BIDS Trading L.P.

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Bids Trading
BIDS logo.jpg
Founded 1994
Headquarters New York
Key People Tim Mahoney, CEO; Mary Beth Shay, Senior Managing Director
Products Alternative Trading System
Website www.bidstrading.com

BIDS Trading L.P. is a registered broker-dealer and operates the BIDS Alternative Trading System (ATS), which was designed to bring counterparties together to anonymously trade large blocks of shares. The ATS was developed by a consortium of financial services firms to help block traders find legitimate trading counterparties without prematurely revealing their trading intentions.

History

BIDS Trading is a subsidiary of BIDS Holdings, L.P., a joint venture of the following financial services firms: Bank of America, Citi, Credit Suisse Group, Deutsche Bank, The Goldman Sachs Group, Inc., JPMorgan Chase & Co., Knight Capital Group, Inc., Lehman Brothers, Merrill Lynch, Morgan Stanley, NYSE Euronext, and UBS.

BIDS Holdings and NYSE Euronext received approval in January 2009 for their planned joint venture, a new block trading venue to allow dark orders on BIDS to interact with displayed and reserve orders on NYSE. The venue will be called The New York Block Exchange (NYBX) and will operate as a facility of NYSE and be accessible via BIDS Trading and open to all NYSE members. Launch date is planned for January 29, 2009.[1]

Share volume on BIDS has reached 5.8 billion since its launch in 2007. In July 2008 it achieved an average daily volume of 24.65 million shares. (Figures were double counted to include both sides of transactions).[2]

Products and Services

BIDS Trading provides an Alternative Trading System to level the playing field in U.S. equity markets. Open access is provided to traders from both the sell-side and buy-side as well as algorithms, hedge funds and program traders.

BIDS Trading also offers BIDS Trader, a web based interface that interacts with various order management systems and sends orders directly to the BIDS ATS.

BIDS also provides order protection tools that give traders control over their trades. Users decide to whom they want to disclose information through BIDS Filters and traders can also identify potential counter-parties based on past trading behavior through BIDS Scorecard. [3]

Key People

References

  1. NYSE and BIDS block trading venture approved by SEC. The Trade News.
  2. "Rosenblatt agrees access to BIDS ATS". The Trade News.
  3. BIDS Trading. website.