BIDS Trading Develops Connectivity with Fidessa LatentZero
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.
The BIDS Trading platform is accessible to both buy-side and sell-side firms that want to trade large blocks through continuous order matching and trade negotiation. The platform enables traders to control their level of information disclosure. Market participants can choose to auto-execute their order or negotiate; they can set their minimum block size to help protect their order; and they can even filter out counterparties based on past trading behavior.
Volume on the BIDS Trading platform has reached more than 2.75 billion shares* in less than eight months of trading, with average daily volume reaching a new record of over 18.7 million shares* in January 08.
Fidessa LatentZero’s Minerva OEMS combines the power of leading order management and execution management solutions into a single, fully integrated system. It provides a complete cross asset buy-side order management and trading environment, and includes real-time position keeping and P&L, portfolio analysis and drill down, and order management workflows.
Chris Gregory, Head of Connectivity Services at Fidessa LatentZero said, “Fidessa LatentZero is delighted with the results of our relationship with BIDS Trading. This is the latest in a series of relationships with best-of-breed providers that enhance the connectivity services offered through our award-winning OEMS. Access to the BIDS Trading platform enables Minerva clients to trade large blocks of US equities without showing their hand.”
Tim Mahoney, Chief Executive Officer of BIDS Trading said: “This connection to Fidessa LatentZero allows us to seamlessly integrate our two trading platforms, expanding access and adding to BIDS Trading’s base of market participants. We view this as yet another positive step toward our goal of connecting to as many buy- and sell-side firms as possible.”
Media Contacts:
Caroline Bujak, BIDS Trading, L.P.
Email: caroline.bujak@bidstrading.com
Tel: +1.212.618.2097
Stephanie DiIorio, Intermarket Communications
Email: sdiiorio@intermarket.com
Tel: +1.212.754.5181
Melanie Smith, Fidessa LatentZero
Email: msmith@latentzero.com
Tel: +44 (0) 20 7462 4232
About 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 platform resolves the classic paradox of the block trader – the need to find legitimate trading counterparties without prematurely revealing trading intentions. The BIDS Trading platform 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
About About Fidessa LatentZero
Fidessa group is a world-leading supplier of multi-asset trading, portfolio analysis, decision support, investment compliance, market data and global connectivity solutions for both the buy-side and sell-side globally. Available as a simple workstation or as an integrated application suite, the Fidessa and Fidessa LatentZero products are built on the clear vision of providing the richest functionality, coverage and distribution to the financial markets community.
Fidessa is used by 85% of tier-one, global equity brokers providing sophisticated trading, market data, order management and execution capabilities to all tiers of the sell-side.
Fidessa LatentZero is used by the world’s largest asset management firms through to smaller specialist managers and hedge funds, and provides comprehensive portfolio analysis, real-time P&L, what-if analysis, investment compliance, order and execution management, and post trade processing tools, across all asset classes, to all tiers of the buy-side.
Fidessa’s global network carries over 50 million messages a month covering DMA, Care and Algorithmic orders, Indications of Interest and FIX Allocations between over 1,300 buy-sides and 230 brokers across 83 exchanges worldwide.
Head-quartered in London and with offices in New York, Boston, Tokyo, Hong Kong, Paris and Toronto, Fidessa serves over 16,000 users at around 500 clients globally. Fidessa was founded in 1981 and acquired LatentZero in 2007. Fidessa has revenues of $250m, employs over 1,000 people and has been fully listed (LSE:FDSA) since 1997.
* Figures are double-counted, to include both sides of the transaction.