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A Record Volume Day For a Large Block ATS

Traders Magazine, April 2005

Gregory Bresiger

Pipeline Trading Systems, an ATS for block trades, which began last fall, reached a milestone on one trading day in March when transaction volume exceeded nine million shares. The average executed trade size was 45,972 shares. The ATS, which has some 100 buyside and sellside clients, is an electronic platform that permits block traders to enter priced orders for extremely large blocks of stock. The system aims to offset the predatory practices that Pipeline says can occur on traditional exchanges and ECNs. Studies contend that these practices have added as much as $40 billion a year to institutional transaction costs.

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