NYSE Euronext, the global exchanges group, and BIDS Holdings, a broker-dealer and alternative trading system operator, have received approval from the Securities and Exchange Commission to launch a new block trading venue.
The New York Block Exchange (NYBX) is a joint venture between the two firms and will operate as a facility of NYSE. Due to launch on 29 January, the venue will be accessible via BIDS Trading and open to all NYSE members.
“By aligning ourselves with BIDS Trading and its investors, we are further demonstrating our ongoing commitment to re-discovering and re-aggregating substantial block liquidity to better serve our customers,” said Larry Leibowitz, group executive vice president and head of US execution and global technology.
“By partnering with NYSE Euronext, NYBX orders will interact with additional market participants to provide unparalleled price discovery and access to liquidity in today’s fragmented block trading environment.” added Tim Mahoney, CEO of BIDS Trading.