JERSEY CITY, N.J., July 20, 2009 (GLOBE NEWSWIRE) -- Direct Edge announced today that it has re-signed a long-term contract with Bank of America Merrill Lynch's Broadcort(r) division. Direct Edge has been using Broadcort's clearing services since 2005.
"Maintaining our clearing relationship and strategic partnership with Broadcort will help Direct Edge further build our business," said William Karsh, Chief Operating Officer of Direct Edge. "Even after we make the conversion to exchange status, routing, which requires clearing, will continue to be a critical part of the value proposition of many of our products and services. We look to Broadcort to provide efficient solutions that bolster our competitive position."
About Direct Edge
Direct Edge offers the next generation of displayed markets. With U.S. cash equities volume routinely exceeding 1.5 billion shares per day, Direct Edge uses multiple ECN and exchange platforms and unique order types to match 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. Headquartered in Jersey City, N.J., Direct Edge is owned by a consortium that includes the International Securities Exchange, Knight Capital Group, Inc., Citadel Derivatives Group, The Goldman Sachs Group, and J.P. Morgan. More information about Direct Edge is available at http://www.directedge.com. Everybody Needs Some Edge.
The Direct Edge logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4803
About Broadcort
As one of the leading providers of clearing and execution services to broker dealers for over 30 years, Broadcort delivers customized solutions and offers access to industry-leading technology. Broadcort is a business unit within Bank of America Merrill Lynch's Global Execution Services Group -- providing the financial strength and resources to support even the most complex business requirements. The Broadcort team works to help clients succeed by developing flexible, integrated solutions that cover the full range of clearing, execution, financing, and operational requirements.
"Bank of America Merrill Lynch" is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, Banc of America Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, which are both registered broker-dealers and members of FINRA and SIPC, and, in other jurisdictions, locally registered entities. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed. Broadcort is a trademark of Merrill Lynch & Co.