OES MarketGroup and BIDS Trading, L.P. of New York City has announced the signing of an agreement for OES to provide linkages and agency brokerage services that will enable BIDS Trading to access protected quotations at all Regulation NMS-automated trading centers.
The agreement calls for OES, a leading provider of Reg NMS private linkages and a wide range of services to the securities industry, to provide BIDS Trading, a leading alternative trading system (ATS) specializing in anonymous block trading, with a comprehensive mechanism for routing and executing equity orders to stock exchanges and other trading centers or protected quotes under Reg NMS.
Michael A. Barth, executive vice president, Strategic Initiatives of OES, called the signing of the agreement "an important milestone in our relationship with BIDS Trading. In addition to providing Reg NMS linkages, we are excited about working with BIDS Tracing's management team to develop unique ways for OES to add value to the BIDS Trading block trading model.
"Secure and reliable high-speed linkages to market centers are essential in today's fast-moving market, particularly for Order Protection Rule compliance," Mr. Barth said. "OES is pleased to add the BIDS ATS to our client list of premier institutions, including many exchanges, market centers and bulge bracket broker-dealers throughout the U.S., for whom we provide similar linkages and agency brokerage services."
"Our company looks forward to working with OES," said Tim Mahoney, chief executive officer of BIDS Trading. "We are both emerging leaders in today's fast-moving securities industry. Working with OES will benefit our clients, particularly as market activity continues to accelerate at a rapid pace" he said, noting that in November, BIDS Trading reached an average daily volume of more than 18.4 million shares."