— BIDS Trading Develops Connectivity with LongView Trading Order Management System
Linedata Services Enters into Strategic Relationship with BIDS Trading
New York, NY – November 27, 2007 – BIDS Trading, the alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market, and Linedata Services, a global leader in the financial technology market, announced today the signing of a contract to develop joint connectivity. This agreement will provide a direct link between the LongView Trading Order Management System (OMS) and the BIDS Trading ATS, giving users the ability to anonymously trade large blocks of US equities on BIDS Trading.
“We are very pleased about adding BIDS Trading to the LongView Liquidity Alliance Partnership,” said Gregg Drumma, Vice President of STP Product Development, Linedata Services. “Our advanced integration provides an effective synchronization between the LongView Trading OMS and the BIDS Trading ATS. In a fast growing market where alternative trading is increasingly sought after, we are committed to providing our clients with the most reliable technology paired with cutting edge solutions for trade execution.”
Interest in BIDS Trading from the institutional investment community continues to grow. Since its formal launch in early 2007, the BIDS Trading ATS has executed more than 1.9 billion shares*.
“Providing connectivity to LongView Trading’s premier OMS will give a new, broad base of market participants the ability to execute trades on BIDS Trading’s open, flexible ATS,” said Tim Mahoney, Chief Executive Officer of BIDS Trading. “With additional connections to more and more electronic trading platforms, we come closer to achieving our goal of offering buy- and sell-side firms access to superior execution and liquidity.”
The BIDS Trading ATS is accessible to both buy-side and sell-side firms that want to trade large blocks through continuous order matching and trade negotiation. Use of the BIDS Trading ATS as a block trading service is not exclusive or subject to volume commitment and each participant may continue to use any ATS, ECN or exchange service that supports the trading needs of its customer base.
The BIDS Trading ATS allows traders to control their level of information disclosure. Market participants can choose to auto-execute their order or negotiate, they can set their minimum block size to help protect their order, and they can filter counterparties based on past trading behavior.
BIDS Trading Media Contact
Caroline Bujak, BIDS Trading, L.P. +1.212.618.2097
caroline.bujak@bidstrading.com
About BIDS Trading, L.P.
BIDS Trading, L.P. is a registered broker-dealer and the operator of the BIDS Trading Alternative Trading System (ATS), which was designed to bring counterparties together to anonymously trade large blocks of shares. Developed by a consortium of leading financial services firms, the BIDS Trading ATS resolves the classic paradox of the block trader – the need to find legitimate trading counterparties without prematurely revealing trading intentions. The BIDS Trading ATS is open to all qualifying broker-dealers and their institutional clients, subject to basic credit and regulatory requirements. For more information, visit www.bidstrading.com.
About Linedata Services
Linedata Services is a leader in the financial-services technology market, developing solutions and services to help the industry manage the investment process. Linedata Services’ asset management offering is a complete set of best-of-breed software products, spanning front to back-office. Linedata Services’ solutions address the specific requirements of mutual and institutional funds, alternative and hedge funds, fund administrators, prime brokers and private wealth companies.
Linedata Services’ products are available through traditional deployment options, as well as through an ASP (Application Service Provider) model, providing hosted hardware and software management. Linedata Services has 20 years’ experience delivering ASP solutions.
Headquartered in France and listed on the Paris stock exchange, Linedata Services achieved revenues of EUR 148.3 million in 2006, has offices worldwide and services more than 1000 clients across 50 countries. For more information visit Linedata Services at www.ldsam.com.
About LongView Trading
LongView Trading is Linedata Services’ powerful, electronic, global, multi-asset class order management system developed to support the needs of portfolio managers, traders, compliance officers and operations personnel. The comprehensive system provides portfolio modelling, electronic trading, pre-trade compliance and access to significant liquidity. Through numerous partnerships and seamless integration, LongView offers customers access to the liquidity sources of their choice.
* Figures are double-counted, to include both sides of the transaction.