Millennium ATS Midpoint Matching to End June 23, 2017

Decision Consistent with Cowen’s Non-Conflicted Equity Trading Platform

Cowen Inc. (NASDAQ:COWN) (“Cowen” or the “Company”) today announced that, following the closing of ts acquisition of Convergex Group, LLC (“Convergex”), it has made the strategic decision to discontinue the Millennium ATS midpoint matching offering.

Millennium’s Form ATS has been amended to reflect this change and all subscribers and trading partners have been notified of the pending change. All midpoint matching in the Millennium ATS will end as of June 23, 2017.

Jeffrey M. Solomon, President of Cowen, said, “Over the past several years, many of our clients have expressed frustration with the amount of fragmentation in U.S. equity markets. Some have also raised concerns regarding conflicts of interest that can arise in broker order routing. At Cowen, we have built our business around non-conflicted execution capabilities and the closure of the Millemmium dark pool reflects our commitment to market neutrality and best execution for our clients.”

Added Solomon, “This decision was one of the first and most important decisions we made following our acquisition of Convergex, and is reflective of Cowen’s consistent dedication to market structure issues. By discontinuing Millennium ATS’s midpoint matching engine, we had the ability to proactively reduce fragmentation, something we and many of our clients feel will improve U.S. equity market structure. As we continue to grow our trading business, we will continue to innovate to help our clients find liquidity in a fragmented trading environment.”

Cowen will continue to operate the Millennium Crossing Facility (MCF), which is part of the Millennium ATS. This trade printing function runs separately from the midpoint matching engine. The MCF executes pre-matched orders and prints the resulting trades to the tape on behalf of exchange and broker-dealer partners. This crossing facility will continue going forward. However, any trading volume attributed to the Millennium ATS following June 23, 2017 will simply and solely reflect the volume of pre-matched trades within the Millennium ATS for trade reporting purposes. As of June 23, 2017, there will be no midpoint matching engine within the Millennium ATS and no continuous trading functionality. Millennium’s Form ATS has been amended to reflect this change.

About Cowen Inc.

Cowen Inc. is a diversified financial services firm and, together with its consolidated subsidiaries, provides alternative asset management, investment banking, research, sales and trading and prime brokerage services through its two business segments: Cowen Investment Management and its affiliates make up the Company’s alternative investment segment, while Cowen and Company, a member of FINRA and SIPC, and its affiliates make up the Company’s broker-dealer segment. Cowen Investment Management provides alternative asset management solutions to a global client base and manages a significant portion of Cowen’s proprietary capital. Cowen and Company and its affiliates offer industry focused investment banking for growth-oriented companies, domain knowledge-driven research, a sales and trading platform for institutional investors and a comprehensive suite of prime brokerage services. Founded in 1918, the firm is headquartered in New York and has offices worldwide. For additional information, visit


Gagnier Communications
Dan Gagnier
D 646 569 5897

Lynda Caravello
D 212 468 7713