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Cowen’s Westminster Research Associates Named “Greenwich Quality Leader” in Commission Management Service for Fifth Straight Year

Survey Indicates Highest Relationship Share as U.S. Equity Commission Management Aggregator

NEW YORK, June 24, 2020 (GLOBE NEWSWIRE) — Cowen Inc. (NASDAQ:COWN) (“Cowen” or the “Company”) today announced that its wholly-owned subsidiary Westminster Research Associates (“Westminster”), a FINRA-registered broker/dealer specializing in providing investment research and commission management solutions to the institutional investment community, has again been named a “Greenwich Quality Leader” in the category of “U.S. Equity Commission Management Aggregation & Execution Service” in Greenwich Associates’ 2020 North American Equity Investors’ Study. This marks the fifth year that Westminster has been recognized by Greenwich Associates with its highest accolade.

Westminster Research Leads U.S. Equity Commission Management Service & Execution
Greenwich Associates’ 2020 North American Equity Investors’ Study

Westminster’s commission management platform received the highest rating in a number of categories in the U.S. survey, including: Overall Satisfaction with Client Service in regard to execution and service performance; Best Online Tools to Manage Commissions; Most Execution Channels to Accrue Commissions; and Most Timely and Accurate Reporting. Greenwich Associates’ comprehensive market survey also showed that Westminster continues to be the relationship share leader for U.S. equity commission management aggregator status as measured by penetration of U.S. institutional users.

“At Westminster, our team works tirelessly for our clients to create opportunities, drive outperformance and ensure satisfaction. To see the team’s work highlighted again is extremely rewarding and motivates us to achieve even more for our clients in 2021,” said Chris Tiscornia, CEO of Westminster Research Associates. “We continue to focus on improving our clients’ experience and look forward to introducing new budgeting and analytical tools to our technology platform this summer. This recognition reflects the trust our clients place in Westminster and their significant satisfaction with the services we provide.”

Founded in 1993, Westminster Research Associates is a FINRA registered broker-dealer that provides a broker-agnostic, anonymous trading network which allows investment managers to centralize their CSA credit balances and simplify the process of obtaining investment research. Westminster’s structure gives investment managers the flexibility to trade through a network of over 250 brokers coupled with a framework that allows managers to streamline the management of their commissions through one centralized account.


As part of its 2020 U.S. Equity Investors Study, Greenwich Associates interviewed 176 U.S. trading desks from 508 targeted institutions. Study participants were asked to name the brokers they use, to estimate the amount of business done with each firm and to evaluate the sales trading and execution services they receive from them, including across commission management programs. Firms that received client ratings that topped those of competitors by a statistically significant margin were named Greenwich Quality Leaders℠.

About Cowen Inc.

Cowen Inc. (“Cowen” or the “Company”) is a diversified financial services firm offering investment banking services, equity and credit research, sales and trading, prime brokerage, global clearing, commission management services and actively managed alternative investment products. Cowen focuses on delivering value-added capabilities to our clients in order to help them outperform. Founded in 1918, the Company is headquartered in New York and has offices worldwide. Learn more at

DISCLAIMER. Commission management services are provided by Westminster Research Associates LLC (member FINRA/SIPC). Westminster Research Associates LLC provides services in Australia pursuant to an exemption from the requirement to hold an Australian financial services license under the Corporations Act 2001 (ASIC Class Order [CO 03/1100]). Westminster RPA is a service mark of Westminster Research Associates LLC. Westminster RPA is delivered in the U.K. and Europe through Cowen Execution Services Limited which is authorized and regulated by the Financial Conduct Authority (FCA) of the United Kingdom

Media Contacts:

Gagnier Communications
Jeffrey Mathews / Jeremy Schulman

A photo accompanying this announcement is available at


Source: Cowen Inc.