Cowen Investment Management and its affiliates make up the Company's alternative investment segment, while Cowen and Company, a member of FINRA and SIPC, and its affiliates make up the Company's broker-dealer segment.

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Publication:M2 EquityBites (EQB)
Date:Jun 5, 2017
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