Connect to Cowen and Company with ZagTrader

Who is Cowen and Company?

Cowen was a United States investment bank and institutional broker-dealer, recognized for the depth of its equity research and for sales and trading focused on professional and institutional clients. The firm built a reputation across growth-oriented sectors, pairing research coverage with equities execution, capital markets, and prime services for hedge funds and asset managers. Within global markets it acted as a broker, dealer, and liquidity provider for institutional flow.

Cowen is now part of TD Bank Group, following TD's acquisition of the firm; depending on timing and relationship, the franchise may operate within TD's broader securities and capital-markets organization. For asset managers, hedge funds, brokers, and banks, Cowen remains a recognized institutional execution and research counterparty. Reaching that counterparty over a stable, certified, and well-monitored connection is a practical requirement for any desk that routes orders to it, and that is the role ZagTrader is built to fill.

How ZagTrader connects and routes to Cowen and Company

ZagTrader provides institutional connectivity to Cowen and Company through certified FIX sessions, established and tested so that order flow, executions, and acknowledgements travel over resilient, monitored links. The same connectivity supports direct market access (DMA) workflows, allowing desks to send orders through Cowen to the venues and liquidity it provides while retaining full control and visibility on the trading blotter.

Connectivity is delivered as part of ZagTrader's integrated Order Management System (OMS) and Execution Management System (EMS). Traders work from a unified blotter, apply pre-trade compliance and risk checks, and use smart order routing logic to direct orders appropriately before they leave the desk. Drop-copy sessions provide an independent, real-time stream of execution and order-status messages for reconciliation, surveillance, and risk monitoring. Because order management, execution, routing, and post-trade share one platform, there are no brittle hand-offs between disconnected systems.

• Certified FIX sessions for order entry, execution reports, and acknowledgements.
• Direct market access (DMA) order flow with full blotter visibility.
• Smart order routing managed within the OMS/EMS before orders are sent.
• Drop-copy sessions for independent reconciliation and surveillance.
• Pre-trade compliance and risk checks applied before orders leave the desk.

Markets and assets you can access

As an institutional broker-dealer with a strong research heritage, Cowen offered execution and liquidity with particular depth in equities, alongside the capital-markets and prime services that support institutional trading. Routing through it via ZagTrader's multi-asset platform lets a desk reach that coverage from a single, consistent workflow rather than maintaining separate tools per product line. The specific instruments and services available always depend on a client's own agreements and onboarding with the firm, including any arrangements that now run through TD Bank Group.

• Equities — cash equities and related execution services, a longstanding strength.
• Listed derivatives — options and futures for hedging and risk management.
• Prime services — execution and financing arrangements for institutional clients.
• Research-led execution — trading informed by the firm's sector coverage.
• Other instruments and services available under the relevant client agreements.

Post-trade, settlement, and reporting

Execution is only the first step in the trade lifecycle, and ZagTrader is built to carry flow routed to Cowen and Company all the way through to booking. Fills captured over FIX and confirmed via drop-copy feed straight into the platform's post-trade processing, so that trades, allocations, and positions are kept consistent without manual re-keying.

The platform supports trade confirmation and allocation, generation of settlement instructions, and reconciliation against counterparty, custodian, and clearing records. Settlement itself takes place through the relevant market infrastructure and the client's own custody and clearing arrangements — which may be serviced through TD Bank Group following the acquisition; ZagTrader's role is to manage the order and post-trade data flow accurately around that process. Reporting and audit-ready record keeping are produced from the same source of truth that runs from order inception, helping desks meet their internal control and regulatory obligations across the jurisdictions in which they operate.

Why route to Cowen and Company through ZagTrader

Routing to Cowen and Company through ZagTrader means consolidating execution, routing, risk, compliance, and post-trade onto one multi-asset front-to-back platform instead of stitching together separate systems for each function. A single OMS/EMS blotter spans Cowen alongside other supported brokers and venues, so traders manage their full book in one place and operations work from one consistent set of records — useful continuity as the franchise operates within TD Bank Group.

Certified FIX connectivity and drop-copy reconciliation give desks confidence that what was sent, executed, and booked all agree, while smart order routing and pre-trade controls keep execution disciplined. As needs grow, the same platform scales to additional counterparties, asset classes, and markets without re-platforming, making ZagTrader a durable foundation for desks that route institutional flow to Cowen and beyond.

• One multi-asset OMS/EMS for Cowen and Company and additional brokers and venues.
• Certified FIX and DMA connectivity with drop-copy reconciliation.
• Smart order routing and pre-trade compliance and risk controls.
• Integrated post-trade flow from execution through booking and reporting.
• Scales to more counterparties, asset classes, and markets without re-platforming.