BNY ConvergEx To Buy Nyfix Millennium Dark Pool For $5 Million
13 11월 2009 - 8:30AM
Dow Jones News
Trading technology firm Nyfix Inc. (NYFX) reported late Thursday
that it would sell its Millennium dark pool platform to BNY
ConvergEx Group LLC for $5 million.
The deal comes as Nyfix finalizes terms of its acquisition by
exchange operator NYSE Euronext (NYX) in a $144 million deal
expected to close later this month.
Dark pools, a type of alternative trading system, are electronic
venues where large blocks of stocks are traded anonymously.
BNY ConvergEx, an investment and trade execution technology
company affiliated with the Bank of New York Mellon (BK), announced
earlier this week its intent to take on Nyfix's transaction
services business.
Acquiring the Millennium alternative trading system will give
ConvergEx three such trading venues, alongside its Vortex and
Convergex Cross platforms.
ConvergEx will also acquire Nyfix's direct market access and
algorithmic trading products. The deal hinges on the completion of
Nyfix's purchase by NYSE Euronext.
The exchange operator is expected to absorb Nyfix's European
Millennium platform into NYSE Euronext's existing SmartPool
unit.
Nyxfix, a provider of brokerage services and trade stations, was
targeted by NYSE Euronext as the exchange company sought access to
Nyfix's pretrade order processing community, which includes more
than 1,000 market participants including pension funds and asset
managers.
The deal is seen expanding the potential client base for NYSE
Euronext's market data, trading and connectivity sources, an area
the company is looking to grow amid tougher competition in its core
trading services business.
-By Jacob Bunge, Dow Jones Newswires; 312-750-4117;
jacob.bunge@dowjones.com
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