Auric: So Merrill Lynch subsidiary, Broadcourt Clearing Corporation, announces in conjunction with Ashton Technology Group that it will be clearing eVWAP trades for Ashton subsidiary, Croix Securities, the B/D which will be operating the eVWAP system generally, and will also be a direct B/D sponsor of eVWAP trading.:
"Croix Securities is a discount provider of eVWAP(TM) related services to the institutions in the financial services markets. The eVWAP(TM) Intelligent Match System allows clients of Croix to execute, before the market opens, at a standardized VWAP price for the day via complete electronic anonymity and then have their trades automatically clear and settle in anonymity from street side via Broadcort.
Broadcort Capital Corp., a subsidiary of Merrill Lynch & Co. (NYSE:MER - news) provides clearing and execution services to over 100 broker dealer clients worldwide. Thomas V. Conigliaro, Managing Director of Sales and Marketing at Broadcort said, ``Our new relationship with Croix Securities continues to advance our goal to provide choices in the institutional marketplace to help satisfy the unique requirements of our clients' clearing and execution needs.'"
Another piece in the puzzle, another validator regarding who will be "sponsoring" usage of eVWAP. Undeniably good news for ATG, eh?
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