SOURCE: Pipeline Trading Systems

November 18, 2011 12:25 ET

Pipeline Ends Affiliate's Role in Block Market, Will Divest

NEW YORK, NY--(Marketwire - Nov 18, 2011) - Pipeline Financial Group, Inc. has announced that its subsidiary, Pipeline Trading Systems LLC, will no longer give another subsidiary, Milstream Securities LLC, access to Pipeline's Block Market. It further announced its decision to divest itself of the Milstream operation.

"A majority of Pipeline clients have told us they are not comfortable trading in the Block Market as long as Milstream is given access," said Jay Biancamano, Pipeline's recently-named Executive Chairman. "We apologize to other clients who have been comfortable accessing Milstream-provided liquidity by trading in the Block Market, but we wish to meet the needs of the majority of our clients, so Milstream's subscription to the Block Market has been terminated, and we will be divesting ourselves of the Milstream operation."

Pipeline has also announced this week the appointment of Biancamano as Executive Chairman, effective November 16, the resignation of Fred J. Federspiel on November 13, and the recent retirement of Alfred R. Berkeley III.

About Pipeline
Pipeline serves institutional trading desks seeking high execution quality. Pipeline uniquely combines order arrival analysis, custom strategy recommendation, trade implementation via predictive switching between algorithms, and context-specific post-trade TCA. Pipeline helps institutional traders achieve significant improvement in execution performance in today's challenging liquidity environment, and is known for its ability to execute difficult trades with good results. Pipeline is headquartered in New York with offices in Boston, Chicago, San Francisco and London. Pipeline Trading Systems LLC is a member of FINRA and SIPC.

Contact Information

  • Contacts
    Pipeline Financial Group, Inc.
    Tom Corddry
    Managing Director, Head of Marketing
    Tel: 212-370-8279
    Email: Email Contact

    Peter Czyryca
    BackBay Communications
    Tel: 617-556-9982 x226
    Email: Email Contact