Cowen to Discontinue Millennium
Midpoint Matching ATS Offering
Please be advised that, as of June 1, 2017, Cowen, Inc. has closed on its purchase of Convergex Group, LLC and its subsidiaries. This includes Convergex Execution Solutions LLC, which is now known as Cowen Execution Services LLC (“CES”). As the owner and operator of the Millennium ATS (“Millennium”), CES wants to notify you of a significant change to Millennium.
We continually evaluate the landscape of exchanges, execution platforms, ATSs and other trading venues as part of our goal to provide clients with best execution. Our clients have indicated that excessive fragmentation in the marketplace continues to hinder efficient, unconflicted sourcing of liquidity. Due to this fact, we have made the strategic decision to discontinue the midpoint matching offering within Millennium. We will, however, continue to operate Millennium solely for purposes of providing the Directed Match functionality that facilitates the execution and printing of pre-matched orders.
Effective June 23, 2017, Millennium will discontinue its midpoint matching functionality and will no longer accept any orders routed to it for such purposes. Unless you use Millennium’s Directed Match functionality, please take all necessary steps to remove Millennium from your routing destinations prior to June 23, 2017.
Please feel free to contact a member of the Execution Services team with any questions or requests for additional information at: 1-866-467-4003 / firstname.lastname@example.org