BIDS Trading Signs Sponsor Agreement with Industry Leading Minority Investment Banking (MBE) Firm Melvin & Company
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.
Melvin & Co., which seeks to foster minority participation in the financial industry, offers clients sponsored access to the markets through its experienced domestic and international equity trading desks. Firm traders utilize the very latest in technological innovations and connectivity in order to minimize market impact and secure the best-price execution for investors. Through its contract with BIDS Trading, Melvin & Co. will continue to serve its clients by offering them the option of directly sourcing liquidity in the BIDS ATS non-displayed trading venue.
“Through the BIDS (ATS), we are able to offer our clients liquidity and access to counterparties to execute their strategies with speed and anonymity, thereby helping to mitigate opportunity costs and potential leakage” said John Sydnor, Chief Operating Officer of Melvin and Company.
“We are looking forward to providing Melvin & Co.’s clients with the ability to anonymously access block liquidity on the BIDS Trading platform,” said Tim Mahoney, CEO of BIDS Trading. “This agreement furthers our efforts to continue to create an open, efficient marketplace on the BIDS ATS, and offer the broadest participation and deepest liquidity pool possible to anonymously trade blocks of U.S. equities.”
The BIDS ATS is designed to level the playing field for block trading and to treat all firms equally. In addition to allowing open access to both buy-side and sell-side firms, the BIDS ATS is open to algorithms, hedge funds and program traders. Traders can choose to auto-execute their order or negotiate, they can set their minimum block size to help protect their order, and they can filter counterparties based on past trading behavior.
Volume on the BIDS ATS has reached more than 6.6 billion shares* since its launch in 2007, with average daily volume reaching 27.3 million shares* in September 2008.
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
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 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
About Melvin & Company
Melvin & Company is a Chicago-based institutional research and trading firm with a track record of over 19 years of securities trading and underwriting experience. Chris Melvin founded the firm in 1989 and since its inception it has grown steadily and is currently one of the nation’s premier boutique securities firms.
Melvin & Company is a proud member of The Social Investment Forum (SIF), the only national membership organization dedicated to promoting the concept, practice and growth of socially responsible investing. Melvin & Company seeks to promote socially responsible investing by fostering minority participation in the financial industry, by emphasizing Clean Energy equity research, and by conducting sustainability research and advocacy. For more information, visit www.melvinco.com.
*Figures are double-counted, to include all volume traded on the BIDS Trading ATS (i.e., both sides of the transaction).
BIDS Trading and the BIDS Trading mark are protected in the United States and in countries throughout the world.