Westminster Research Signs Sponsor Agreement with BIDS Trading

NEW YORK, NY – February 18, 2011 – BIDS Trading today announced an agreement to allow clients the ability to trade via BIDS to credit their Westminster Research accounts. Westminster Research is a subsidiary of ConvergEx Group, a leading technology company.

BIDS Trading supports a sponsored access model which means that buy-side clients select a broker to pay for their trading activity in the BIDS ATS. The buy-side client benefits by more effectively utilizing their commission dollars to pay for the goods and services provided by their broker-dealer partners.

“Westminster Research is a great addition to our growing list of sponsoring brokers,” said Tim Mahoney, CEO, BIDS Trading. “Our sponsorship model is significant because it allows our buy-side clients to seek block liquidity in BIDS while directing their commission dollars to credit their Westminster Research accounts.”

“We are very pleased to add BIDS Trading to our network of executing brokers and platforms,” said John Meserve, chief executive officer of ConvergEx’s Westminster Research Associates. “Our goal is to provide clients with the flexibility to leverage market leading execution venues to accrue research credits with us. Westminster Research continues to be the premier provider of commission management solutions and our agreement with BIDS Trading allows clients to access their unique liquidity while also creating a research credit.”

ConvergEx Group offers a complete suite of neutral, anonymous and transparent commission management services that encompasses every step of the commission management process from broker vote to third‐party payment.

Media Contact

Zoë Norinsky, BIDS Trading, L.P.
Email: zoe.norinsky@bidstrading.com
Tel: +1.212.618.2600

About BIDS Trading, L.P.

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, BIDS Trading resolves the classic paradox of the block trader – the need to find legitimate trading counterparties without prematurely revealing trading intentions. For more information, visit www.bidstrading.com.