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New York, June 2, 2008
– Neovest Inc., a leading provider of broker-neutral Execution Management System (EMS) technology, today introduced BlackLight, a new technology designed to find liquidity in a broad range of dark pools. This unique functionality enables buy-side traders to seamlessly participate in the 40 dark pools and crossing networks available through Neovest.
As a leading financial technology innovator, Neovest’s BlackLight offering provides traders with routing technology across multiple dark pools based on user-defined percentages and automatically rebalances the order upon fills using pre-configured user-defined parameters. BlackLight is embedded in Neovest’s revolutionary patent pending AlgoGenetics product, which was released in October 2007.
"In talking to traders around the industry, it became apparent they were frustrated by the cumbersome process of probing different dark pools to find liquidity," said Bryce Byers, chief executive officer of Neovest. "BlackLight solves the problem by simultaneously representing your order in all desired liquidity pools and allows the trader to send part of their order to dark pools while working the rest of the order through traditional methods."
"An important benefit of using BlackLight is that clients are able to view execution details by destination, thereby lifting the veil of obscurity to provide transparency into which dark pools are providing matches," added Jarrett Sydell, executive director of Neovest product management. "Our approach to dark-seeking liquidity offers an efficient and automated solution that allows traders to control which pools they want to target and how they want the system to rebalance."
Neovest will demonstrate BlackLight at the upcoming SIFMA trade show in New York City, June 10
th - 12th. The firm has also released version 5.2 of Neovest, which includes program trading and portfolio analytic enhancements to its Trade Manager, expanded integrated trade analytics for parent, child, and targets, and expanded reporting capabilities.
About Neovest
Neovest, Inc 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 DMA technology encompasses execution management (EMS), order management (OMS), and algorithmic management (AMS) functions, ultra low latency market data services, powerful technical analysis, filtering technologies, portfolio trading, and advanced analytics in an easily deployed and managed system. Neovest streamlines the workflow complexities of a comprehensive trading desk and is a single source of liquidity access to exchanges, ECNs, crossing networks, dark pools, IOIs, broker algorithms, and provides routing to over 200 brokers. In addition, Neovest is a cross-asset, multi-currency platform supporting US and international markets. Additional information about the company is available at www.neovest.com.