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Product firestorm from ConvergEx
01 June 2007
BNY ConvergEx Group, part owned by The Bank of New York, was incorporated only in October last year, but the parent's ongoing mega-merger with Mellon Corp. has not stopped the offspring from staking its own claim to fame – in the fast-moving trading and technology space. Caroline Allen meets Joseph Velli, chairman and CEO.
Everything about Velli is high energy. Having spent many years building the investor services and custody business at The Bank of New York, he knows exactly what he wants to develop, and is releasing products at a sizzling rate – no less than four in the last six months.
"The combination of the big bank's backing plus the entrepreneurial culture of a smaller unit fosters a sharper, more creative culture," he says. Rapid advances in technology, changes in market structure and the regulatory environment have made liquidity management critical to best-execution, and he believes ConvergEx, with its trading and technology expertise, is ideally placed to deliver tools to exploit that.
The group comprises BNY ConvergEx Execution Solutions, including BNY Global Transition Management and LJR Recapture Services; BNY Jaywalk; ConvergEx Global Markets; Eze Castle Software and Westminster Research Associates.
ConvergEx's set of liquidity management...
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