BNY ConvergEx Group to Acquire LiquidPoint

NEW YORK, June 11 /PRNewswire-FirstCall/ -- BNY ConvergEx Group, LLC, a leading provider of global agency brokerage and investment technology solutions, today announced that it has signed a definitive agreement to acquire LiquidPoint LLC, a listed options execution and trading technology firm that provides services to institutional traders, prime brokers, hedge funds, financial intermediaries and options exchanges. Terms of the transaction were not disclosed.

LiquidPoint, based in Chicago, is an agency-based registered broker-dealer that specializes in derivatives execution management technology and brokerage services for listed options and equities. LiquidPoint is responsible for routing and/or executing over 22% of the daily listed options trading volume in the U.S.

LiquidPoint provides a total solution for today's dynamic and diverse trading requirements, combining sophisticated trading tools with its commitment to superior order execution services and focused customer support. Its premier product, the HEAT(TM) System, is an advanced trading solution for electronic order entry, routing and execution management, providing access to all U.S. options exchanges from a single desktop application.

The acquisition of LiquidPoint significantly enhances the BNY ConvergEx Group franchise by positioning the firm to take advantage of the fast growing electronic options marketplace. Additionally, the acquisition creates opportunities to integrate LiquidPoint's technologies into the Eze Castle Software OMS platform to further enhance its multi-asset class trading workflow. LiquidPoint will continue to be managed as a separate company within BNY ConvergEx Group. As part of the transaction, LiquidPoint's management team will make a substantial investment in BNY ConvergEx Group.

"The LiquidPoint team is excited that BNY ConvergEx Group has selected us to become part of their family of world-class providers of products and services," says Anthony J. Saliba, President and Chief Executive Officer of LiquidPoint LLC. "LiquidPoint is a leader in the electronic options trading industry and we are very enthusiastic about the opportunity to expand the scope of solutions that we can bring to our combined customer base."

Joseph M. Velli, Chairman and Chief Executive Officer of BNY ConvergEx Group, commented, "The acquisition of LiquidPoint is a very important stepping stone for our business because it provides immediate scale in one of the fastest growing asset classes, and more importantly adds further breadth and depth to our product offering. At the same time, the addition of LiquidPoint's leading- edge technology platform and team of derivatives industry experts highlights our commitment to offering a comprehensive array of trading and technology solutions."

About BNY ConvergEx Group

BNY ConvergEx Group, LLC, provides premier institutional agency brokerage and investment technology solutions designed to deliver a comprehensive, integrated approach to the investment cycle, from idea generation and trade execution to clearance and settlement. The Company offers a broadly diversified suite of services providing innovative solutions in execution and liquidity management, investment technologies, transition management, commission management, research and wholesale and clearing services. BNY ConvergEx Group is comprised of the following businesses: BNY ConvergEx Execution Solutions LLC (member NYSE/NASD/SIPC), including BNY Global Transition Management and LJR Recapture Services; BNY Jaywalk LLC; ConvergEx Global Markets; Eze Castle Software LLC; Eze Castle Transaction Services LLC and Westminster Research Associates LLC (members NASD/SIPC). BNY ConvergEx Group is an affiliate of The Bank of New York Company, Inc. . Additional information is available at http://www.bnyconvergex.com/.