Industry Veteran Timothy Mahoney Appointed CEO of BIDS

New York, New York – 4 October 2006

Block Interest Discovery Service (BIDS), the newly formed alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market, today announced that its Board of Directors has named industry veteran, Timothy Mahoney, Chief Executive Officer.

Mahoney, who joins BIDS after nearly three decades at Merrill Lynch, is responsible for the strategic direction and growth of the business. The appointment is effective immediately.

Last week, Citigroup, Goldman Sachs, Lehman Brothers, Merrill Lynch, Morgan Stanley and UBS announced their intention to create BIDS as an alternative liquidity source for block trading.

Mahoney served as Head of Equity Trading for Merrill Lynch Investment Managers during his last seven years with the firm. He was responsible for a 14-person, 24-hour trading desk that traded over $100 billion in equities. Previously, Mahoney worked in the firm’s Unit Investment Trust Department for 16 years, holding a number of positions, which included Head of Equity Trading and Chief Investment Officer. During his tenure at Merrill Lynch, Mahoney helped create the popular “Dogs of the Dow” series of investments. Mahoney began his career at Merrill Lynch in 1979 as a summer intern on the floor of the American Stock Exchange.

“Tim is the ideal person for the job,” said Larry Leibowitz of UBS, Chairman of the BIDS Board. “He brings a vast level of market knowledge as well as deep, long-standing relationships on both the buy and sell sides of the business. The Board is confident that Tim will lead BIDS toward its key objective – building a platform that will offer a level playing field for all market participants.”

The concept and technology for BIDS was developed by Alberta Market Solutions, Ltd., a firm specializing in capital markets infrastructure, market design and technology. Alberta Market Solutions will provide ongoing support to BIDS.

Remarked Mahoney, “I have always believed that innovative solutions, such as the BIDS consortium, can help address inefficiencies in the marketplace. I am excited to begin working with some of Wall Street’s most respected firms to spearhead this important initiative.”

Mahoney was a member of the New York Stock Exchange’s Institutional Advisory Committee and Market Performance Committee. He also served on advisory committees for Nasdaq, The Boston Stock Exchange and the Investment Company Institute. Mahoney graduated from the College of the Holy Cross, earned his MBA from New York University’s Stern School of Business and is a CFA.

BIDS is accessible to all qualifying broker-dealers and their institutional clients, subject to basic credit and regulatory considerations. Use of BIDS 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.

BIDS expects to commence trading in early 2007, pending regulatory approval.

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development