BNY ConvergEx Group’s Eze Castle Software Connects to BIDS Trading
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.
“Our clients rely on the Eze OMS to efficiently manage their investment and trading workflow. They look to us to establish connectivity with key liquidity providers, like BIDS Trading, to streamline order routing and execution between trading platforms,” said Tom Gavin, CEO of Eze Castle Software.
“The sophisticated market participants who use the Eze OMS now have the ability to execute trades on the BIDS Trading ATS, giving them entry into our deep liquidity pool,” said Tim Mahoney, Chief Executive Officer of BIDS Trading. “We are pleased to add the Eze OMS to the twelve electronic trading platforms already connected to BIDS Trading. With each new partner, we come closer to achieving our goal of offering buy- and sell-side firms superior and anonymous execution in an open, flexible platform.”
BIDS Trading continues to increase its trading volumes, with average daily volume exceeding 22.6 million shares* in March 2008. BIDS Trading has executed 3.65 billion shares* since its launch less than a year ago.
The BIDS Trading ATS is accessible to both buy-side and sell-side firms that want to trade blocks through continuous order matching and trade negotiation. The BIDS Trading ATS allows 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 filter counterparties based on past trading behavior.
Media Contacts
Caroline Bujak, BIDS Trading, L.P.
Email: caroline.bujak@bidstrading.com
Tel: +1.212.618.2097
Bill Ferri, Intermarket Communications
Email: bferri@intermarket.com
Tel: +1.212.754.5428
Patrick Phalon, BNY ConvergEx Group
Email: pphalon@bnyconvergex.com
Tel: +1.212.468.7713
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 BNY ConvergEx Group
BNY ConvergEx Group, LLC provides global institutional agency brokerage and investment technology solutions to institutional clients worldwide. The Company’s key business lines – Liquidity and Execution Management, Investment Technologies and Intermediary and Clearing Services – focus on a broad array of services designed to deliver a comprehensive, integrated platform of performance-driven, global multi-asset class trading capabilities. BNY ConvergEx Group is comprised of the following businesses: BNY ConvergEx Execution Solutions LLC (member NYSE/FINRA/SIPC), including BNY Global Transition Management and LJR Recapture Services; LiquidPoint, LLC (member CBOE/SIPC); Eze Castle Transaction Services LLC (member FINRA/SIPC); Westminster Research Associates LLC (member FINRA/SIPC); G-Trade Services LLC (member FINRA/SIPC); BNY Jaywalk LLC; ConvergEx Global Markets Ltd. and Eze Castle Software LLC. BNY ConvergEx Group is an affiliate of The Bank of New York Mellon Corporation. (NYSE: BK). Additional information is available at www.bnyconvergex.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.