ConvergEx’s Dark Desk has connected to BIDS Trading’s U.S. equity block trading platform. The BIDS ATS welcomes its seventeenth technology provider-participant.
BNY ConvergEx Group, LLC, a provider of global agency brokerage and investment technology software, and BIDS Trading, the alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market, have signed the agreement. ConvergEx sales traders will now have access to the BIDS ATS when sourcing dark liquidity for their clients through the ConvergEx Dark Desk.
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.
This connection furthers BIDS Trading’s mission to encourage the broadest participation possible on our open, flexible platform, says Tim Mahoney, chief executive officer, BIDS Trading. We welcome the addition of ConvergEx’s Dark Desk’s hands-on execution services to our already wide-range of participants.
We are extremely pleased to include BIDS ATS as an important liquidity provider on our ConvergEx Dark Desk, says Carey S. Pack, chief executive officer, BNY ConvergEx Execution Solutions. We built the Dark Desk to respond to our clients’ 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.
L.D.