Close to $700m worth of orders have been executed via Convergex’s quote-checking platform for ETFs in recent months.

The New York broker launched the service, ETF Direct, in the first quarter of 2016 offering clients a negotiation tool for block size ETF trades.

Rather than post continuous quotes, banks and brokers reply to buyers and sellers with a bid and/or offer at which they are willing to trade.

The system then alerts the banks and brokers, known as liquidity providers, when the trader has accepted their interest and wants to confirm.

For traders, the technology provides access to competitive quotes simultaneously from multiple liquidity providers, including those in niche sectors and markets.

In addition, there’s no minimum/maximum order size and a comprehensive audit trail is part of the package.

Over 12 million shares have traded with a notional value of approximately $700m since launch, Convergex said in a statement.

April monthly volume increased 30% over March.

“We created ETF Direct in response to client feedback and market demand for a user‐friendly platform that would bring greater transparency to a market that has historically been rather opaque,” said Eric Noll, Convergex president and chief executive.

“ETF Direct enables clients to execute block ETF transactions in an anonymous environment and in their entirety,” said Noll.