BIDS Trading’s total trading volume reached more than 2.34 billion shares in 2007, with average daily volume topping 17.6 million shares in Q4, which was launched in the spring of 2007.
In addition, average monthly volume was over 234 million shares and average daily volume exceeded 12.8 million for the year.
“Our rapid rise in trading volume and liquidity, as well as BIDS Trading’s other significant milestones reached during 2007, clearly demonstrates that our clients support our market model as a truly efficient platform for anonymous block trading. We have surpassed our own expectations by achieving industry-wide recognition in only eight months of operation. In 2008, we hope to build upon BIDS Trading’s strong momentum and remain focused on our mission to unite the buy-side and sell-side communities and further improve how they trade blocks,” says Tim Mahoney, CEO, BIDS Trading.
BIDS Trading has also made progress in the US equity block trading market this past year. On 25 September 2007, daily volume on the BIDS ATS reached a one-day record, exceeding 64 million shares.
BIDS Holdings, the parent company of BIDS Trading, announced on 30 October 2007, its plans to form a joint venture with NYSE Euronext. The joint venture will bring together displayed, non-displayed, and reserve liquidity, in an effort to address the current inefficiencies impeding block trading, such as market fragmentation. The facility will be open to all NYSE members and BIDS Trading users and is scheduled to launch in early to mid-2008, subject to SEC approval.
Throughout the late-summer and fall of 2007, BIDS Trading connected seven Order Management and Execution Management Systems, including FlexTRADER, Linedata Services’ LongView Trading, Goldman Sachs’ REDIPlus, JPMorgan’s Neovest, Morgan Stanley’s Passport, Portware, and UBS Pinpoint.