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Overview

BIDS Trading, L.P. was formed by a consortium of banks that believed that there was a need to create a highly liquid, low-cost, industry sponsored, service for block traders. BIDS Trading is designed to foster competition and to resolve existing inefficiencies that have impeded trading blocks of shares.

BIDS Trading does not publish side, size, or price information. Users are never aware of the identity of their counterparties and no confidential information about their order is exposed unless there is a bona fide opportunity to trade.

Open to All Market Participants

The BIDS ATS is designed to level the playing field for block trading and to treat all firms the same. In addition to allowing open access to both the sell-side firms and their sponsored buy-side clients, the BIDS ATS is open to algorithms, hedge funds and program traders.

Traders can submit orders directly to the BIDS ATS from BIDS Trader. BIDS Trading’s web-based interface. BIDS Trader seamlessly interacts with a trader’s Order Management System.

Regardless of the route into the BIDS ATS, the trader maintains control of the order – and order details always remain confidential.

Flexible and Customizable

The BIDS ATS provides customizable tools to empower end-users to successfully execute trades. Information disclosure and minimum block size is controlled by the trader and users can choose who to trade with based on past trading behavior.

Flexible Order Types

In addition to Limit orders, Midpoint Pegged Orders, and Midpoint Pegged Orders with a Limit, BIDS Trading supports the following order types:

  • Firm orders – Firm orders allow traders to access liquidity within the BIDS ATS order book for immediate execution.
  • Conditional orders – allow traders to search for liquidity in multiple venues. If volume becomes available within the BIDS ATS, the trader’s order will automatically be invited to firm up to trade, allowing the trader to cancel duplicate orders in other venues so the same order is not filled more than once.

Order Protection tools:

  • BIDS Scorecards℠ and Filters℠ – give traders additional control over their trades, letting them decide to whom they want to disclose information. BIDS Scorecards℠ identify potential counterparties based on their past trading behavior in key areas. While traders never see their counterparty’s scores, they can use BIDS Filters℠ to filter out traders with undesirable behavior.
  • Minimum Block Size – Each trader determines the size of a block, on an order-by-order basis. No counterparty with a size less than the specified minimum receives any information about the order.