The New York Block Exchange

From MarketsWiki
Jump to: navigation, search
FTSE Russell banner 2016.gif
The New York Block Exchange
Headquarters New York, NY
Key People Tim Mahoney
Products block trading

The New York Block Exchange (NYBX) is a 50/50 joint venture between NYSE Euronext and BIDS Trading to re-aggregate block trading liquidity. The Securities and Exchange Commission approved the venture on January 26, 2009 and it launched on January 29, 2009 as a facility of the NYSE. NYSE filed with the SEC on Feb. 8, 2013 to cease operating NYBX due to lack of volume. [1]

The partnership with NYSE Euronext was intended to provide liquidity to a wider pool of participants and thus address the problem of fragmentation in the block trading environment. NYSE and BIDS envisioned the New York Block Exchange supporting institutions that wanted to move 10,000 or more shares at a time anonymously by enabling trades to happen at a broader range of potential prices. [2]

NYBX is open to all NYSE members and is also accessible through BIDS Trading, a registered alternative trading system (ATS), which became an NYSE member. [3]



History

Products and Services

Key People

References

  1. SEC filing rule change. NYSE.
  2. NYSE to Close Block-Trading Market. The Wall Street Journal.
  3. NYSE Euronext and BIDS Trading Receive SEC Approval to Launch the New York Block Exchange. New York Stock Exchange.
  4. NYSE Hearts Liquidnet. Forbes.