gives an overview of the BIDS system that will facilitate off exchange transactions. The technical problems that affected the NYSE on Tuesday can only add to the pressure to find alternatives.
"Earlier this week, the New York Stock Exchange introduced curbs on trading designed to ensure that the trading of large blocks of shares by specialist traders did not exacerbate market falls.
The BIDS system will offer users an efficient electronic trading platform to anonymously execute block trades and is expected to launch in spring.
“This level of industry support prior to our launch validates our model and helps build tremendous momentum in advance of the launch of the system,” said Mr Mahoney.
The system will be accessible to both buy-side and sell-side users that want to trade large blocks through continuous order matching and trade negotiation.
The company said the use of the BIDS system as a block trading service will not be exclusive or subject to volume commitment and each participant could continue to use any other automated trading system, electronic communication network or exchange service that supports the trading needs of its customer base."
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