Cowen Group Inc. will discontinue the Millennium ATS midpoint matching offering, following the completion of its acquisition of Convergex Group LLC.
Millennium's form ATS was amended and all subscribers and trading partners have been notified of the pending change. All midpoint matching in the Millennium ATS will stop June 23.
By doing so, the company has the chance to "proactively reduce fragmentation, something we and many of our clients feel will improve U.S. equity market structure," Cowen President Jeffrey Solomon said in a statement.
The company will continue to operate the Millennium Crossing Facility, which is part of the Millennium ATS. The trade printing function runs separately from the midpoint matching engine.