Agency broker and technology provider BNY ConvergEx has connected its Dark Desk, a trading desk for non-displayed liquidity, to BIDS, an alternative block trading system (ATS) for US equities.
The connection will allow ConvergEx sales traders to access the BIDS trading platform when finding dark liquidity for clients through the Dark Desk.
“We built the Dark Desk to respond to our clients’ need for consultative expertise in navigating increasingly fragmented markets to find the best venues for execution,” said Carey S Pack, CEO of BNY ConvergEx Execution Solutions, in a statement. “The BIDS ATS will be a significant addition in helping us deliver the real value our clients are seeking to achieve their investment objectives.”
Tim Mahoney, CEO of BIDS Trading, added: “This connection furthers BIDS Trading’s mission to encourage the broadest participation possible on our open, flexible platform.”
BIDS was founded in September 2006 by a consortium of six brokers, and started trading in early 2007.