Block electronic trading platform Pipeline Trading Systems has opened a Chicago office at 1 South Dearborn Street. "We're very pleased to open a new office in Chicago," says Fred Federspiel, President of Pipeline. "This investment will allow us to better serve our growing list of clients in the Midwest."
Tag: Crossing networks
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.
Bank of New York-owned agency brokerage BNY ConvergEx Group has released a patent-pending proprietary block crossing service called ConvergEx Cross. It aims to offer advanced, customizable functionality for both negotiated and automated crossing.
Fidelity Brokerage Company, and Lehman Brothers have linked their alternative trading systems (ATS): Fidelity's CrossStream and Lehman Brothers' Liquidity Center Cross (LCX).
NYFIX alternative trading subsidiary NYFIX Millennium had another single-day record of 50,156,676 shares matched on 14 February 2007. Trades were matched in over 1,600 individual symbols. The single-day record follows on the heels of Millennium’s record-setting January in which 712,493,462 shares were matched for an average daily volume of 35,624,673.
IMTRADER, the instant messaging network for brokers and fund managers, says that its instant messaging service can now be used to sweep electronic pools for hidden and visible liquidity - including crossing networks or "dark pools" of liquidity.
Investment Technology Group, the technology-based equity trading services group, announced today that it has introduced POSIT Now - the continuous intraday crossing system for equities – into Europe. This will provide users with access to liquidity that is not displayed on order books (dark liquidity) and help ensure that trading opportunities are not missed.
"Dark pools of liquidity are literally everywhere," says senior research analyst Jeromee Johnson, co-author of a just-released TABB Group research note, "Groping in the Dark: Navigating Crossing Networks and Other Dark Pools of Liquidity."
Agency broker Instinet has added Fidelity Capital Markets Services's CrossStream "dark" liquidity pool to its Nighthawk liquidity aggregation algorithm. This means Instinet clients can potentially interact with Fidelity's aggregated retail and institutional order flow that is posted in CrossStream. Fidelity CrossStream joins Credit Suisse's CrossFinder, Pipeline, Liquidnet H20 and NYFIX Millennium as the "dark" pools available through Nighthawk.
Kansas City-based ECN BATS Trading has launched an aggressive pricing plan for the month of January 2007 in an effort to attract more volume. It will temporarily invert the conventional pricing model by paying liquidity providers rebates higher than the fee charged to liquidity takers.