Convergex’s ETF Direct platform has experienced significant volume growth and attracted key market participants since its launch earlier this year, with over 12 million shares have now traded with a notional value of approximately USD700 million.
ETF Direct is a platform designed to streamline the process for firms accessing quotes from numerous ETF liquidity providers.
For the month of March 2016, the average block size was 32 per cent of average daily volume (ADV). Since its launch, the average slippage measured vs. arrival price (midpoint) is -2.77 bps (or .0277%).
Select ETFs on the ETF Direct Platform are transacting greater than 2x ADV, while April monthly volume increased 30 per cent over monthly volume in March.
"We created ETF Direct in response to client feedback and market demand for a user-friendly platform that would bring greater transparency to a market that has historically been rather opaque," says Eric W Noll, Convergex President and CEO. "ETF Direct enables clients to execute block ETF transactions in an anonymous environment and in their entirety.”
