Cowen to Discontinue Millennium Dark Pool Matching Engine

Millennium ATS Midpoint Matching to End June 23, 2017

Decision Consistent with Cowen’s Non-Conflicted Equity Trading

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

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

Source: Cowen Inc.

Gagnier Communications
Dan Gagnier, 646-569-5897
Caravello, 212-468-7713

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