âWe have surpassed our own expectations during our first year of operation, and we are very encouraged with the growing number of clients who continue to support BIDS Trading as an efficient platform for anonymously trading blocks of equities,â states Tim Mahoney, Chief Executive Officer of BIDS Trading. âIn our second year, we intend to further concentrate our efforts on continuing to connect to the buy-side, in order to provide an open, low-cost platform that includes both the buy-side and sell-side."
BIDS Holdings, the parent company of BIDS Trading, continues to develop its joint venture with the NYSE Euronext, which is scheduled to launch in the summer of 2008 (subject to SEC approval). The joint venture, which will be open to all NYSE members and BIDS Trading users, plans to bring together displayed, non-displayed, and reserve liquidity in an effort to address market fragmentation from a viewpoint that includes both asset managers and investment banks.
Another major accomplishment during BIDS Tradingâs first year of operation has been its connection to 14 OMSs and EMSs, including: Bloombergâs EMS and SSEOMS, BNY ConvergEx Groupâs Eze Castle OMS, Citi's OpenPort and Lava Technology, Fidessa LatentZeroâs Minerva OEMS, FlexTrade Systemsâ FlexTRADER, ITGâs Macgregor XIP Order Management System, Linedata Servicesâ LongView Trading, Goldman Sachsâ REDIPlus, JPMorganâs Neovest, Morgan Stanleyâs Passport, Portware, and UBS Pinpoint. BIDS Trading plans to connect to additional OMSs and EMSs throughout the remainder of 2008. These links will increase market participation on BIDS Trading and further develop an already deep liquidity pool.