Six Leading Financial Services Firms Invest in BIDS Trading
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.
“We are pleased to have six of the world’s leading financial services firms join the group of partners that have invested in BIDS Trading,” said Larry Leibowitz of UBS, speaking on behalf of the founding firms. “Their commitment to the success of BIDS Trading will enhance the BIDS Trading ATS by bringing together both the buy-side and sell-side to create a level playing field for the trading of large blocks.”
The BIDS Trading ATS, which will offer users an efficient electronic trading solution to anonymously execute block trades, is expected to launch in the spring of 2007.
“This level of industry support prior to our launch validates our model and helps build tremendous momentum in advance of the launch of the BIDS Trading ATS,” said BIDS Trading’ Chief Executive Officer Timothy Mahoney. “We are confident that our model will empower traders by giving them the tools they need to successfully execute block trades.”
The BIDS Trading ATS will be accessible to both the buy-side and sell-side firms that want to trade large blocks through continuous order matching and trade negotiation Use of the BIDS Trading ATS as a block trading service will not be exclusive or subject to volume commitment and each participant may continue to use any ATS, ECN or exchange service that supports the trading needs of its customer base.
About BIDS Trading, L.P.
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. BIDS Trading is a joint venture of: Bank of America (NYSE: BAC), Bear Stearns (NYSE: BSC), 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 (NYSE: LEH), Merrill Lynch (NYSE: MER), Morgan Stanley (NYSE: MS), and UBS (NYSE: UBS). BIDS Trading will be open to all qualifying broker-dealers and their institutional clients, subject to basic credit and regulatory requirements.
About Bank of America
Bank of America (NYSE: BAC) is one of the world’s largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial products and services. The company’s Global Corporate and Investment Banking group (GCIB) focuses on companies with annual revenues of more than $2.5 million; middle-market and large corporations; institutional investors; financial institutions; and government entities. GCIB provides innovative services in M&A, equity and debt capital raising, lending, trading, risk management, treasury management and research. Bank of America serves clients in 175 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 80 percent of the Global Fortune 500. Many of the bank’s services to corporate and institutional clients are provided through its U.S. and UK subsidiaries, Banc of America Securities LLC and Banc of America Securities Limited. For additional information, visit www.bankofamerica.com.
About Bear Stearns
Founded in 1923, The Bear Stearns Companies Inc. (NYSE: BSC) is a leading financial services firm serving governments, corporations, institutions and individuals worldwide. The Company’s core business lines include institutional equities, fixed income, investment banking, global clearing services, asset management, and private client services. Headquartered in New York City, the company has approximately 13,500 employees worldwide. For additional information about Bear Stearns, please visit the firm’s website at www.bearstearns.com.
About Credit Suisse
As one of the world’s leading banks, Credit Suisse provides its clients with investment banking, private banking and asset management services worldwide. Credit Suisse offers advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as retail clients in Switzerland. Credit Suisse is active in over 50 countries and employs approximately 45,000 people. Credit Suisse’s parent company, Credit Suisse Group, is a leading global financial services company headquartered in Zurich. Credit Suisse Group’s registered shares (CSGN) are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.
About Deutsche Bank
Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With Euro 1,128 billion in assets and 68,849 employees in 73 countries, Deutsche Bank offers financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people. Further information about Deutsche Bank can be found at www.db.com
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.4 trillion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset and wealth management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its JPMorgan and Chase brands. Information about the firm is available at www.jpmorganchase.com.
About Knight Capital Group
Knight Capital Group, Inc. (Nasdaq: NITE) is a leading financial services firm that provides comprehensive trade execution solutions and asset management services. Our Asset Management business, Deephaven Capital Management, is a global multi-strategy alternative investment manager focused on delivering attractive risk-adjusted returns with low correlation to the broader markets for institutions and private clients. Our Global Markets business provides a broad range of customized trade execution products and services across multiple asset classes for broker-dealers, institutions and companies. We continually apply knowledge and innovation to the trading and asset management processes to build lasting client partnerships through consistent performance and superior client service. More information about Knight can be found at www.knight.com.
BIDS Trading, L.P. (“BIDS Trading”) is a member of the FINRA and SIPC. BIDS Trading and the BIDS Trading mark are protected in the United States and in countries throughout the world.