BIDS Trading, the alternative trading system (ATS) designed to increase competition and liquidity in the US equity block trading market, and Fidessa LatentZero, a provider of front-office technology to the global asset management and hedge fund industries, have installed connections to each other’s systems. This connection between BIDS Trading and Fidessa LatentZero will enable users of the Minerva OEMS, Fidessa LatentZero’s order and execution management system, to anonymously trade large blocks of US equities on the BIDS Trading platform.
The BIDS Trading platform is accessible to both buy-side and sell-side firms that want to trade large blocks through continuous order matching and trade negotiation. The platform enables 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 out counterparties based on past trading behavior.
Volume on the BIDS Trading platform has reached more than 2.75 billion shares in less than eight months of trading, with average daily volume reaching a new record of over 18.7 million shares in January 2008. Fidessa LatentZero’s Minerva OEMS provides a complete cross-asset buy-side order management and trading environment and includes real-time position-keeping and P&L, portfolio analysis and drill down, and order management workflows.
Chris Gregory, head of connectivity services at Fidessa LatentZero, says, “This is the latest in a series of relationships we have established with providers that enhance the connectivity services offered through our OEMS. Access to the BIDS Trading platform enables Minerva clients to trade large blocks of US equities without showing their hand.”
Tim Mahoney, chief executive officer of BIDS Trading, adds, “The connection to Fidessa LatentZero allows us to integrate our trading platforms and add to BIDS Trading’s base of market participants. We view this as yet another positive step towards our goal of connecting to as many buy- and sell-side firms as possible.”