JERSEY CITY, N.J., April 24, 2008 (PRIME NEWSWIRE) -- Direct Edge ECN announced that yesterday's volume for its Enhanced Liquidity Provider ("ELP") Program was over 50.2 million shares, the first time daily volume has crossed the 50 million share threshold. Direct Edge's overall touched volume yesterday was over 595.3 million shares, with ELP volume accounting for 8.4% of the total.
"Our ELP Program, the first of its kind, has been validated by its continued growth and success," said William O'Brien, Chief Executive Officer of Direct Edge ECN. "Combined with our dual platforms, the ELP Program has uniquely positioned Direct Edge to offer aggregated access to diverse types of liquidity in a high-volume displayed market."
About the ELP Program
Direct Edge's pioneering ELP Program offers subscribers integrated access to multiple sources of displayed and dark liquidity. Historically, traders had to seek executions in either the displayed market or a single "dark pool." Direct Edge was the first displayed market center to offer a comprehensive solution. By facilitating dark liquidity participation in its market, and giving subscribers access to a vast network of non-traditional liquidity, the ELP Program improves the Direct Edge trading environment by increasing a subscriber's opportunity for price and size improvement and lowering potential market impact.
Direct Edge launched the ELP Program in the spring of 2006, years ahead of its competition, and now routinely executes ELP volume of over 40 million shares per day. The ELP Program has helped Direct Edge establish itself as a recognized leader and innovator in offering next-generation trading solutions.
About Direct Edge ECN
Direct Edge ECN offers the next generation of displayed markets. Through multiple platforms and unique order types, Direct Edge matches complementary forms of liquidity based on sensitivity to transaction cost, fill rate, fill speed, and contra-side sophistication while maintaining high execution quality and low latencies. Direct Edge is owned by a consortium that includes Knight Capital Group, Citadel Derivatives Group, and The Goldman Sachs Group, Inc. Direct Edge's average daily touched volume in March 2008 was over 613 million shares. More information about Direct Edge is available at http://www.directedge.com. Everybody Needs Some Edge.