A total of nine leading investment management firms have coalesced into a new equity trading venue known as Luminex, installing Michael Cashel as its newest Interim-CEO.

Luminex Trading & Analytics LLC will operate as a fully independent entity that is targeting a launch in 2015 and will be headed by veteran leadership and governed by a comprehensive board of directors from each of nine leading investment firms. These include:

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• BNY Mellon
• BlackRock
• Capital Group
• Fidelity Investments
• Invesco
• P. Morgan Asset Management
• MFS Investment Management
• State Street Global Advisors
• Rowe Price

According to Michael S. Cashel, interim-CEO of Luminex, in a recent statement on the inception, “Despite significant improvements in the overall efficiency of today’s equity markets, sourcing block liquidity remains a complex and challenging endeavor for investment managers.

“Luminex is a well-capitalized, independent platform providing a low-cost solution to that challenge while putting investors’ interests first. Our goal is to build trust among users through transparent trading rules and protocols and efficient execution. Investment managers have a responsibility to continuously search for ways to better serve their clients.”

“Luminex facilitates that effort by seeking to deliver a lower cost and more efficient block trading experience to provide improved portfolio performance for investors over the long-term,” he added.