BIDS Trading (Block Interest Discovery Service), the newly formed alternative trading system (ATS) in the American equity block trading market, says it has signed an agreement with Swedish exchange group OMX by which OMX will host the BIDS platform.
BIDS Trading will use OMX’s system and network management tools when it launches in the spring of 2007.
“Our partnership with OMX provides BIDS Trading with the financial technology platform necessary to offer open, efficient access to both the buy- and sell-side, previously not available on existing crossing networks,” says Timothy Mahoney, Chief Executive Officer of BIDS Trading. “Our users will benefit from exceptional financial technology, which will support the anonymous trading of large blocks, from execution straight through to settlement.”
“Our agreement with BIDS Trading reflects the rapidly changing dynamic of marketplaces in North America and Europe, where increasingly alternative trading systems and exchanges are both partners and competitors,” adds Markus Gerdien, President Business Area Market Technology OMX. “As a provider of technology to over 60 exchanges in more than 50 countries, we understand the unique requirements of this industry, which is crucial in launching this new ATS.
“BIDS Trading is bringing to market a new solution in the rapidly expanding segment of equities block trading,” said Wayne Arden, Senior Vice President, OMX. “We look forward to working closely with BIDS Trading, using our financial industry expertise and specialized technology resources to help BIDS Trading in their goal to build the deepest liquidity pool possible for trading large blocks of equities.”
The BIDS ATS will be accessible to both the buy-side and sell-side firms that want to trade large blocks through continuous order matching and trade negotiation. Use of the BIDS ATS as a block trading service will not be exclusive or subject to volume commitment and each participant may continue to use any ATS, ECN or exchange service that supports the trading needs of its customer base.