Joint Venture Of NYSE Euronext And BIDS Holdings Is Approved By SEC

New York Block Exchange (NYBX), a 50 50 joint venture between NYSE Euronext and BIDS Holdings, will be launched on 29 January 2009. Companies received the approval from Securities and Exchange Commission. NYBX is designed to improve execution quality and

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New York Block Exchange (NYBX), a 50/50 joint venture between NYSE Euronext and BIDS Holdings, will be launched on 29 January 2009. Companies received the approval from Securities and Exchange Commission.

NYBX is designed to improve execution quality and access to block trading liquidity. NYBX will be open to all NYSE members and is also accessible through BIDS Trading, a registered alternative trading system (ATS), which has become an NYSE member.

“We look forward to launching this first-of-its-kind platform, the New York Block Exchange, on 29 January,” says Larry Leibowitz , group executive vice president and head of U.S. Execution and Global Technology.

“By aligning ourselves with BIDS Trading and its investors, we are further demonstrating our ongoing commitment to re-discovering and re-aggregating substantial block liquidity to better serve our customers.”

“The SEC approval allows us to introduce a true revolution in block trading,” says Tim Mahoney , chief executive officer, BIDS Trading. “By partnering with NYSE Euronext, NYBX orders will interact with additional market participants to provide unparalleled price discovery and access to liquidity in today’s fragmented block trading environment.”

L.D.

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