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printFeb 15, 2007
Press Release
NEW YORK – February 15, 2007 –Neovest Inc., a provider of high-performance trading technology and direct market access, now connects to 15 ‘dark pools’ of liquidity, trading networks that do not publish quotes in the open market. Furthermore, Neovest has recently launched an active trading tool that simultaneously disseminates orders to numerous ‘dark’ destinations, aimed at providing quick and broad access to these multiple sources of hidden liquidity. Neovest has been aggressively adding dark pools to its platform and will continue expanding its reach in the months ahead.
“Neovest has become the ultimate search engine for liquidity, quietly becoming the only front-end system the buy-side needs,” said Carl Carrie, head of electronic products for JPMorgan, which owns Neovest. “For the first time, on one platform, traders can quickly access both traditional electronic networks and dark pools.”
A recent study by market research firm, The Tabb Group, suggests that dark pool execution volumes will continue to grow. According to the report, crossing networks and dark pools represented approximately 10% of the equity market at the end of 2006. Using the total number of destinations referenced by The Tabb Group, Neovest supports direct routing to approximately 90% of dark pool liquidity. Additionally, Neovest provides access to over 100 broker destinations and a wide variety of dark pool algorithms, including Aqua and Arid from JPMorgan.
In a separate report, The Tabb Group also reported that in 2006 the average number of front-end trading systems on the desk of a buy-side trader was 6.3, noting that a major initiative for institutions is to reduce that number in coming years.
“Neovest is a perfect platform to consolidate front-end efficiency and reduce costs,” said Bryce Byers, CEO of Neovest. “We foresaw that the trading business would continuously gravitate towards a transparent, broker-neutral platform with access to all pools of liquidity – which is what we deliver.”
About Neovest
Neovest is a wholly-owned subsidiary of JPMorgan, providing a comprehensive suite of broker-neutral financial technology services to the buy- and sell-side communities. Neovest's technology encompasses direct market access, advanced order management, real-time market data, and advanced analytics in a comprehensive and robust application, which includes advanced ECN and exchange aggregation, broker routing, crossing, and algorithmic order routing aggregation. Information about the company is available at www.neovest.com.
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.4 trillion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset and wealth management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its JPMorgan and Chase brands. Information about the firm is available at www.jpmorganchase.com.