IMC Teams With Convergex to Attract Retail Options Orders
- Market-maker IMC, Convergex, in pact to boost options business
- Firms to compete against companies that pay for order flow
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Global trading firm IMC Financial Markets and Wall Street broker Convergex Group LLC agreed to join forces in a venture to boost their businesses by expanding into handling options orders for U.S. retail investors.
Market making firms like IMC rely on volume to make money. As U.S. options market makers face rising costs to comply with regulations and the expenses of being connected to multiple exchanges, trading volumes are even more important.