Cowen supports active portfolio managers with tools and insights that help them outperform. We are recognized for our unparalleled level of fluency in the sectors we cover. Trading and execution services are non-conflicted.
Cowen’s sales and trading team complements our premier research brand with world class distribution capabilities, market intelligence and client partnerships. Our institutional sales force is recognized for its extraordinary depth, continuity of product knowledge and client service and are well-versed in providing value-added calls to clients across the capital structure.
We are a top US broker in cash equities and a leading venue neutral electronic trading provider. In addition, we are active in options, events and special situations. We are also a leading voice in global market structure.
Sales & Trading
Excellence in equity research and market intelligence is why Cowen a top US broker in cash equities for institutional clients. Clients transact with us because we have an
unparalleled level of industry expertise and fluency in the sectors we cover and we provide ideas and solutions that help them achieve superior returns.
Alternative Equity Strategies
The Alternative Equity Strategies team helps clients develop and implement customized option strategies. In addition, we actively make markets in mergers, corporate actions and special situations and provide flow/deal analysis.
We also develop desk content that provides clients with actionable trade ideas. These trade ideas leverage Cowen’s best-in-class research with market intelligence from our research sales and sales traders.
The special situations team specializes in trading special situations including: post-reorg equities, rights offerings, recapitalizations, spinoffs, SPAC acquisitions, privates, and other event-driven situations.
The team primarily focuses on providing alpha-generating ideas such as pairs, swap and arbitrage trades and the subsequent liquidity necessary to execute them.
In addition, the team focuses on inflection-point events and facilitates cross-capital structure trading.
Burt WellyHead, Cross Asset Trading646 616 3063
Cowen maintains a team of professionals with broad experience across the Securities Lending and Financing markets. The team has a demonstrable record of providing clients with outperformance for long and short portfolios through innovative solutions.
- Strategic focus on “Hard-to-Borrow” and “Special Situation” securities
- Access to traditional and non-traditional sources of inventory in the cash and financing markets
- Ability to provide historical security and portfolio analysis along with indicative pricing for clients and prospects
- Effective solutions for short-selling including innovative and time-savings locate browser
- Competitive rates with a focus on enabling clients to generate financing revenue and receive cost savings benefits where applicable
- Extensive relationships and a sophisticated approach to the evolving Securities Finance markets
- Client access to Cowen’s Fully Paid for Lending program allowing institutional investors an opportunity to generate alpha for securities held in their portfolio
Matthew BaldassanoManaging Director and Head, Global Securities Finance646 562 1555
Cowen’s ADR desk offers dedicated 24 hour technology and support to guide clients through ADR conversion trading, powering these innovative capabilities by leveraging advanced global equity execution and clearing technology.
- Designed to enhance daily workflow while sourcing deeper global liquidity for ADR trades.
- ADR team focuses on accessing overseas trading liquidity, buy-in market risk, securities financing and corporate action protection.
- U.S. and non-U.S. execution tools such as direct market access, smart order routing and overall Cowen’s leading algorithmic suite.
- Clients trade directly and anonymously across non-U.S. equity markets and can connect through any OMS or EMS.
- Clients can execute multiple foreign exchange contracts and receive one average price to hedge foreign exchange timing risk for each ADR conversion trade.
ADR Direct allows clients to cost effectively minimize market impact, reduce explicit execution costs and maximize returns. Cowen’s advanced US liquidity management tools such as smart order routing, DMA, algorithms and high-touch services are leveraged to power Cowen’s ADR capabilities.
- Global Liquidity Management: ADR Direct is powered by a patented process that allows clients to automatically convert ordinary shares to ADRs and to receive a net ADR price and net ADR money in seconds.
- Foreign Exchange Trading Engine: ADR Direct utilizes a foreign exchange trading engine with multiple streaming providers to principally price FX trades.
- ADR Trading and Managed Accounts: ADR Direct specializes in helping advisors and sponsors seek best execution. ADR Direct can be the “step out” solution on behalf of the advisor and/or the sponsoring broker by effectively managing ADR conversion trading.
- Reverse ADRs extend a client’s local trading day into US trading hours, they can continue to trade when there is relevant news and are able to diversify trading markets during the Europe-U.S. overlap.
- Clients trade ADRs in the U.S., receive a local currency conversion price in seconds, and settle the trade in ordinary shares in the local currency, all according to the local settlement cycle.
Justin CoppolaManaging Director, ADR Trading646 690 3127
Outsourced Trading Solution
Cowen provides investment managers with an effective and cost efficient solution for their trading needs. Our solution is full service, multi-asset class, and global, and is differentiated by the full transparency and complete operational support we provide.
- High-touch, complete outsourced trading solution
- Established and experienced team of traders, support staff, and trading/reporting infrastructure
- Team functions as an extension of a client’s trading desk – avoiding the cost of building and operating in-house trading platforms
- Agency-only model avoids potential conflicts
- Clients can concentrate resources on alpha-generating functions, including research, portfolio construction and risk management
Our Differentiated Model
Plan Sponsor Services
Cowen’s Plan Sponsor Services team helps over 1,000 asset owner clients to reduce transaction costs, increase cash flow & conserve plan assets. Cowen’s commission recapture program offers a simple yet effective way for asset owners to achieve savings.
Over 400 global investment managers trade to credit our plan clients by trading directly with Cowen, or with members of our Global Trading Network.
Cowen’s Event Trading model offers asset owners an additional way to increase savings by including situations in which the asset owner, not the manager, makes a portfolio adjustment that results in a trading transaction, in their program.
Clients include: Corporate & Public plans, Taft-Hartley plans, Universities & Endowments, Financial Institutions and Mutual Funds.
Tim ConwayManaging Director and Head, Plan Sponsor Services212 237 0416
The Most Important 15 Minutes of Your Day
Our sales and trading team has extraordinary depth of product knowledge and long-standing relationships on the Street. However, the success of our sales and trading team centers on collaboration and teamwork.
Daniel CharneyManaging Director and Co-President, Cowen and Company646 562 1636
Michael HealeyManaging Director and COO, Markets646 562 1557
D 646 562 1557