NYSE Euronext, major banks to form block trading venture |
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Tue, 30 Oct 2007 08:19
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PARIS (Thomson Financial) - NYSE Euronext Inc and Bids Holdings, a consortium of major investment banks, announced their intention to form a joint venture designed to improve execution quality and access to liquidity in block trading.The venture will be open to all New York Stock Exchange (NYSE) members and accessible through Bids Trading, a registered alternative trading system, which will become an NYSE member.NYSE Euronext and Bids Holdings will each have a 50 pct ownership stake in the venture and NYSE Euronext will make an undisclosed investment in Bids Holdings, the companies said.NYSE Euronext will become the newest investor in the company, joining existing shareholders Bank of America, Bear Stearns, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan, Knight Capital Group, Lehman Brothers, Merrill Lynch, Morgan Stanley and UBS.Volume on Bids Trading has reached more than 1 bln shares in less than six months of business, Tim Mahoney, CEO of Bids Trading, said in a statement.Bids Holdings is the parent company of Bids Trading, the alternative trading system designed to increase competition in the US equity block trading market by creating a highly liquid anonymous electronic marketplace, open to all market participants.Andrew.Newby@Thomson.coman/wjCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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