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Convergex Trades Up for Better Exchange Monitoring, Compliance Surveillance, and Development

Blog: The Tibco Blog

Convergex is an agency-focused global brokerage and trading-related services provider with one overarching mission: Solve the financial industry’s toughest challenges for its institutional investor clients.

A proliferation of places to trade was making it expensive and complicated for Convergex customers to find the best place to fill their orders. The company wanted to simplify that. Historically it consisted of several affiliates with silos of trading systems, technology solutions, and data, making it difficult to understand the revenue and profitability for each client.

“My number one objective is to help us improve operational efficiencies, and I’m doing that in three ways. One is a technology roadmap that collapses multiple trading systems into one. The second is leveraging cloud technologies so we can reduce our infrastructure spend. And third is rationalizing all our data and leveraging business intelligence to transform it into information,” says CIO Ann Neidenbach.

“When people talk about trading systems, they usually focus on the glamour—how fast you can trade or how good your algos or your smart routers are—but Convergex actually needed something in addition to that,” says Joe Weisbord, managing director, development of equity trading products.

With 500 million messages and peaks of a hundred thousand messages a second flowing through its system, it was impossible to know what was happening. The company went looking for a solution that would provide an event-enabled process to analyze and correlate its data and provide alerts. Its current systems would show whether a component was up or down, but the company needed to monitor its whole environment.

“We needed to understand all the interactions within all the components of the system. But most importantly, we needed to use the data and not just monitor the components,” says Weisbord.

Learn about the solution Convergex implemented to build “probably the best monitoring system on the street”; improve client onboarding and trade executions; attain faster, easier development; and build a compliance surveillance and fraud detection system that can cull its 500 million daily messages down to 1,000 meaningful alerts that can be managed efficiently and proactively.

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