Offering sponsored access to the BIDS Trading non-displayed trading venue, also known as a dark pool, speaks to Rosenblattâs commitment to safely source liquidity for clients wherever it resides. Rosenblattâs trading desk connects to a wide array of non-displayed markets, whose ranks and share of overall trading volume have been growing rapidly of late. The deal with BIDS Trading is the fifth sponsored-access accord Rosenblatt has struck with a dark pool.
For Rosenblatt, these arrangements continue a long tradition of providing automated direct-access tools that help institutions trade more efficiently. In 1989, for example, Rosenblatt became the first brokerage firm to let customers directly access the New York Stock Exchangeâs DOT system, by putting electronic terminals on their desktops that allowed them to send orders to the NYSE display book without broker intervention.
BIDS Trading, also based in New York, was founded in September 2006 by a consortium of leading financial-services firms. Later this year, BIDS Trading and the NYSE Euronext plan to launch a joint venture that will allow dark orders to interact with both displayed and reserve orders from the NYSE, in an attempt to improve execution quality and access to liquidity for block trading.
âOur traders have been early adopters of dark pools, seeking best execution for clients in BIDS Trading and many other venues for quite some time,â said Joe Gawronski, President and COO of Rosenblatt. âOur results in BIDS Trading have been quite positive, so weâre happy to be able to also give our customers the flexibility to access it directly from their desktops if they so choose.â Gawronski continued, âWeâre also excited about BIDS Tradingâs pending joint venture with NYSE, which for the first time will link the exchangeâs deep displayed liquidity with a dark pool, making BIDS Trading an even more desirable venue for institutions to access directly.â
âBeing selected by Rosenblatt, a leader in market structure analysis and an authoritative source of monthly adjusted volume figures, is a testament to BIDS Tradingâs approach, early success and future prospects,â said Tim Mahoney, CEO of BIDS Trading.
Volume on the BIDS Trading ATS has reached more than 5.8 billion shares* since its launch in 2007, with average daily volumes reaching 24.65 million shares* in July 2008.