BIDS Trading Selects OES MarketGroup for Reg NMS Linkages
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.
The agreement calls for OES, a leading provider of Reg NMS private linkages and a wide range of services to the securities industry, to provide BIDS Trading, a leading alternative trading system (ATS) specializing in anonymous block trading, with a comprehensive mechanism for routing and executing equity orders to stock exchanges and other trading centers or protected quotes under Reg NMS.
Michael A. Barth, executive vice president, Strategic Initiatives of OES, called the signing of the agreement “an important milestone in our relationship with BIDS Trading. In addition to providing Reg NMS linkages, we are excited about working with BIDS Tracing’s management team to develop unique ways for OES to add value to the BIDS Trading block trading model.
“Secure and reliable high-speed linkages to market centers are essential in today’s fast-moving market, particularly for Order Protection Rule compliance,” Mr. Barth said. “OES is pleased to add the BIDS ATS to our client list of premier institutions, including many exchanges, market centers and bulge bracket broker-dealers throughout the U.S., for whom we provide similar linkages and agency brokerage services.”
“Our company looks forward to working with OES,” said Tim Mahoney, chief executive officer of BIDS Trading. “We are both emerging leaders in today’s fast-moving securities industry. Working with OES will benefit our clients, particularly as market activity continues to accelerate at a rapid pace” he said, noting that in November, BIDS Trading reached an average daily volume of more than 18.4 million shares*.
Media Contacts:
Caroline Bujak, BIDS Trading, L.P.
Email: caroline.bujak@bidstrading.com
Tel: +1.212.618.2097
Michael Barth, OES MarketGroup
Email: mbarth@tradeOES.com
Tel: +1.609.430.4979
David A. Kaminer, The Kaminer Group
Email: dkaminer@kamgrp.com
Tel: +1.914.684.1934
About 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, the BIDS ATS resolves the classic paradox of the block trader – the need to find legitimate trading counterparties without prematurely revealing trading intentions. The BIDS 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
About OES MarketGroup (OES)
Order Execution Services Holdings, Inc. (OES, www.tradeOES.com), through its technology and broker-dealer subsidiaries, provides seamless electronic market connectivity, liquidity access and rapid executions by linking broker-dealers, trading systems, exchanges and market centers. As an innovative securities industry leader, OES specializes in smart-order routing, Reg NMS compliance tools, sponsored market access, agency execution and private inter-market linkages. Closely-held, OES is headquartered in Princeton, with offices in Chicago, Los Angeles, New York City and Newark.
* Figures are double-counted, to include both sides of the transaction.
This press release contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. With the exception of historical information contained herein, the matters discussed in this press release involve risk and uncertainties. Actual results could differ materially from those expressed in any forward-looking statement.