OMX signs agreement with BIDS Trading

OMX, a leading expert in the exchange industry, has signed an agreement with BIDS Trading, L.P. (Block Interest Discovery Service). Under the terms of the agreement, OMX will provide hosting capabilities for the BIDS ATS.

BIDS Trading, L.P. is a newly formed alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market.

“Our partnership with OMX provides BIDS Trading with the financial technology platform necessary to offer open, efficient access to both the buy- and sell-side, previously not available on existing crossing networks,” said Timothy Mahoney, Chief Executive Officer of BIDS Trading. “Our users will benefit from exceptional financial technology, which will support the anonymous trading of large blocks, from execution straight through to settlement.”

“Our agreement with BIDS Trading reflects the rapidly changing dynamic of marketplaces in North America and Europe, where increasingly alternative trading systems and exchanges are both partners and competitors,” said Markus Gerdien, President Business Area Market Technology OMX. “As a provider of technology to over 60 exchanges in more than 50 countries, we understand the unique requirements of this industry, which is crucial in launching this new ATS.”

“BIDS Trading is bringing to market a new solution in the rapidly expanding segment of equities block trading,” said Wayne Arden, Head of Sales, Americas, OMX. “We look forward to working closely with BIDS Trading, using our financial industry expertise and specialized technology resources to help BIDS Trading in their goal to build the deepest liquidity pool possible for trading large blocks of equities.”