Rosenblatt Securities, a New York-based agency broker, has agreed a deal allowing its clients direct access to US block crossing network BIDS Trading.
The sponsor agreement is the fifth such deal Rosenblatt has struck with a dark pool. BIDS Trading was founded in 2006 by a consortium of 10 brokers and the New York Stock Exchange (NYSE). There are also plans for a joint venture with NYSE later this year to allow dark orders on BIDS to interact with displayed and reserve orders on NYSE.
“Our results in BIDS Trading have been quite positive, so we’re happy to be able to also give our customers the flexibility to access it directly from their desktops if they so choose,” said Joe Gawronski, president and COO of Rosenblatt, in a statement. “We’re also excited about BIDS Trading’s pending joint venture with NYSE, which for the first time will link the exchange’s deep displayed liquidity with a dark pool, making BIDS Trading an even more desirable venue for institutions to access directly.”
Share volume on BIDS has reached 5.8 billion since its launch in 2007. In July 2008 it achieved an average daily volume of 24.65 million shares. Figures were double counted to include both sides of transactions.