Advent Software, Inc., a provider of software and services for the global investment management industry, has partnered with BIDS Trading, the alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market. The collaborative relationship with BIDS Trading offers expanded trading integration options for Advent’s more than 850 Moxy clients, and further extends Advent’s best-of-breed trading footprint for the asset management industry.
Moxy, Advent’s trade order management solution (OMS), is the most comprehensive trading and order management toolset in the marketplace. It serves as the hub of the trading desk by providing connectivity to the markets and critical trading tools for its users. Moxy clients will be able to access the liquidity they need through a real-time integration with BIDS Trading while maintaining the control and choice traders need to implement a firm’s strategy in the marketplace.
Through the integration with BIDS Trading, Moxy clients can search for block liquidity in both the BIDS ATS and the New York Block Exchange (NYBX), the recently launched joint venture of BIDS Holdings and NYSE Euronext. The NYBX is the first venue of its kind to allow non-displayed liquidity to anonymously access both the displayed and reserve liquidity of the NYSE order book.
“As an OMS provider to over 850 clients in more than 20 countries, Advent understands the unique requirements of this industry,” says Tim Decker product manager electronic trading connectivity at Advent. “Our clients rely on Moxy to efficiently manage their investment and trading workflow. The integration between Moxy and the BIDS ATS responds to our clients’ needs for real-time liquidity access and the high-powered tools necessary to compete in today’s markets.”
“We are pleased that Moxy clients can now execute trades on both the BIDS ATS and NYBX with minimal risk of information leakage,” says Tim Mahoney, chief executive officer of BIDS Trading. “Partnering with Advent brings BIDS Trading a step closer to achieving our goal of creating an open, flexible platform for institutional investors to anonymously execute block trades.”
The BIDS ATS is accessible to both buy-side and sell-side firms that want to trade blocks through continuous order matching and trade negotiation. The BIDS ATS allows traders to control their level of information disclosure. Market participants 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.
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