Cboe Global Markets Completes Acquisition of BIDS Trading, the Largest Independent Block Trading ATS in the U.S.
January 7, 2021
2021.01.04-cboe-global-markets-completes-acquisition-of-bids-trading
2021.01.04-cboe-global-markets-completes-acquisition-of-bids-trading
2020.10.16-cboe-global-markets-agrees-to-acquire-bids-trading
New York, NY – August 9, 2016 – BIDS Trading L.P. (BIDS), the largest block trading ATS by volume in the U.S., and Bats Europe, Europe’s largest stock exchange operator, announced today that Bats Europe has agreed to license BIDS technology to launch Bats LIS, a new block trading service for the European equity market.
Bats LIS (Large in Scale), which is subject to regulatory approval, is a large in scale indication of interest (IOI) negotiation and execution platform that will allow market participants to negotiate large blocks in European equities without revealing their intentions to the wider market. Bats LIS will leverage BIDS’ highly-regarded software, BIDS Trader, and buy-side channel distribution, combined with Bats’ infrastructure required for trade execution, clearing and settlement.
BIDS Trader seamlessly integrates with a buy-side trader’s Order Management System (OMS) and Execution Management System (EMS), so buy-side traders can access Bats LIS through their existing BIDS Trader GUI. Direct participants of the Bats Europe Exchange can also connect to Bats LIS via their existing Bats physical connections.
Bats LIS is designed to provide buy-side traders with protection against information leakage surrounding their IOIs through several unique features. First, Bats LIS provides a designated broker model which allows buy-side traders to maintain their important relationships with their brokers. It also brings together the block flow of both the buy and the sell-side, allowing for greater crossing opportunities. Additionally, IOI information disclosure and interaction is controlled by the trader via customizable trading tools, including minimum block size and counterparty score-carding and filtering based on past trading behavior.
Tim Mahoney, CEO of BIDS Trading, commented, “Global clients want global solutions. Partnering with Bats Europe allows each of us to bring our core strengths together to provide another piece of the global block trading market to our mutual clients in an efficient manner. Maintaining the important relationships between the buy-side and their brokers and successfully integrating the flows of each on one platform have been the keys to BIDS’ success in the U.S. Partnering with Bats Europe allows us to extend those benefits under the umbrella of the largest stock exchange in Europe.”
Mark Hemsley, CEO of Bats Europe, said, “We’ve listened to the buy-side community in Europe and understand their unique challenges in trading large blocks of stock and we believe that our new LIS service will help them better execute their large in scale trading activity. A complement to our existing order book offerings, Bats LIS provides the buy-side with a MiFID II compliant platform that offers IOI protection tools and full control over their IOI until execution to protect against information leakage.”
Under MiFID II, which is scheduled to come into effect on January 3, 2018, large in scale trading will benefit from one of the waivers enabling market participants to negotiate trades without the need for pre-trade transparency, thus protecting firms wishing to conduct business in large blocks from unfavorable market movements based on information made available in the market.
Subject to regulatory approval, Bats Europe will commence a phased go-live for Bats LIS by the end of the year. Bats LIS will have a competitive pricing model, which will be transparent and publicly available. Pricing details will be shared closer to launch date.
All securities admitted to trading on Bats Europe will be available for trading on Bats LIS, representing 5,500 securities across 15 major European markets.
Additional information is available on the Bats LIS section of the Bats website.
BIDS Trading L.P., is a registered broker-dealer and the operator of the BIDS Alternative Trading System (ATS), which was designed to bring counterparties together to anonymously trade large blocks of shares. Developed by a consortium of leading financial services firms, BIDS Trading resolves the classic paradox of the block trader – the need to find legitimate trading counterparties without prematurely revealing trading intentions. For more information, visit www.bidstrading.com.
Bats Global Markets, Inc., is a leading global operator of exchanges and services for financial markets, dedicated to Making Markets Better. We are the second-largest stock exchange operator in the U.S., operate the largest stock exchange and trade reporting facility in Europe, and are the #1 market globally for ETF trading. We also operate two fast-growing U.S. options exchanges. In the global foreign exchange market, we operate Hotspot. ETF.com, a leading provider of ETF news, data and analysis, is a wholly-owned subsidiary. The company is headquartered in Kansas City with offices in New York, London, Chicago, San Francisco, Singapore and Quito, Ecuador. For more information, visit www.bats.com.
BIDS Trading L.P.
Zoë Norinsky, +1.212.618.2600
Email: zoe.norinsky@bidstrading.com
Bats Global Markets Inc.
Stacie Fleming, London, +44.20.7012.8950
Hannah Randall, New York, +1.646.856.8809
Email: comms@bats.com
©2016 BIDS Trading® is a FINRA Member Firm. BIDS Trading and the BIDS Trading mark are protected in the United States and countries throughout the world.
New York, NY – February 10, 2014 – BIDS Trading, L.P., the Alternative Trading System (“ATS”) designed to increase competition and liquidity in the U.S. equity block trading market, is pleased to announce the signing of a sponsorship agreement with Jefferies, the global investment banking firm.
“Our goal is to encourage the broadest possible market participation and we are pleased to provide access to Jefferies’ client base and address their needs for anonymous block trading,” said Tim Mahoney, Chief Executive Officer of BIDS Trading.
“We are pleased to add BIDS Trading to our extensive network of execution platforms,” said Peter Forlenza, Global Head of Equities at Jefferies. “This value-add service, combined with Jefferies’ robust trading platform, demonstrates our commitment to serving the increasingly diverse needs of our institutional clients—a commitment that’s been at the heart of our firm’s success for over 50 years.”
BIDS Trading allows market participants to trade large blocks of equities without revealing their order. Information disclosure is controlled by the trader via customizable trading tools: traders set their minimum block size to help protect their order and they can filter out counterparties based on past trading behavior.
Zoë Norinsky, BIDS Trading, L.P.
Email: zoe.norinsky@bidstrading.com
Tel: +1.212.618.2600
BIDS Trading, L.P. is a registered broker-dealer and the operator of the BIDS Alternative Trading System (ATS), which was designed to bring counterparties together to anonymously trade large blocks of shares. Developed by a consortium of leading financial services firms, BIDS Trading resolves the classic paradox of the block trader – the need to find legitimate trading counterparties without prematurely revealing trading intentions. For more information, visit www.bidstrading.com.
©2014 BIDS Trading® is a member of FINRA and SIPC. BIDS Trading and the BIDS Trading mark are protected in the United States and countries throughout the world.
New York, NY – February 3, 2014 – BIDS Trading, the alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market, today announced record block trading volumes for the month of January. Total volume in BIDS averaged more than 86 million shares per day in January. Block trade volume accounted for more than 32 million shares, which was up 88% year over year.
Additionally, in 2013, the number of prints that were greater than 10% ADV was up 25% over the previous year. On the record numbers, Tim Mahoney, CEO of BIDS Trading, offered, “We are pleased with the growth in overall volume and, more importantly, block liquidity in our dark pool. We have focused a great deal of our efforts on improving order interaction and messaging to better facilitate block trades. The healthy mix of buy-side flow and algorithmic flow from the sell-side is leading to greater liquidity, more trading opportunities, and increased market share.”
BIDS Trading allows market participants to trade large blocks of equities without revealing their order. Information disclosure is controlled by the trader via customizable trading tools: traders set their minimum block size to help protect their order and they can filter out counterparties based on past trading behavior.
Zoë Norinsky, BIDS Trading, L.P.
Email: zoe.norinsky@bidstrading.com
Tel: +1.212.618.2600
BIDS Trading, L.P. is a registered broker-dealer and the operator of the BIDS Alternative Trading System (ATS), which was designed to bring counterparties together to anonymously trade large blocks of shares. Developed by a consortium of leading financial services firms, BIDS Trading resolves the classic paradox of the block trader – the need to find legitimate trading counterparties without prematurely revealing trading intentions. For more information, visit www.bidstrading.com.
*Block trades are trades of 10,000 shares or more. Volumes include trades executed in the BIDS ATS. BIDS ATS volume is double counted to include both sides of the transaction.
©2014 BIDS Trading® is a member of FINRA and SIPC. BIDS Trading and the BIDS Trading mark are protected in the United States and countries throughout the world.
New York, NY – July 22, 2013 – M.R. Beal & Company, a leading investment banking firm specializing in municipal finance, corporate finance and equity execution, and BIDS Trading, L.P., the Alternative Trading System (“ATS”) designed to increase competition and liquidity in the U.S. equity block trading market, are pleased to announce the signing of a sponsorship agreement.
“M.R. Beal is very excited to have become a sponsoring broker with BIDS Trading,” said Bernard B. Beal, Chief Executive Officer of M.R. Beal & Company. “This value-add service, combined with our already robust trading platform, demonstrates our commitment to best servicing our clients’ increasingly diverse trading needs.”
BIDS Trading allows market participants to trade large blocks of equities without revealing their order. Information disclosure is controlled by the trader via customizable trading tools: traders set their minimum block size to help protect their order and they can filter out counterparties based on past trading behavior.
“We are looking forward to providing M.R. Beal’s clients with the ability to anonymously access block liquidity on the BIDS Trading platform,” said Tim Mahoney, Chief Executive Officer of BIDS Trading. “Our sponsorship model is unique because it allows our buy-side clients to seek block liquidity in BIDS while directing their commission dollars to pay brokers such as M.R. Beal.”
BIDS Trading, L.P. is a registered broker-dealer and the operator of the BIDS Alternative Trading System (“ATS”), which was designed to bring counterparties together to anonymously trade large blocks of shares. Developed by a consortium of leading financial services firms, BIDS Trading resolves the classic paradox of the block trader – the need to find legitimate trading counterparties without prematurely revealing trading intentions. For more information, visit www.bidstrading.com.
Founded in 1988, M.R. Beal is the nation’s oldest and continuously operated minority-owned investment bank. The firm consistently ranks among the top-20 national underwriters of municipal debt transactions and among the top-100 underwriters of corporate equity and debt. M.R. Beal is a directed broker for major institutions and an approved broker for most major public and private pension plans. Headquartered on Wall Street in Manhattan’s financial district, M.R. Beal also has offices in Chicago, Dallas, Houston, San Antonio, Atlanta and San Francisco. The firm’s equity trading group is based in Chicago. For more information, visit www.mrbeal.com
Zoë Norinsky, BIDS Trading, L.P.
Email: zoe.norinsky@bidstrading.com
Tel: +1.212.618.2600
Keith McGregory, M.R. Beal & Company
Email: kmcgregory@mrbeal.com
Tel: +1.312.258.1142
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©2013 BIDS Trading® is a member of FINRA and SIPC. BIDS Trading and the BIDS Trading mark are protected int he United States and countries throughout the world.
New York, NY – July 10, 2013 – Pacific Crest Securities, the premier investment bank for technology, and BIDS Trading, L.P., the Alternative Trading System (“ATS”) designed to increase competition and liquidity in the U.S. equity block trading market, are pleased to announce the signing of a sponsorship agreement.
“We are very excited that Pacific Crest has become a sponsoring broker with BIDS Trading. This arrangement allows our clients to obtain greater liquidity and improved executions via access to BIDS Trading’s non-displayed liquidity pool,” said Mike Jaffe, Managing Director and Head of Trading of Pacific Crest Securities. “The BIDS ATS will be a significant addition in helping us deliver the real value our clients are seeking to achieve their investment objectives.”
BIDS Trading allows market participants to trade large blocks of equities without revealing their order. Information disclosure is controlled by the trader via customizable trading tools: traders set their minimum block size to help protect their order and they can filter out counterparties based on past trading behavior.
“The connection of Pacific Crest to our block trading facility furthers our goal of creating the most efficient trading venue and deepest liquidity pool possible,” said Tim Mahoney, Chief Executive Officer of BIDS Trading. “We are truly pleased to provide investors using Pacific Crest with the ability to access BIDS Trading’s open, flexible platform.”
BIDS Trading, L.P. is a registered broker-dealer and the operator of the BIDS Alternative Trading System (“ATS”), which was designed to bring counterparties together to anonymously trade large blocks of shares. Developed by a consortium of leading financial services firms, BIDS Trading resolves the classic paradox of the block trader – the need to find legitimate trading counterparties without prematurely revealing trading intentions. For more information, visit www.bidstrading.com.
Pacific Crest is the premier investment bank for technology, operating at the leading edge, where global connectivity is fueling an unprecedented expansion cycle. They apply their unmatched knowledge of the drivers of value creation and their global network of relationships to technology’s high growth sectors, such as global Internet, mobility, SaaS, cloud and big data, next gen infrastructure and alternative energy. Their clients – technology’s foremost institutional investors and market leading companies – rely on them to achieve superior returns and gain competitive advantage from the seismic shifts occurring in technology. For more information, visit www.pacific-crest.com
Zoë Norinsky, BIDS Trading, L.P.
Email: zoe.norinsky@bidstrading.com
Tel: +1.212.618.2600
Jen McBee, Pacific Crest Securities
Email: jmcbee@pacific-crest.com
Tel: +1.503.248.0721
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©2013 BIDS Trading® is a member of FINRA and SIPC. BIDS Trading and the BIDS Trading mark are protected int he United States and countries throughout the world.
New York, NY – June 11, 2013 – CastleOak Securities, L.P., a leading New York-based boutique investment bank firm, and BIDS Trading, L.P., the Alternative Trading System (“ATS”) designed to increase competition and liquidity in the U.S. equity block trading market, are pleased to announce the signing of a sponsorship agreement.
“We are excited to become a sponsoring broker with BIDS Trading, which gives our clients access to reliable liquidity in the markets,” said David R. Jones, Co-Founder, President and Chief Executive Officer of CastleOak Securities. “This value-add service, combined with our already robust trading platform, demonstrates our commitment to best servicing our clients’ increasingly diverse trading needs.”
BIDS Trading allows market participants to trade large blocks of equities without revealing their order. Information disclosure is controlled by the trader via customizable trading tools: traders set their minimum block size to help protect their order and they can filter out counterparties based on past trading behavior.
“Our goal is to encourage the broadest possible market participation and we are pleased to provide access to CastleOak’s client base and address their needs for anonymous block trading,” said Tim Mahoney, Chief Executive Officer of BIDS Trading.
BIDS Trading, L.P. is a registered broker-dealer and the operator of the BIDS Alternative Trading System (“ATS”), which was designed to bring counterparties together to anonymously trade large blocks of shares. Developed by a consortium of leading financial services firms, BIDS Trading resolves the classic paradox of the block trader – the need to find legitimate trading counterparties without prematurely revealing trading intentions. For more information, visit www.bidstrading.com.
CastleOak Securities L.P., is a boutique investment bank focused on the capital markets serving a broad array of corporate, governmental and institutional investor clients. Headquartered in New York City, and with eight regional offices, CastleOak specializes in primary and secondary sales and trading of fixed income, equity, municipal and money market securities. For more information, visit www.castleoaklp.com.
Zoë Norinsky, BIDS Trading, L.P.
Email: zoe.norinsky@bidstrading.com
Tel: +1.212.618.2600
Sheryl Lee, CastleOak Securities, L.P.
Email: shlee@castleoaklp.com
Tel: +1.212.610.2297
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©2013 BIDS Trading® is a member of FINRA and SIPC. BIDS Trading and the BIDS Trading mark are protected int he United States and countries throughout the world.
New York, NY – January 15, 2013 – Academy Securities, Inc., a FINRA registered US Broker-Dealer, California-certified Disabled Veteran Business Enterprise (DVBE) and Service Disabled Veteran Owned Business (SDVOB), and BIDS Trading, L.P., the Alternative Trading System (“ATS”) designed to increase competition and liquidity in the U.S. equity block trading market, today announced the signing of a sponsorship agreement that allows Academy to provide customers direct and anonymous block liquidity in the BIDS ATS.
“We are excited to be a sponsoring broker dealer with BIDS Trading,” said Chance Mims, Chief Executive Officer of Academy. “This relationship enables our clients to access liquidity in the markets and enhances our current platform.”
BIDS trading supports a sponsored access model that allows buy-side clients to select a broker to pay for their trading activity in the BIDS ATS. Buy-side clients benefit by more effectively utilizing their commission dollars to pay for the goods and services provided by their broker/dealer partners. BIDS Trading allows market participants to trade large blocks of equities without revealing their order. Information disclosure is controlled by the trader via customizable trading tools: traders set their minimum block size to help protect their order and they can filter out counterparties based on past trading behavior.
“Academy Securities is a great addition to our growing list of sponsoring brokers,” said Tim Mahoney, Chief Executive Officer of BIDS Trading. “Our goal is to encourage the broadest possible market participation and we are pleased to provide access to Academy Securities’ client base and address their needs for anonymous block trading.”
BIDS Trading, L.P. is a registered broker/dealer and the operator of the BIDS Alternative Trading System (“ATS”), which was designed to bring counterparties together to anonymously trade large blocks of shares. Developed by a consortium of leading financial services firms, BIDS Trading resolves the classic paradox of the block trader – the need to find legitimate trading counterparties without prematurely revealing trading intentions. For more information, visit www.bidstrading.com.
Academy Securities, Inc., a FINRA registered US Broker-Dealer, California-certified Disabled Veteran Business Enterprise (DVBE) and Service Disabled Veteran Owned Business (SDVOB), was founded by Chance Mims, Douglas Greenwood, and Gregory Van Schaack to bring together the combined strengths of industry experts and the outstanding men and women in uniform who have served our country with honor. Academy Securities is a unique financial services firm offering a comprehensive suite of products and services that will not only benefit clients, but also support and encourage the retraining and employment of our nation’s veterans. The Company is of particular interest to municipal debt issuers, investment management firms, public, corporate, and multi-employer pension funds, and other public and private entities that are allocating contracts to DVBE and SDVOB firms. For more information, visit www.academysecurities.com.
Zoë Norinsky, BIDS Trading, L.P.
Email: zoe.norinsky@bidstrading.com
Tel: +1.212.618.2600
Elizabeth Tolomeo, Academy Securities, Inc.
Email: etolomeo@AcademySecurities.com
Tel: +1.312.635.0867
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©2013 BIDS Trading® is a member of FINRA and SIPC. BIDS Trading and the BIDS Trading mark are protected in the United States and countries throughout the world.
New York, NY – December 20, 2012 – Sturdivant & Co. Inc., a full service, MBE certified, brokerage firm with over twenty-five years capital markets experience, and BIDS Trading, L.P., the Alternative Trading System (“ATS”) designed to increase competition and liquidity in the U.S. equity block trading market, today announced the signing of a sponsorship agreement that allows Sturdivant to provide customers direct and anonymous block liquidity in the BIDS ATS.
“We are pleased to become a sponsoring broker with BIDS Trading. This is a great opportunity for us to provide our clients with additional liquidity in the U.S. markets and utilize our MBE status,” said Harvey R. de Krafft, Managing Director of Sturdivant & Co. Inc.
BIDS trading supports a sponsored access model that allows buy-side clients to select a broker to pay for their trading activity in the BIDS ATS. Buy-side clients benefit by more effectively utilizing their commission dollars to pay for the goods and services provided by their broker/dealer partners. BIDS Trading allows market participants to trade large blocks of equities without revealing their order. Information disclosure is controlled by the trader via customizable trading tools: traders set their minimum block size to help protect their order and they can filter out counterparties based on past trading behavior.
“The addition of Sturdivant as a sponsor in BIDS furthers our goal of creating the most efficient trading venue and deepest liquidity pool possible,” said Tim Mahoney, CEO of BIDS Trading. “We are truly pleased to provide investors using Sturdivant with the ability to access BIDS Trading’s open, flexible platform.”
BIDS Trading, L.P. is a registered broker-dealer and the operator of the BIDS Alternative Trading System (ATS), which was designed to bring counterparties together to anonymously trade large blocks of shares. Developed by a consortium of leading financial services firms, BIDS Trading resolves the classic paradox of the block trader – the need to find legitimate trading counterparties without prematurely revealing trading intentions. For more information, visit www.bidstrading.com.
Sturdivant & Co. Inc. is a full service, MBE certified, brokerage firm with over twenty-five years capital markets experience. Their offices are located in Mt. Laurel, New Jersey and Chicago, Illinois. They bring unique and in-depth knowledge of the companies, the business climate, the economy and the politics of “the region” to clients in diverse geographies. Their experienced and committed team of research and trading professionals, strengthened by their technology, market intelligence and solid relationships, enables them to consistently provide outstanding service. For more information, visit www.sturdivant-co.com.
Zoë Norinsky, BIDS Trading, L.P.
Email: zoe.norinsky@bidstrading.com
Tel: +1.212.618.2600
Terry A. Williams, Sturdivant & Co. Inc.
Email: twilliams@sturdivant-co.com
Tel: +1.856.433.6122
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©2012 BIDS Trading® is a member of FINRA, NYSE, and SIPC. BIDS Trading and the BIDS Trading mark are protected in the United States and countries throughout the world.
New York, NY – December 11, 2012 – First Analysis Securities Corporation (“First Analysis”), the Chicago-based broker/dealer founded in 1981, and BIDS Trading, L.P., the Alternative Trading System (“ATS”) designed to increase competition and liquidity in the U.S. equity block trading market, today announced the signing of a sponsorship agreement that allows First Analysis to provide customers direct and anonymous block liquidity in the BIDS ATS.
“First Analysis is very excited to become a sponsoring broker with BIDS Trading,” said Tom Ianiro, Managing Director of First Analysis. “Our goal in working with BIDS Trading is to offer additional value-added services for our clients. Access to BIDS Trading’s non-displayed liquidity pool, along with our own quality trading solutions, is essential in building relationships with clients who are looking for liquidity while remaining anonymous in the marketplace.”
BIDS Trading supports a sponsored access model that allows buy-side clients to select a broker to pay for their trading activity in the BIDS ATS. Buy-side clients benefit by more effectively utilizing their commission dollars to pay for the goods and services provided by their broker/dealer partners. BIDS Trading allows market participants to trade large blocks of equities without revealing their order. Information disclosure is controlled by the trader via customizable trading tools: traders set their minimum block size to help protect their order and they can filter out counterparties based on past trading behavior.
“We are very pleased to add a firm of First Analysis’s caliber to our growing list of sponsoring brokers,” said Tim Mahoney, CEO of BIDS Trading. “This agreement furthers our efforts to continue to create an open, efficient marketplace in the BIDS ATS, and offer the broadest participation and deepest liquidity pool possible to anonymously trade blocks of U.S. equities.”
BIDS Trading, L.P. is a registered broker-dealer and the operator of the BIDS Alternative Trading System (ATS), which was designed to bring counterparties together to anonymously trade large blocks of shares. Developed by a consortium of leading financial services firms, BIDS Trading resolves the classic paradox of the block trader – the need to find legitimate trading counterparties without prematurely revealing trading intentions. For more information, visit www.bidstrading.com.
First Analysis Securities Corporation is a full-service broker/dealer offering a complete suite of services to its clients. It provides institutional investors with public equity research and trading services and serves corporations with corporate finance and M&A advisory. First Analysis applies a differentiated strategy: achieving broad, deep, and long-term domain expertise through a research and investment focus that encompasses both private and public companies. First Analysis Securities Corp. is a registered broker/dealer with FINRA and SIPC. For more information, visit www.firstanalysis.com.
Zoë Norinsky, BIDS Trading, L.P.
Email: zoe.norinsky@bidstrading.com
Tel: +1.212.618.2600
Tom Ianiro, First Analysis Securities Corp
Email: tianiro@firstanalysis.com
Tel: +1.312.258.1400
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©2012 BIDS Trading® is a member of FINRA, NYSE, and SIPC. BIDS Trading and the BIDS Trading mark are protected in the United States and countries throughout the world.
New York, NY – September 19, 2012 – Bloomberg LP today announced access to its U.S. equity pool as part of a new service called Bloomberg Pool, or BPool. Developed in conjunction with BIDS Trading, BPool enables traders to interact with liquidity present on Bloomberg’s equities trading platforms and BIDS Trading’s alternative trading system (ATS), which acts as BPool’s order matching engine.
BPool shares the broker-sponsored access model implemented by BIDS Trading, which enables buy-side traders to fully allocate commission dollars to the broker of their choice and pay for brokerage services, such as research.
“BPool provides access to what the U.S. equity markets have been looking for, a centralized, active and diverse marketplace,” said Daniel L. Doctoroff, president and chief executive officer of Bloomberg. “Our clients now have a more efficient way to implement trading strategies and achieve better execution results.”
As an integrated component of the trading tools available with Bloomberg’s order and execution management platforms, BPool gives traders the option to interact with centralized liquidity and configurable orders to help automate and optimize liquidity capture. From order-entry to execution, traders can monitor and control orders sent to BPool.
BIDS Trading’s ATS was founded by leading U.S. brokerage firms in 2006 to provide an alternative, dynamic electronic marketplace for U.S. equity block trading. BIDS Trading adopted policies designed to preserve broker relationships and bring counterparties together to trade large blocks of shares efficiently, confidentially and anonymously.
“Bloomberg joins more than a dozen financial services firms that created BIDS Trading in an effort to build an open marketplace that gives traders the flexibility to direct commission dollars to the broker of their choice,” said Tim Mahoney, chief executive officer of BIDS Trading. “The injection of Bloomberg’s diverse order flow creates a deep and efficient liquidity pool in an otherwise fragmented marketplace.”
As part of its alliance with BIDS Trading, Bloomberg made an equity investment in BIDS, joining a consortium of more than a dozen financial services firms. Raymond Tierney, president and chief executive officer of Bloomberg’s agency brokerage business, Bloomberg Tradebook LLC, will represent Bloomberg as a BIDS board member. Jim White, an executive with more than 20 years of experience working with electronic equities markets, was named the global head of operations for BPool.
BPool technology is developed in conjunction with Bloomberg’s EMSX and SSEOMS product teams, while the decision engine is developed and operated by Bloomberg Tradebook LLC, a U.S. registered broker-dealer and member of FINRA.
More information about Bloomberg’s BPool is available at {POOL} on the Bloomberg Professional service, or by contacting Jim White at jwhite13@bloomberg.net.
Bloomberg, the global business and financial information and news leader, gives influential decision makers a critical edge by connecting them to a dynamic network of information, people and ideas. The company’s strength – delivering data, news and analytics through innovative technology, quickly and accurately – is at the core of the Bloomberg Professional service, which provides real time financial information to more than 310,000 subscribers globally. Bloomberg’s enterprise solutions build on the company’s core strength, leveraging technology to allow customers to access, integrate, distribute and manage data and information across organizations more efficiently and effectively.
Vera Newhouse
Bloomberg LP
Email: vnewhouse@bloomberg.net
Tel: +1-212-617-6420
Zoë Norinsky, BIDS Trading, L.P.
Email: zoe.norinsky@bidstrading.com
Tel: +1.212.618.2600
BPool is a service mark of Bloomberg LP.
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New York, NY – August 3, 2012 – Reynolds Securities, a 25+ year-old, African-American owned, New York-based agency broker serving institutional trading desks nationwide, and BIDS Trading, L.P., the Alternative Trading System (“ATS”) designed to increase competition and liquidity in the U.S. equity trading block trading market, are pleased to announce the signing of a sponsorship agreement. This agreement provides Reynolds Securities clients with the ability to benefit from the BIDS Trading crossing network, while earning Minority Business Enterprise (”MBE”) credits.
“We are proud to participate in what we think is one of the better block liquidity venues,” said Kennon A. Brennen, Managing Partner of Reynolds Securities. “Our sponsor agreement with BIDS Trading compliments our trading approach of staying on the cutting edge of best execution,” explained Shannon Burhance, also a Managing Partner at Reynolds Securities.
Reynolds Securities, through this exciting agreement with BIDS Trading, can now work with its extensive institutional client base to directly and anonymously source block liquidity in both BIDS Trading and NYBX. Reynolds Securities is also excited to provide its institutional client base with a means of reaching diversity targets while remaining on the cutting edge.
BIDS Trading supports a sponsored access model that allows buy-side clients to select a broker to pay for their trading activity in the BIDS ATS. Buy-side clients benefit by more effectively utilizing their commission dollars to pay for the goods and services provided by their broker/dealer partners. BIDS Trading allows market participants to trade large blocks of equities without revealing their order. Information disclosure is controlled by the trader via customizable trading tools: traders set their minimum block size to help protect their order and they can filter out counterparties based on past trading behavior.
“We are pleased to provide access to the client base of Reynolds Securities and address their need to access block liquidity,” said Tim Mahoney, Chief Executive Officer of BIDS Trading.
BIDS Trading, L.P. is a registered broker/dealer and the operator of the BIDS Trading Alternative Trading System (ATS), which was designed to bring counterparties together to anonymously trade large blocks of shares. Developed by a consortium of leading financial services firms, the BIDS Trading ATS resolves the classic paradox of the block trader – the need to find legitimate trading counterparties without prematurely revealing trading intentions. The BIDS Trading ATS is open to all qualifying broker-dealers and their institutional clients, subject to basic credit and regulatory requirements. For more information, visit www.bidstrading.com.
Reynolds Securities is a 25+ year-old, MWBE certified African-American owned, broker/dealer that provides full service agency brokerage to institutional trading desks nationwide. Reynolds Securities is a preferred minority broker/dealer to public pension and private Taft-Hartley pension managers and their trading desks in the United States. Reynolds Securities Minority Credits are acceptable on a nationwide basis. Reynolds Securities is a bonded broker/dealer regulated by FINRA and covered by SIPC in the United States.
Zoë Norinsky, BIDS Trading, L.P.
Email: zoe.norinsky@bidstrading.com
Tel: +1.212.618.2600
Kennon A. Brennen, Reynolds Securities, LTD.
Email: kenbrennen@tpreynoldssecurities.com
Tel: +1.212.742.1616
©2012 New York Block Exchange, LLC., NYBXSM and New York Block ExchangeSM are service marks of NYSE Group, Inc. and are used by New York Block Exchange, LLC under license. BIDS Trading® is a member of FINRA, NYSE, and SIPC. BIDS Trading and the BIDS Trading mark are protected in the United States and countries throughout the world.
NEW YORK, April 11, 2012 — Direct Markets, Inc., a subsidiary of Rodman & Renshaw Capital Group, Inc. (NASDAQ:RODM) and the owner and operator of the DirectMarkets platform, an automated state-of-the-art electronic transaction platform that will directly link existing public companies and investors seeking to transact primary offerings of securities, and BIDS Trading, L.P., the operator of the BIDS ATS (alternative trading system) designed to increase competition and liquidity in the U.S. equity block trading market, announced the signing of a subscriber agreement by DirectMarkets’ broker-dealer affiliate, Rodman & Renshaw, LLC, that allows DirectMarkets to provide its customers with direct and anonymous access to the block liquidity in the BIDS ATS. Securities transaction services on the DirectMarkets platform will be provided through DirectMarkets’ broker-dealer affiliate, Rodman & Renshaw, LLC.
“We are pleased that our broker-dealer affiliate, Rodman & Renshaw, LLC, has become a sponsoring broker with BIDS Trading, which will give DirectMarkets’ clients access to an additional source of reliable liquidity in the markets,” said Kevin Lupowitz, CEO of DirectMarkets. “This value-added service, combined with the robust transaction platform that we developed, demonstrates our continued commitment to best servicing our clients’ needs.”
With its many features, the DirectMarkets platform will empower issuers to sell shares (covered by a shelf registration) directly into the secondary market and to complete funding transactions at a fraction of the current cost. Using the same platform, investors will be able to directly contact issuers with effective shelf registrations in place to buy that issuer’s stock, effectively gaining the ability to accumulate stock positions in a more cost-effective manner than through ongoing open market purchases. Both investors and issuers will benefit from 24/7 seamless access to the DirectMarkets platform through a graphical user interface (GUI) accessible via a desktop or laptop computer, as well as mobile smart devices such as tablets or smartphones.
BIDS Trading supports a sponsored access model that allows buy-side clients to select a broker to pay for their trading activity in the BIDS ATS. Buy-side clients benefit by more effectively utilizing their commission dollars to pay for the goods and services provided by their broker/dealer partners. BIDS Trading allows market participants to trade large blocks of equities without revealing their order. Information disclosure is controlled by the trader via customizable trading tools: traders set their minimum block size to help protect their order and they can filter out counterparties based on past trading behavior.
“We are very excited to add Rodman & Renshaw to our growing list of sponsoring brokers and provide an additional source of liquidity to clients of DirectMarkets,” said Tim Mahoney, CEO of BIDS Trading. “This agreement furthers our efforts to continue to create an open, efficient marketplace in the BIDS ATS, and offer the broadest participation and deepest liquidity pool possible to anonymously trade blocks of U.S. equities.”
BIDS Trading, L.P. is a registered broker-dealer and the operator of the BIDS Alternative Trading System (ATS), which was designed to bring counterparties together to anonymously trade large blocks of shares. Developed by a consortium of leading financial services firms, the BIDS ATS resolves the classic paradox of the block trader — the need to find legitimate trading counterparties without prematurely revealing trading intentions.
BIDS Trading is a joint venture of: Bank of America Merrill Lynch (NYSE: BAC), Barclays Capital (NYSE: BARC), Citi (NYSE: C), Credit Suisse Group (NYSE: CS), Deutsche Bank (NYSE: DB), The Goldman Sachs Group, Inc. (NYSE: GS), JPMorgan Chase & Co. (NYSE: JPM), Knight Capital Group, Inc. (NYSE: KCG), Morgan Stanley (NYSE: MS), NYSE Euronext (NYX), and UBS (NYSE: UBS).
For more information, visit www.bidstrading.com.
A subsidiary of Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM), Direct Markets, Inc. will operate an automated state-of-the-art electronic transaction platform to directly link existing public company issuers and investors seeking to transact primary offerings of securities. DirectMarkets will bring unprecedented, cost-efficient access to the capital markets into the C-Suite of public companies and bypass certain traditional roles typically held by investment banks that presently control the transactional process. Both investors and issuers will benefit from 24/7 seamless access to the DirectMarkets platform through a graphical user interface (GUI) accessible via a desktop or laptop computer, as well as mobile smart devices such as tablets or smartphones. Securities transaction services on the DirectMarkets platform will be provided through DirectMarkets’ broker-dealer affiliate, Rodman & Renshaw, LLC. For more information, please visit www.directmkts.com.
Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements regarding future events and financial performance including, but not limited to the timing and success of the roll-out of the DirectMarkets platform. In some cases, you can identify these statements by words such as “may,” “might,” “will,” “should,” “except,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” or “continue,” the negative of these terms and other comparable terminology. These statements involve a number of risks and uncertainties and are based on numerous assumptions involving judgments with respect to future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of Rodman & Renshaw Capital Group, Inc. There are or may be important factors that could cause the actual results of Rodman & Renshaw Capital Group, Inc. to materially differ from its historical results or from any future results expressed or implied by such forward looking statements. These factors include, but are not limited to, those discussed under the section entitled “Risk Factors” in the Rodman & Renshaw Capital Group, Inc. Annual Report on Form 10-K, filed March 16, 2012, which is available at the U.S. Securities and Exchange Commission website at www.sec.gov . The forward-looking statements in this press release are based upon Rodman & Renshaw Capital Group, Inc. management’s reasonable belief as of the date hereof. Rodman & Renshaw Capital Group, Inc. undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
New York, NY – December 2, 2011 – Clancy Financial Services, a New York-based agency broker for institutional investors, and BIDS Trading, L.P., the Alternative Trading System (“ATS”) designed to increase competition and liquidity in the U.S. equity trading block trading market, are pleased to announce the signing of a sponsorship agreement. This agreement provides CFS’ clients with anonymous, direct access to liquidity in BIDS Trading’s crossing network, while earning Minority Business Enterprise (”MBE”) credits.
“This is a great opportunity for us and our institutional clients,” said Donna H. Clancy, Founder and Executive Director of CFS. “The sponsor agreement with BIDS Trading compliments the flexibility and utility of our execution services by providing clients direct access to necessary, anonymous liquidity while satisfying diversity goals.”
CFS offers its clients, which include large institutional equity fund managers, pension funds, hedge funds, and small to mid-sized institutional investors, customized service, access to the firm’s technology-driven trading strategies, and an accomplished, trusted, institutional trading desk. Through its agreement with BIDS Trading, CFS customers are now able to directly and anonymously source block liquidity in both BIDS Trading and NYBX. This provides institutions having diversity targets with a convenient way to boost their minority women owned broker dealer use without forcing them to avoid direct-access options.
“We are pleased to provide access to the client base of Clancy Financial Services and address their needs for anonymous block trading,” said Tim Mahoney, Chief Executive Officer of BIDS Trading.
BIDS Trading allows market participants to trade large blocks of equities without revealing their order. Information disclosure is controlled by the trader via customizable trading tools; traders set minimum block size to help protect their order and can filter out counterparties based on past trading behavior.
BIDS Trading, L.P. is a registered broker-dealer and the operator of the BIDS Alternative Trading System (ATS), which was designed to bring counterparties together to anonymously trade large blocks of shares. Developed by a consortium of leading financial services firms, BIDS Trading resolves the classic paradox of the block trader – the need to find legitimate trading counterparties without prematurely revealing trading intentions. For more information, visit www.bidstrading.com.
Clancy Financial Services (CFS) is a NYS and NYC WBE and WBENC certified woman owned, broker dealer that provides full service execution services to institutional investors.
We are currently approved with various states and public funds including the NYC Comptroller’s Retirement Systems, Illinois, New York, Maryland, California, Washington D.C., Massachusetts, New Jersey, Pennsylvania Texas, Virginia and Illinois State Board, Illinois State Board of Investment, Illinois Municipal Retirement fund, State University Retirement System, Teachers Retirement System (TRS) of the State of Illinois, TRS State of Texas, City of Philadelphia, NYS Insurance Fund (NYSIF), Retirement System of Alabama, Port Authority of NY & NJ, NJ Transit, NY Power Authority.
Zoë Norinsky, BIDS Trading, L.P.
Email: zoe.norinsky@bidstrading.com
Tel: +1.212.618.2600
©2011 BIDS Trading® is a member of FINRA, NYSE, and SIPC. BIDS Trading and the BIDS Trading mark are protected in the United States and countries throughout the world.
Block Trading Platform Continues to Break Trading Records as Daily Volume Crosses 108 Million Shares*
New York, NY – August 3, 2011 – BIDS Trading, L.P., the alternative trading system (ATS) designed to increase liquidity in the U.S. equity block trading market, announces a new single day trading record of 108,095,802 shares executed in the BIDS ATS on August 2, 2011.
BIDS Trading has been steadily increasing its volumes. This record marks the third record volume day in ten days.
“We are very encouraged as our liquidity pool continues to grow, along with our user base. This demonstrates that we are achieving our goal of providing a venue in which buy-side and sell-side firms can trade blocks of stock anonymously and efficiently,” states Tim Mahoney, Chief Executive Officer of BIDS Trading. “Our growing volumes can be directly attributed to increased buy-side and sell-side participation. Buy-side users recognize the benefit of our sponsored-access model, which means that a buy-side trader can direct 100% of their commission dollars to the broker of their choice.”
BIDS Trading allows market participants to trade large blocks of equities without revealing their order. Information disclosure is controlled by the trader via customizable trading tools: traders set their minimum block size to help protect their order and they can filter out counterparties based on past trading behavior.
Zoë Norinsky, BIDS Trading, L.P.
Email: zoe.norinsky@bidstrading.com
Tel: +1.212.618.2600
BIDS Trading, L.P. is a registered broker-dealer and the operator of the BIDS Alternative Trading System (ATS), which was designed to bring counterparties together to anonymously trade large blocks of shares. Developed by a consortium of leading financial services firms, BIDS Trading resolves the classic paradox of the block trader – the need to find legitimate trading counterparties without prematurely revealing trading intentions. For more information, visit www.bidstrading.com.
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*BIDS ATS volume is double counted to include both sides of the transaction.
©2011 BIDS Trading® is a member of FINRA, NYSE, and SIPC. BIDS Trading and the BIDS Trading mark are protected in the United States and countries throughout the world.
BIDS TRADING SETS A NEW SINGLE DAY TRADING RECORD
New York, NY – July 22, 2011 – BIDS Trading, L.P., the alternative trading system (ATS) designed to increase liquidity in the U.S. equity block trading market, announces a new single day trading record of 100,933,400 shares executed in the BIDS ATS on July 21, 2011.
BIDS Trading has been steadily increasing its volumes. For the six months ending June 30, 2011, BIDS ADV was over 68 million shares*, representing more than an 85% increase from the same period in 2010.
On the record numbers, Tim Mahoney, CEO of BIDS Trading, offered, “the growth in the BIDS ATS volume is validation that both the buy-side and the sell-side contribute significantly to our liquidity pool and that buy-side users recognize the value of using their commission dollars more efficiently through the broker sponsored model.”
BIDS Trading allows market participants to trade large blocks of equities without revealing their order. Information disclosure is controlled by the trader via customizable trading tools: traders set their minimum block size to help protect their order and they can filter out counterparties based on past trading behavior.
Zoë Norinsky, BIDS Trading, L.P.
Email: zoe.norinsky@bidstrading.com
Tel: +1.212.618.2600
BIDS Trading, L.P. is a registered broker-dealer and the operator of the BIDS Alternative Trading System (ATS), which was designed to bring counterparties together to anonymously trade large blocks of shares. Developed by a consortium of leading financial services firms, BIDS Trading resolves the classic paradox of the block trader – the need to find legitimate trading counterparties without prematurely revealing trading intentions. For more information, visit www.bidstrading.com.
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*BIDS ATS volume is double counted to include both sides of the transaction.
©2011 BIDS Trading® is a member of FINRA, NYSE, and SIPC. BIDS Trading and the BIDS Trading mark are protected in the United States and countries throughout the world.
NEW YORK, NY – April 26, 2011 – Cowen and Company, the Broker/Dealer unit of Cowen Group, Inc. (NASDAQ: COWN), and BIDS Trading, L.P., an alternative trading system (“ATS”) designed to increase competition and liquidity in the U.S. equity block trading market, today announced the signing of a sponsorship agreement that allows Cowen and Company to provide customers direct and anonymous block liquidity in both BIDS Trading and NYBX.
“We are pleased to become a sponsoring broker with BIDS Trading, which will give our clients access to reliable liquidity in the markets,” said John O’Donoghue, Head of Equities of Cowen and Company. “This value-add service, combined with our already robust trading platform, demonstrates our commitment to best servicing our clients’ increasingly diverse trading needs.”
BIDS Trading supports a sponsored access model that allows buy-side clients to select a broker to pay for their trading activity in the BIDS ATS. Buy-side clients benefit by more effectively utilizing their commission dollars to pay for the goods and services provided by their broker/dealer partners. BIDS Trading allows market participants to trade large blocks of equities without revealing their order. Information disclosure is controlled by the trader via customizable trading tools: traders set their minimum block size to help protect their order and they can filter out counterparties based on past trading behavior.
“We are very excited to add a firm of Cowen and Company’s caliber to our growing list of sponsoring brokers,” said Tim Mahoney, CEO of BIDS Trading. “This agreement furthers our efforts to continue to create an open, efficient marketplace in the BIDS ATS, and offer the broadest participation and deepest liquidity pool possible to anonymously trade blocks of U.S. equities.”
Zoë Norinsky, BIDS Trading, L.P.
Email: zoe.norinsky@bidstrading.com
Tel: +1.212.618.2600
Peter Poillon, Cowen Group, Inc.
Email: peter.poillon@cowen.com
Tel: +1.646.562.1983
BIDS Trading, L.P. is a registered broker-dealer and the operator of the BIDS Alternative Trading System (ATS), which was designed to bring counterparties together to anonymously trade large blocks of shares. Developed by a consortium of leading financial services firms, BIDS Trading resolves the classic paradox of the block trader – the need to find legitimate trading counterparties without prematurely revealing trading intentions. For more information, visit www.bidstrading.com.
Cowen Group, Inc. is a leading diversified financial services firm providing alternative investment management, investment banking, research, and sales and trading services through its business units, Ramius and Cowen and Company. Its alternative investment management products include hedge funds, fund of funds, real estate funds, healthcare royalty funds, cash management and commodity trading funds, offered primarily under the Ramius name. Cowen and Company offers industry focused investment banking for growth-oriented companies, domain knowledge-driven research and a sales and trading platform for institutional investors. Founded in 1918, the firm is headquartered in New York and has offices located in major financial centers around the world. For more information, visit www.cowen.com.
©2011 New York Block Exchange, LLC. NYBXSM and New York Block ExchangeSM are service marks of NYSE Group, Inc. and are used by New York Block Exchange, LLC under license. BIDS Trading® is a member of FINRA, NYSE, and SIPC. BIDS Trading and the BIDS Trading mark are protected in the United States and countries throughout the world.
NEW YORK, NY – April 18, 2011 – Blaylock Robert Van, LLC (“BRV”), a New York-based agency broker for institutional investors, and BIDS Trading, L.P., the Alternative Trading System (“ATS”) designed to increase competition and liquidity in the U.S. equity block trading market, are pleased to announce the signing of a sponsorship agreement. This agreement provides BRV’s clients with anonymous, direct access to liquidity in BIDS Trading’s crossing network while earning Minority Business Enterprise (“MBE”) credits.
“This is a very exciting development,” said Steven Singleton, Executive Vice President and Director of Institutional Equities for Blaylock Robert Van. “The sponsor agreement with BIDS Trading extends the flexibility and utility of our execution services by providing clients direct access to necessary anonymous liquidity, increasing their options with regards to satisfying MBE goals. In short, they don’t have to do these orders away. This is tremendous for everyone.”
Blaylock Robert Van, LLC offers its clients, which include large institutional equity fund managers, pension funds, hedge funds, and small to mid-sized institutional investors, personalized service, access to the firm’s extensive contacts and technology-driven trading strategies, and an accomplished, trusted, portfolio trading desk. Through its agreement with BIDS Trading, BRV’s customers are now able to directly and anonymously source block liquidity in both BIDS Trading and NYBX. This provides institutions with MBE targets a convenient way to boost their MBE use without forcing them to avoid direct-access options.
“Our goal is to encourage the broadest possible market participation and we are pleased to provide access to Blaylock Robert Van’s client base and address their needs for anonymous block trading,” said Tim Mahoney, Chief Executive Officer of BIDS Trading.
BIDS Trading allows market participants to trade large blocks of equities without revealing their order. Information disclosure is controlled by the trader via customizable trading tools: traders set their minimum block size to help protect their order and they can filter out counterparties based on past trading behavior.
BIDS Trading participants have simultaneous access to both the BIDS ATS and the New York Block Exchange (“NYBX”). NYBX, a revolutionary joint venture between BIDS Trading and NYSE Euronext, is the first joint trading venture between an ATS and an exchange. NYBX provides investors with access to both displayed and hidden interest on the NYSE, without revealing trading intentions.
Zoë Norinsky, BIDS Trading, L.P.
Email: zoe.norinsky@bidstrading.com
Tel: +1.212.618.2600
BIDS Trading, L.P. is a registered broker-dealer and the operator of the BIDS Alternative Trading System (ATS), which was designed to bring counterparties together to anonymously trade large blocks of shares. Developed by a consortium of leading financial services firms, BIDS Trading resolves the classic paradox of the block trader – the need to find legitimate trading counterparties without prematurely revealing trading intentions. For more information, visit www.bidstrading.com.
Blaylock Robert Van, LLC, (“BRV”), is a minority-owned investment banking and financial services company. BRV provides a global electronic equity and fixed income trading platform with direct market access to over 40 worldwide exchanges, and a proprietary web-based research platform designed to specifically address the needs of fundamental portfolio managers and analysts.
BRV is the combination of Blaylock & Company, founded in 1993 by Ron Blaylock, and Robert Van Securities, founded by Eric Van Standifer in 1991. Blaylock, an east coast based minority-owned investment banking boutique, joined with Robert Van Securities, a minority-owned west coast broker-dealer. The combined firm offers a suite of high-value services including capital markets strategies for a blue chip client roster consisting of America’s largest corporations, financial institutions, municipalities and high net worth clients. Members of FINRA, MSRB & SIPC, BRV is one of the most recognizable and innovative financial services firms in the United States.
Blaylock Robert Van maintains its headquarters in New York City and offices in Oakland, CA, Chicago, IL, and Miami, FL.
©2011 New York Block Exchange, LLC. NYBXSM and New York Block ExchangeSM are service marks of NYSE Group, Inc. and are used by New York Block Exchange, LLC under license. BIDS Trading® is a member of FINRA, NYSE, and SIPC. BIDS Trading and the BIDS Trading mark are protected in the United States and countries throughout the world.
NEW YORK, NY – February 18, 2011 – BIDS Trading today announced an agreement to allow clients the ability to trade via BIDS to credit their Westminster Research accounts. Westminster Research is a subsidiary of ConvergEx Group, a leading technology company.
BIDS Trading supports a sponsored access model which means that buy-side clients select a broker to pay for their trading activity in the BIDS ATS. The buy-side client benefits by more effectively utilizing their commission dollars to pay for the goods and services provided by their broker-dealer partners.
“Westminster Research is a great addition to our growing list of sponsoring brokers,” said Tim Mahoney, CEO, BIDS Trading. “Our sponsorship model is significant because it allows our buy-side clients to seek block liquidity in BIDS while directing their commission dollars to credit their Westminster Research accounts.”
“We are very pleased to add BIDS Trading to our network of executing brokers and platforms,” said John Meserve, chief executive officer of ConvergEx’s Westminster Research Associates. “Our goal is to provide clients with the flexibility to leverage market leading execution venues to accrue research credits with us. Westminster Research continues to be the premier provider of commission management solutions and our agreement with BIDS Trading allows clients to access their unique liquidity while also creating a research credit.”
ConvergEx Group offers a complete suite of neutral, anonymous and transparent commission management services that encompasses every step of the commission management process from broker vote to third‐party payment.
Zoë Norinsky, BIDS Trading, L.P.
Email: zoe.norinsky@bidstrading.com
Tel: +1.212.618.2600
BIDS Trading, L.P. is a registered broker-dealer and the operator of the BIDS Alternative Trading System (ATS), which was designed to bring counterparties together to anonymously trade large blocks of shares. Developed by a consortium of leading financial services firms, BIDS Trading resolves the classic paradox of the block trader – the need to find legitimate trading counterparties without prematurely revealing trading intentions. For more information, visit www.bidstrading.com.
76.7 million shares* traded per day in January 2011; 134% increase year-over-year.
NEW YORK, NY – February 1, 2011 – BIDS Trading, the alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market, today announced record trading volumes for the month of January. The dark pool traded over 76.7 million shares* per day in January, which is a 134% increase from average daily volumes the same month last year.
Additionally, BIDS Trading’s Q4 volumes of 61 million shares* marks the seventh consecutive quarter that BIDS Trading has achieved record quarterly volumes.
On the record numbers, Tim Mahoney, CEO of BIDS Trading, offered, “We are pleased that both the buy- and sell-side are finding ample block liquidity in our dark pool. The healthy mix of buy- and sell-side flow is leading to greater liquidity, more trading opportunities, and increased market share.”
BIDS Trading allows market participants to trade large blocks of equities without revealing their order. Information disclosure is controlled by the trader via customizable trading tools: traders set their minimum block size to help protect their order and they can filter out counterparties based on past trading behavior.
Zoë Norinsky, BIDS Trading, L.P.
Email: zoe.norinsky@bidstrading.com
Tel: +1.212.618.2600
BIDS Trading, L.P. is a registered broker-dealer and the operator of the BIDS Alternative Trading System (ATS), which was designed to bring counterparties together to anonymously trade large blocks of shares. Developed by a consortium of leading financial services firms, BIDS Trading resolves the classic paradox of the block trader – the need to find legitimate trading counterparties without prematurely revealing trading intentions. For more information, visit www.bidstrading.com.
*Figures include all volume traded on the BIDS ATS and NYBX.
NYBX volume is single counted. BIDS ATS volume is double counted to include both sides of the transaction.
Over 65 million shares* traded per day in October 2010; 123% increase year-over-year.
NEW YORK, NY – November 1, 2010 – BIDS Trading, the alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market, today announced record trading volumes for the month of October. The dark pool traded over 65 million shares* per day in October, which is an increase of 123% over average daily volumes the same month last year.
This also marks the second consecutive month that BIDS Trading has achieved record monthly volumes. BIDS Trading’s October volumes of 65 million shares* per day is a 30% increase over September volumes.
On the record numbers, Tim Mahoney, CEO of BIDS Trading said, “The continued growth of BIDS gives us confidence that the model uniquely meets the needs of the institutional trader in this challenging market environment. We continue to focus on the key elements that have fueled our growth to this point; providing block liquidity traders can’t find elsewhere, in a secure environment, with an effective use of commission dollars through sponsored access.”
BIDS Trading allows market participants to trade large blocks of equities without revealing their order. Information disclosure is controlled by the trader via customizable trading tools: traders set their minimum block size to help protect their order and they can filter out counterparties based on past trading behavior.
Zoë Norinsky, BIDS Trading, L.P.
Email: zoe.norinsky@bidstrading.com
Tel: +1.212.618.2600
BIDS Trading, L.P. is a registered broker-dealer and the operator of the BIDS Alternative Trading System (ATS), which was designed to bring counterparties together to anonymously trade large blocks of shares. Developed by a consortium of leading financial services firms, BIDS Trading resolves the classic paradox of the block trader – the need to find legitimate trading counterparties without prematurely revealing trading intentions. For more information, visit www.bidstrading.com.
*Figures include all volume traded on the BIDS ATS and NYBX.
NYBX volume is single counted. BIDS ATS volume is double counted to include both sides of the transaction.
NEW YORK, NY – October 6, 2010 – BIDS Trading, the alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market, today announced record trading volumes for the month of September. The dark pool traded over 49 million shares* per day in September, which is a 96% increase from average daily volumes the same month last year.
This also marks the fourth quarter in a row that BIDS Trading has achieved record quarterly volumes. BIDS Trading’s Q3 volumes of 45 million shares* per day is a 105% increase year-over-year.
NEW YORK, NY – July 6, 2010 – BIDS Trading, the alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market, announced today that it has set a new record for quarterly average daily volume traded. The dark pool traded over 44 million shares* per day in Q2 2010.
This marks the third quarter in a row that BIDS Trading has achieved record quarterly volumes. BIDS Trading’s Q2 volumes increased 56% from its previous quarterly volume of 28 million shares* per day and increased 118% year-over -year.
NEW YORK, NY – June 10, 2010 – Capital Institutional Services, Inc. (CAPIS), an independent agency brokerage firm, and BIDS Trading, an alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market, are pleased to announce the signing of a sponsorship agreement. Through its agreement with BIDS Trading, CAPIS can provide customers direct and anonymous block liquidity in both BIDS Trading and NYBX.
BIDS Trading supports a sponsored access model which means that buy-side clients select a broker to pay for their trading activity in the BIDS ATS. The buy-side client benefits by more effectively utilizing their commission dollars to pay for the goods and services provided by their broker/dealer partners and the model benefits the brokers by giving them access to a new stream of commission dollars from their existing clients.
NEW YORK, NY – June 3, 2010 – BIDS Trading, the alternative trading system (ATS) designed to increase liquidity in the U.S. equity block trading market, reported record levels of liquidity for the month of May 2010.
BIDS Trading’s average daily volume of 49 million shares* in May represents a 118% increase from May 2009. BIDS Trading also achieved an all-time single day record in May, trading over 90 million shares.* The dark pool reached another milestone in May, trading over one billion shares in a single month.
New York, NY – May 5th – Liquidity in BIDS Trading hit new heights today. Our block trading platform achieved an all-time single day record – executing over 64 million shares*!
In fact, BIDS Trading has been achieving record growth as of late:
• Record average daily volume in April of 45+ million shares*
• Back-to-back record quarters (Q4 2009 and Q1 2010)
*Figures include all volume traded on the BIDS ATS and NYBX.
NYBX volume is single counted. BIDS ATS volume is double counted to include both sides of the transaction.
NEW YORK, NY – May 3, 2010 – BIDS Trading, the alternative trading system (ATS) designed to increase liquidity in the U.S. equity block trading market, announced record levels of liquidity for the month of April 2010.
BIDS Trading posted a record month for April, with average daily volumes of 45 million shares*, 126% higher than the same month last year, and an increase in 78% over the previous month of March.
NEW YORK, NY – April 15, 2010 – BIDS Trading, the alternative trading system (ATS) designed to increase liquidity in the U.S. equity block trading market, yesterday announced another single day trading record for 2010. BIDS Trading executed more than 53 million shares* on April 14th, surpassing its previous single day record on April 7th of 46 million shares*.
Since its launch in 2007, BIDS Trading has been steadily increasing its volumes, achieving a year-to-date ADV of over 30 million shares* and record ADVs in Q4 2009 and Q1 2010. Along with its growing trade volumes, BIDS Trading has been adding to its broad user base of buy-side and sell-side firms. Participating buy-side firms collectively manage more than $4 trillion in equity assets.
NEW YORK, NY – April 8, 2010 – BIDS Trading, the alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market, achieved a single day record volume for 2010 of over 46 million shares* on April 7th.
BIDS Trading has been steadily gaining momentum recently – the block trading platform kicked off 2010 with a record ADV of 30 million shares* in January and record ADVs in Q4 2009 and Q1 2010.
NEW YORK, NY – March 9, 2010 – BIDS Trading, L.P. announced today that Barclays Capital has become the latest investor in the alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market.
Barclays Capital (LSE: BARC) joins current investors BofA Merrill Lynch (NYSE: BAC), Citi (NYSE: C), Credit Suisse Group (NYSE: CS), Deutsche Bank (NYSE: DB), The Goldman Sachs Group, Inc. (NYSE: GS), JPMorgan Chase & Co. (NYSE: JPM), Knight Capital Group, Inc. (NASDAQ: NITE), Lehman Brothers (OTC: LEHMQ), Morgan Stanley (NYSE: MS), NYSE Euronext (NYX), and UBS (NYSE: UBS) bringing the total number of investors in BIDS Trading to twelve.
NEW YORK, NY – February 3, 2010 – BIDS Trading, the alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market, has kicked off the new year by achieving a record average daily volume of over 32 million shares* in January, breaking its previous record by 17%.
Additionally, BIDS Trading set records in January for total number of orders, total number of trades, and symbols passed through the platform daily.
NEW YORK, NY – January 21, 2010 – BIDS Trading, the alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market, achieved an average daily volume of over 25 million shares* in Q4 2009, breaking its previous quarterly volume record of 23 million shares* per day. Since its launch in the spring of 2007, BIDS Trading has traded over 13.8 billion shares*.
NEW YORK, NY – December 15, 2009 – Ivy Securities, a New York-based agency broker for institutional investors, and BIDS Trading, the alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market, are pleased to announce the signing of a sponsorship agreement. This agreement provides Ivy Securities’ clients with anonymous, direct access to liquidity in BIDS Trading’s crossing network while earning minority credits.
NEW YORK, NY – November 2, 2009 – BIDS Trading, the alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market, achieved a record average daily volume of over 29 million shares* in October. In addition to achieving this milestone, average buy-side fill rates in BIDS Trading surpassed 44%, with record buy-side trading volumes and record participant numbers.
NEW YORK, NY – May 18, 2009 – NYSE Technologies, the commercial technology division of NYSE Euronext (NYX) and a world leader in microsecond feed handlers, announced that BIDS Trading has implemented its SuperFeed™ product. SuperFeed is NYSE Technologies’ fully-managed data ticker plant offering the extensive global market coverage of the SFTI network combined with the proven microsecond latency and unmatched flexibility of the Data Fabric middleware.
SAN FRANCISCO, CA – March 19, 2009 – Advent Software, Inc. (NASDAQ: ADVS), a leading provider of software and services for the global investment management industry, today announced that it has partnered with BIDS Trading, the alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market. The collaborative relationship with BIDS Trading offers expanded trading integration options for Advent’s more than 850 Moxy® clients, and further extends Advent’s best-of-breed trading footprint for the asset management industry.
NEW YORK, NY – January 26, 2009 – NYSE Euronext and BIDS Holdings, L.P. today announced that the Securities and Exchange Commission has approved their joint filing to launch the New York Block Exchange (NYBX) on January 29, 2009. Designed to improve execution quality and access to block trading liquidity, NYBX is a 50/50 joint venture between the two companies and it will operate as a facility of the NYSE.
NEW YORK, NY – December 3, 2008 – BIDS Trading, the alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market, and BNY ConvergEx Group, LLC, a leading provider of global agency brokerage and investment technology solutions, today announced that ConvergEx’s Dark Desk has connected to BIDS Trading’s U.S. equity block trading platform.
NEW YORK, NY – September 30, 2008 – BIDS Trading, the alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market, and Melvin & Company, an institutional research and trading firm dedicated to promoting socially responsible investing, today announced an agreement that will allow Melvin & Co. to provide its clients with direct access to BIDS Trading’s U.S. equity block trading platform.
NEW YORK, NY – September 24, 2008 – BIDS Trading, the alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market, and Charles River Development, an award-winning provider of technology systems and services for the global investment management community, today announced that connectivity has been established between their electronic trading platforms.
NEW YORK, NY – August 20, 2008 – Penserra Securities, a New York-based agency broker for institutional investors, and BIDS Trading, the alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market, are pleased to announce an agreement that provides Penserra’s clients with direct access to BIDS Trading’s crossing system. The arrangement establishes Penserra as the first government-certified Minority Business Enterprise (MBE) to offer sponsored institutional access to BIDS Trading.
NEW YORK, NY – August 14, 2008 – Rosenblatt Securities, a New York-based agency broker for institutional investors and BIDS Trading, the alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market, are pleased to announce an agreement that allows Rosenblatt to provide its clients with direct access to BIDS Trading’s crossing system.
NEW YORK, NY – August 12, 2008 – BIDS Trading, the alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market, has named industry veteran Vivian A. Maese as General Counsel and Corporate Secretary. Vivian will provide strategic leadership and legal counsel for the firm and its board of directors.
NEW YORK, NY – April 29, 2008 – BIDS Trading, the alternative trading system (ATS) designed to increase competition in the U.S. equity block trading market, marks its first year of trading this month on its open, flexible platform. BIDS Trading has achieved several milestones in both connectivity and volume over the course of the year. In twelve months, over 4 billion shares* have been traded, with average daily volume topping 22.6 million shares* in March 2008. Beyond the number of shares that were executed on the platform, BIDS Trading has connected to 14 order management systems (OMSs) and execution management systems (EMSs), and has advanced plans to launch its joint venture with the NYSE Euronext.
NEW YORK, NY – April 1, 2008 – BIDS Trading, the alternative trading system (ATS) designed to increase competition and liquidity in the US equity block trading market, and BNY ConvergEx Group, a leading provider of global agency brokerage and investment technology solutions, announced today that connectivity has been established between their two trading platforms. A direct link between the Eze Castle Software Order Management System (OMS) and the BIDS Trading ATS provides integration between the two platforms, allowing Eze OMS users to anonymously trade blocks of US equities on BIDS Trading.
NEW YORK, NY – February 13, 2008 – BIDS Trading, L.P., the alternative trading system (ATS) designed to increase competition and liquidity in the US equity block trading market, has named industry veteran Marybeth Shay as Senior Managing Director, Sales and Marketing. Shay will spearhead the growth of BIDS Trading and strategic business development.
NEW YORK, NY – February 7, 2008 – BIDS Trading, the alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market, executed more than 60 million shares* today.
NEW YORK, NY – February 5, 2008 – BIDS Trading, the alternative trading system (ATS) designed to increase competition and liquidity in the US equity block trading market, and Fidessa LatentZero, a leader in providing buy-side front office technology to the global asset management and hedge fund industries, have announced today the development of connectivity between their systems. This connection between BIDS Trading and Fidessa LatentZero will enable users of the Minerva OEMS, Fidessa LatentZero’s Order and Execution Management system, to anonymously trade large blocks of US equities on the BIDS Trading platform.
NEW YORK, NY – January 10, 2008 – BIDS Trading, the alternative trading system (ATS) designed to increase competition in the U.S. equity block trading market, announced that total trading volume reached more than 2.34 billion shares* in 2007, with average daily volume topping 17.6 million shares* in Q4 (the platform launched in the spring of 2007). In addition, average monthly volume was over 234 million shares and average daily volume exceeded 12.8 million for the year.
NEW YORK, NY – December 13, 2007 – OES MarketGroup and BIDS Trading L.P. of New York City today announced the signing of an agreement for OES to provide linkages and agency brokerage services that will enable BIDS Trading to access protected quotations at all Regulation NMS-automated trading centers.
New York, NY – December 11, 2007 – Portware, a leading provider of global, multi-asset trading solutions, today announced that it has integrated its broker-neutral trading platform with BIDS Trading’s alternative trading system (ATS). The connection enables Portware’s buy-side and sell-side clients to execute large equity trades on the BIDS Trading ATS via Portware’s flagship Enterprise trade management platform.
New York, NY – December 4, 2007 – BIDS Trading, the newly formed alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market, announced today that it has established a direct connection with an additional electronic trading platform: UBS Pinpoint.
New York, NY – November 27, 2007 – BIDS Trading, the alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market, and Linedata Services, a global leader in the financial technology market, announced today the signing of a contract to develop joint connectivity. This agreement will provide a direct link between the LongView Trading Order Management System (OMS) and the BIDS Trading ATS, giving users the ability to anonymously trade large blocks of US equities on BIDS Trading.
New York, NY – November 1, 2007 – BIDS Trading, the alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market, reached an average daily volume of more than 17.6 million shares* for October 2007.
New York, NY – October 30, 2007 – NYSE Euronext (NYSE Euronext: NYX) and BIDS Holdings, L.P. (BIDS Holdings), today announced their intention to form a joint venture designed to improve execution quality and access to liquidity in block trading. Once formed, the joint venture will be open to all New York Stock Exchange (NYSE) members and accessible through BIDS Trading, a registered alternative trading system (ATS), which will become an NYSE member. The joint venture will operate as a facility of the NYSE and be subject to regulatory oversight by NYSE Regulation.
New York, NY – September 19, 2007 – BIDS Trading, the alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market, and FlexTrade Systems, Inc., a leader in multi-asset algorithmic execution management systems, announced today the connection of the FlexTRADER trading platform to the BIDS Trading ATS. FlexTRADER is the first broker-neutral execution management system to allow buy-side firms direct access to the BIDS Trading ATS.
New York, NY – September 17, 2007 – BIDS Trading, the newly formed alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market, today announced a volume milestone – the execution of over one billion shares* on the platform in less then 125 days of operation.
New York, NY – August 15, 2007 – BIDS Trading, the newly formed alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market, announced today the connection to three of the industry’s leading electronic trading platforms: Goldman Sachs Execution & Clearing, L.P. ‘s REDIPlus, JPMorgan’s Neovest, and Morgan Stanley’s Passport.
New York , NY – August 1, 2007 – BIDS Trading, the newly formed alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market, announced today that 355.2 million shares* were traded on the platform in July 2007. This represents more than a 90 percent increase over the 185.7 million shares traded in June 2007.
New York, NY – July 16, 2007 – BIDS Trading, the newly formed alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market, executed more than 20 million shares* in daily volume twice last week. The BIDS Trading ATS is a block crossing venue, which provides traders with an anonymous liquidity source.
New York, NY – June 19, 2007 – BIDS Trading the newly formed alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market, announced today that they have signed an agreement with Orc Software (SSE: ORC). Orc Software, the leading global provider of technology for advanced trading, market making and brokerage, will provide BIDS Trading with their CameronFIX Universal Server for FIX order flow and connectivity.
New York, NY – March 14, 2007 – BIDS Trading, L.P. (Block Interest Discovery Service), the newly formed alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market, announced today that they have signed an agreement with OMX, a leading technology expert in the exchange industry. OMX will provide hosting capabilities for the BIDS Trading platform.
New York, NY – March 1, 2007 – BIDS Trading, L.P. (Block Interest Discovery Service) announced today that Bank of America, Bear Stearns, Credit Suisse, Deutsche Bank, JPMorgan and Knight Capital Group have invested in the recently formed alternative trading system (ATS), that is designed to increase competition and liquidity in the equity block trading market. The six new firms join the original founding firms: Citi, Goldman Sachs, Lehman Brothers, Merrill Lynch, Morgan Stanley and UBS, bringing the total number of investors in BIDS Trading to twelve.
New York, NY – February 1, 2007 – BIDS Trading, L.P. (Block Interest Discovery Service), the newly formed alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market, has named industry veteran Richard Levin as General Counsel, Chief Compliance Officer and Secretary to the Board of Directors. In this position, Levin will be responsible for managing BIDS Trading’ legal, regulatory and compliance matters. He will also work closely with U.S. regulators to ensure that BIDS Trading fulfills all regulatory requirements.
New York, NY – September 27, 2006 – Six brokerage firms announced today that they have agreed to form BIDS Trading, an alternative trading system (ATS) designed to increase competition and provide clients with a unique alternative liquidity source in the block trading market.