Through this agreement, ConvergEx sales traders will now have access to the BIDS ATS when sourcing dark liquidity for their clients through the ConvergEx Dark Desk.
âWe are pleased that BIDS Trading is now recognized as a key liquidity provider by the sales traders who leverage the unique capabilities of the ConvergEx Dark Desk,â said Tim Mahoney, Chief Executive Officer of BIDS Trading. âThis connection furthers BIDS Tradingâs mission to encourage the broadest participation possible on our open, flexible platform. We welcome the addition of ConvergExâs Dark Deskâs hands-on execution services to our already wide-range of participants.â
Carey S. Pack, Chief Executive Officer, BNY ConvergEx Execution Solutions, stated, âWe are extremely pleased to include BIDS ATS as an important liquidity provider on our ConvergEx Dark Desk. We built the Dark Desk to respond to our clientsâ need for consultative expertise in navigating increasingly fragmented markets to find the best venues for execution. The BIDS ATS will be a significant addition in helping us deliver the real value our clients are seeking to achieve their investment objectives.â
The ConvergEx Dark Desk is the seventeenth technology provider to access the BIDS ATS.
The BIDS ATS is designed to level the playing field for block trading and to treat all firms equally. In addition to allowing open access to both buy-side and sell-side firms, the BIDS ATS is open to algorithms, hedge funds and program traders. Traders can choose to auto-execute their order or negotiate, they can set their minimum block size to help protect their order, and they can filter counterparties based on past trading behavior.
Volume on the BIDS ATS has reached more than 7.75 billion shares* since its launch in 2007.