BNY ConvergEx, Audentes, OCM

Global agency broker BNY ConvergEx Group's institutional investor clients now will be able to trade ordinary shares overseas and automatically convert those shares to American depository receipts (ADRs) denominated in dollars through the broker's new Web-based offering ADR Direct, vendor officials announced last week. The new platform combines direct market access (DMA) execution, foreign exchange (FX) trading services and multiple ADR-conversion liquidity points to allow clients to trade anonymously across non-U.S. global equity markets. Through the new offering, clients can automatically elect to convert ordinary shares to ADRs and receive a net ADR price and net ADR money directly through their order management systems (OMS), execution management systems (EMS) or BNY ConvergEx's 24-hour ADR Direct Desk.

Chicago-based trading firm Audentes Technology has deployed trading software provider Orc Software's Liquidator trading platform for algorithmic trading in the derivatives markets, vendor officials announced last week. The black-box solution targets proprietary trading desks at investment banks, trading firms and hedge funds. It allows firms to deploy custom trading strategies at a processing speed of more than 20,000 orders per second with sub-millisecond latency, officials say. Custom strategies commonly deployed on Liquidator include cross-market futures spreads, pairs trading, volatility trades, and currency cash and futures arbitrage.

London-based agency broker OCM Capital Markets plans to deploy indication-of-interest (IOI) distribution platform Ioinet from electronic trading solutions provider Fixcity to support the firm's global equities trading desk, vendor officials announced last week. OCM will use Ioinet to deliver targeted IOI messages on global equities to its buy-side counterparties. The firm also plans to distribute IOIs alongside its proprietary algorithmic trading platform, officials say.

Paris-based H & Associés, a receiver and transmitter of orders (RTO), has selected modules from order management system (OMS) and connectivity provider GL Trade to meet Markets in Financial Instruments Directive (Mifid) requirements, vendor officials announced last week. The selected modules combine data aggregation with execution platforms in a hosted version, enabling brokers to connect to new pools of liquidity, vendor officials add.

Bank of Chinatrust Indonesia, a subsidiary of Chinatrust Commercial Bank in Taiwan, has chosen communication solutions provider IPC's trader desktop and related communications solutions for its treasury division, vendor officials announced last week. The bank's dealing room will be equipped with an Alliance switch and IPC turrets. The technology vendor will provide both the back-end infrastructure and desktop environment for Chinatrust Indonesia, say vendor officials.

Brussels-based multilateral trade facility (MTF) Equiduct has selected telecommunications provider BT to provide connectivity and hosting for electronic trading access and low-latency market data distribution, vendor officials announced last week. As part of the deal, Equiduct will utilize the Radianz Shared Market Infrastructure and BT's hosting facility in London to reduce the time and cost required for participating firms to achieve Markets in Financial Instruments Directive (Mifid) compliance for best execution, internalization and pre- and post-trade transparency, while simultaneously enabling Mifid-related revenue streams and market penetration, officials add.

Derivatives trading and trade processing solutions provider Patsystems has launched a hosted version of its trading platform, vendor officials announced last week. The new service will offer the Patsystems trading platform without the requirement to invest in technology infrastructure or associated support resources, say vendor officials. The new offering will provide access to global markets via the client's existing exchange memberships or via sponsored access. Subscribers will also have access to Patsystems' suite of trading products and services, including support service and trading front-ends, vendor officials add.