ISI Group, a US-based broker-dealer and research provider, has signed a sponsorship agreement with dark alternative trading system (ATS) operator BIDS Trading.
Clients of ISI Group, which trades US and Canadian equities and bonds, will be afforded access to both the BIDS ATS and the New York Block Exchange, BIDS' joint venture with the New York Stock Exchange.
BIDS ATS allows traders to control their level of information disclosure via customisable trading tools such as the ability to set a minimum block size for an order and filter out potential counterparties based on past trading behaviour. The ATS operates a sponsored access model, which enables buy-side traders to select the broker they want to support their trading activity on the platform.
“Our sponsorship model is unique because it allows our buy-side clients to seek block liquidity in BIDS while directing their commission dollars to pay brokers such as ISI Group,” commented Tim Mahoney, CEO at BIDS Trading.