Alternative trading venue Luminex appears to be on a roll as it nears its initial opening date – grabbing commitments from more institutional investors looking to execute their orders off-board.
The buyiside-focused dark pool said on Sunday that is has signed up more than 70 institutional investors ahead of its expected launch later this year, likely in November.
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According to Reuters, which first reported the increase in institutional investors, said there are now 73 subscribers to the pool. Many are listed on the company’s website, which include Vanguard, TIAA-CREF Investment Management, AllianceBernstein, Eaton Vance, Goldman Sachs Asset Management, Greenlight Capital Inc, and J.P. Morgan Investment Management.
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The consortium that owns Luminex and collectively manages 40 percent of U.S. fund assets said it started the trading platform with the aim of lowering transaction costs and eliminating the types of profit driven conflicts of interest that have been seen in some existing venues. Any profits made by Luminex will be invested back into the company to further reduce trading costs.
Luminex is backed by a consortium of nine firms – Fidelity Investments, BlackRock, BNY Mellon, Capital Group, Invesco Ltd, JPMorgan Asset Management, MFS Investment Management, State Street Global Advisors and T. Rowe Price.
