BIDS Trading, the alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market, and Charles River Development, an award-winning provider of technology systems and services for the global investment management community, today announced that connectivity has been established between their electronic trading platforms.
Through this partnership, current users of the Charles River Investment Management System (Charles River IMS) can now easily and anonymously route orders to BIDS Trading’s block trading platform; executing blocks of U.S. equities with little to no market impact. The partnership reaffirms both companies’ commitment to offer open and comprehensive electronic trading solutions, focused on helping traders reduce costs and risk, as well as increase operational efficiency in a secure environment.
“This integration is a major initiative in our continual support to help traders streamline workflow and facilitate best execution,” said Tom Driscoll, Vice President, Sales and Marketing, Charles River Development. “Charles River IMS offers clients a central conduit to all liquidity pools across all asset classes. Our clients can connect with a host of international destinations – and their choices now include the BIDS ATS.”
“This connection furthers our efforts to create an open, efficient marketplace to anonymously trade blocks of U.S. equities,” said Tim Mahoney. “Connecting Charles River IMS’s global client base to the BIDS ATS allows users to anonymously access additional liquidity and helps us continue to deliver on our promise to offer the broadest participation and deepest liquidity pool possible.”
The BIDS ATS is accessible to both buy-side and sell-side firms that want to trade large blocks through continuous order matching and trade negotiation. Use of the BIDS ATS as a block trading service is not 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.
Showing posts with label BIDS Trading. Show all posts
Showing posts with label BIDS Trading. Show all posts
Wednesday, 24 September 2008
Thursday, 21 August 2008
Penserra Access for BIDS Trading
Penserra Securities, a New York-based agency broker for institutional investors, and BIDS Trading, the alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market, are pleased to announce an agreement that provides Penserra’s clients with direct access to BIDS Trading’s crossing system. The arrangement establishes Penserra as the first government-certified Minority Business Enterprise (MBE) to offer sponsored institutional access to BIDS Trading.
Since its start, Penserra has offered its clients, which include several large U.S. pension systems, access to the firm’s accomplished, trusted, single-stock and portfolio trading desks. Through its agreement with BIDS Trading, Penserra customers are now able to directly source block liquidity in the BIDS Trading ATS. This provides institutions with MBE targets a convenient way to boost their MBE use without forcing them to avoid direct-access options.
BIDS Trading, also based in New York, was founded in September 2006 by a consortium of twelve leading financial-services firms. Later this year, BIDS Trading and NYSE Euronext will launch a joint venture which 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.
“We’re very excited to be able to provide our clients with sponsored access to the non-displayed liquidity in BIDS Trading,” said George Madrigal, managing director and co-founder of Penserra, and a 13-year veteran of Barclays Global Investors, where he served as a portfolio manager and head of transition management. “In addition to our brokerage experience, our management team has deep roots on the buy side, so we truly understand the value of direct access to a venue like BIDS Trading that allows for anonymous, block executions.”
“The connection of Penserra to our block trading facility furthers our goal of creating the most efficient trading venue and deepest liquidity pool possible,” said Tim Mahoney, CEO of BIDS Trading. “We are truly pleased to provide investors using Penserra with the ability to access BIDS Trading’s open, flexible platform.”
Since its start, Penserra has offered its clients, which include several large U.S. pension systems, access to the firm’s accomplished, trusted, single-stock and portfolio trading desks. Through its agreement with BIDS Trading, Penserra customers are now able to directly source block liquidity in the BIDS Trading ATS. This provides institutions with MBE targets a convenient way to boost their MBE use without forcing them to avoid direct-access options.
BIDS Trading, also based in New York, was founded in September 2006 by a consortium of twelve leading financial-services firms. Later this year, BIDS Trading and NYSE Euronext will launch a joint venture which 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.
“We’re very excited to be able to provide our clients with sponsored access to the non-displayed liquidity in BIDS Trading,” said George Madrigal, managing director and co-founder of Penserra, and a 13-year veteran of Barclays Global Investors, where he served as a portfolio manager and head of transition management. “In addition to our brokerage experience, our management team has deep roots on the buy side, so we truly understand the value of direct access to a venue like BIDS Trading that allows for anonymous, block executions.”
“The connection of Penserra to our block trading facility furthers our goal of creating the most efficient trading venue and deepest liquidity pool possible,” said Tim Mahoney, CEO of BIDS Trading. “We are truly pleased to provide investors using Penserra with the ability to access BIDS Trading’s open, flexible platform.”
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