ConvergEx has been selected by Mahogany Partners, a consortium of independent NYSE broker-dealers, to build a line of advanced electronic block trading technologies.

ConvergEx will be tasked with first building advanced blotter polling tools that will give Mahongany's members a way to access external block liquidity and electronically cross block trades among themselves. The blotter polling functionality as well as any additional tools built by ConvergEx will be accessible through an aggregated user interface for Mahogany members.

In a statement, Andrew Levine, managing director at ConvergEx, said, "Using a combination of ConvergEx's proprietary technologies and expertise, we are able to offer the Mahogany consortium innovative ways to incorporate state-of-the-art technology into their businesses and daily work flow. We look forward to building additional solutions to help the Mahogany consortium realize substantial block and liquidity opportunities."

Gregory Johnston, chief executive officer of Mahogany, added, "Mahogany was formed for this very purpose of finding creative ways to produce sophisticated approaches to facilitate block trading and enhance trading performance. Contracting with a best-of-breed technology provider like ConvergEx gives us a significant edge addressing today's complex market structure."