New York – ConvergEx Group recently announced that Westminster Research Associates has expanded its global execution network to over 150 broker-dealers, up from 90 brokers less than two years ago.
“The growth in our network is a function of the fact that major institutional customers are implementing complete commission aggregation programs with Westminster,” said John Meserve, executive managing director and head of the commission management business at ConvergEx Group. “Customers recognize that Westminster’s unique set of workflow solutions and processing tools creates a more efficient framework through which to manage their Commission Sharing Arrangements (CSAs), Client Commission Arrangements (CCAs) and third-party research payments.”
“This is an important milestone for ConvergEx and demonstrates our commitment to providing innovative commission management technologies to the industry,” said Meserve. “Our unique model provides customers with a flexible platform through which to expand the syndicate of trading partners they leverage to accrue research credits. We expect to continue to grow our global network in direct response to our customers’ execution needs.”
ConvergEx provides a suite of commission management services from broker vote to third-party payment. Westminster Research offers its customers access to a comprehensive suite of trading strategies – including global algorithms, crossing networks, DMA platforms, full-service and agency trading desks – in over 100 markets worldwide.
The race among agency brokers to partner with research providers is something we’ve been following recently, as there have been moves in this space by several of ConvergEx’s competitors recently.