Capabilities

Equities

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.

Team

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.

Team

Special Situations

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.

Team

Securities Finance

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.

Key Features

  • 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

Team

ADR Trading

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, odd-lot and buy-in markets, corporate actions and securities borrowing
  • U.S. and non-U.S. execution tools such as direct market access, smart order routing, algorithms and ATSs
  • Clients trade directly and anonymously across non-U.S. equity markets and can connect through the OMS or EMS of their choice
  • Clients can execute multiple foreign exchange contracts and receive one average price to diversify 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.

Clients can directly and anonymously trade ADRs by connecting seamlessly to Cowen through their OMS/EMS or directly through the ADR trading desk.

 

ADR Direct®

  • 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 dvisors 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℠

  • 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

Team

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.

Team

Insights & Commentary

Market Structure

Sep 6 2017

Cowen Market Structure: The Value of the Block

Based on an analysis of conditional orders in Cowen’s algorithmic trading strategies, we estimate the value of an average block execution is at least 6 basis points, and can be significantly higher in less liquid securities.

Leadership

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.

General Contact

Michael Healey
D 646 562 1557
michael.healey@cowen.com