Banner Image


BIDS Trading L.P. is a registered broker-dealer and the operator of the BIDS Alternative Trading System (ATS), which brings counterparties together to anonymously trade large blocks of shares. The BIDS ATS resolves the classic paradox of the block trader – the need to find legitimate trading counterparties without prematurely revealing trading intentions.

The BIDS ATS is open to all qualifying broker-dealers and their institutional clients, subject to basic credit and regulatory requirements.

BIDS Trading is a subsidiary of BIDS Holdings L.P., which is a wholly-owned subsidiary of Cboe Global Markets, Inc. (Cboe). The BIDS ATS is not a registered national securities exchange or a facility thereof. The BIDS ATS is an independently managed and operated trading venue, separate from and not integrated with the Cboe U.S. securities exchanges.

Senior Management


Tim Mahoney


As President, Tim Mahoney is responsible for the strategic direction and growth of BIDS Trading, the alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market.

Mahoney has over 40 years of experience in the financial industry and global equities market.

Prior to joining BIDS Trading, Mahoney served as Head of Equity Trading for Merrill Lynch Investment Managers for seven years where he was responsible for a 14-person, 24-hour trading desk that traded over $100 billion in equities. Mahoney also worked in the firm’s Unit Investment Trust Department for 16 years, holding a number of positions, which included Head of Equity Trading and Chief Investment Officer. During his tenure at Merrill Lynch, Mahoney helped create the popular “Dogs of the Dow” series of investments. Mahoney began his career at Merrill Lynch in 1979 as a summer intern on the floor of the American Stock Exchange.

Mahoney has served as a member of the New York Stock Exchange’s Institutional Advisory Committee and Market Performance Committee. He also served on advisory committees for NASDAQ Stock Market, The Boston Stock Exchange and the Investment Company Institute. Mahoney is a graduate of the College of the Holy Cross (BA) and New York University’s Stern School of Business (MBA). He is a CFA Chartholder.

T.R. Lazo

Chief Legal Officer

T.R. Lazo manages legal and regulatory affairs for BIDS Trading and implements strategic goals of the company from a legal and compliance perspective. 

Prior to joining BIDS Trading, Lazo served as Managing Director and Head of Equities for SIFMA, where he developed industry policies on equity trading and market structure issues. T.R. also worked for the New York Stock Exchange as Senior Vice President and as the General Counsel of NYSE Regulation.  Previously T.R. worked for the law firm Morgan, Lewis & Bockius LLP and in the SEC’s Division of Trading and Markets.

T.R. graduated from Middlebury College (BA) and the Catholic University’s Columbus School of Law (JD).


Marybeth Shay

VP, Sales and Marketing

Marybeth Shay is responsible for spearheading the growth of BIDS Trading, with a focus on strategic business development. Shay also manages overall direction and day-to-day operation of the sales and marketing team.

Prior to joining BIDS Trading, Shay served as Senior Vice President of Sales and Marketing for the Boston Equities Exchange (BeX), where she was a member of the Board of Directors of the BSX Group, LLC. Shay was employed by the Boston Stock Exchange for thirteen years, overseeing business and product development, the Market Operations Center and the sales effort for the equity business of the Exchange. She has also worked at Colonial Mutual Funds, in both sales and management capacities.

Shay graduated from Boston College and holds the FINRA Series 7, 24, 57 and 63 licenses.


Jim Lee

VP, Chief Operating Officer

As COO, Jim is responsible for managing day-to-day market operations and IT operations of the company, and support of the BIDS Trading ATS. Jim was a founder of BIDS Trading.

Jim has 35 years of experience in technology and business management, including 30 years in exchange systems technology. He has designed trading and order matching systems for exchanges and investment banks, auction and negotiation systems for primary and secondary debt markets, block trading and negotiation systems for equities and OTC derivatives products, and systems for trading and clearing electrical power transmission and electrical power spot contracts and forward contracts. He has worked with a global customer base including Merrill Lynch, CBOE, the Boston Stock Exchange, the Deutsche Börse, the Saudi Arabian Central Bank, SIA S.p.A and the Bermuda Stock Exchange.

Jim holds a B.Sc. Degree in Computing Science from the University of Calgary, and FINRA series 7, 24, 57, 63 and 99 licenses.


Brett Vasconcellos

VP, Chief Technology Officer

As CTO, Brett is responsible for directing and executing the company’s technology strategy, and managing the software development lab.

During his 10+ years with the company, Brett has led the product design and development team for BIDS Trader, as well as teams responsible for performance engineering, and operational tooling. Prior to BIDS Trading Technologies, Brett led software architecture and delivery teams building derivatives trading systems at NYSE Euronext Technology, and UBS Investment Bank. Brett has more than 20 years of software design experience, and 15 years of leadership experience.

Brett holds a Master of Engineering Degree and a Bachelor of Science Degree, both from the Massachusetts Institute of Technology (MIT).


Sik Ngai

VP, Software Engineering

Sik is Head of Software Development of all BIDS Trading systems. Sik was a founder of BIDS Trading.

Sik has more than 30 years of experience in enterprise software development, and more than 20 years of experience in financial technology. Sik created the original design for the BIDS trading platform, and has managed the evolution of the system since inception. Prior to BIDS, Sik was head of development and Chief Architect at EFA Software, where he led design and development of exchange trading and clearing and risk management solutions for financial institutions around the world. He has also worked as a senior consultant to global financial organizations including the Deutsche Borse, SIA S.p.A, and the Saudi Arabian Central Bank.

Sik holds a B.Sc. Degree with Distinction from the University of Calgary.