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December 14, 2007

BIDS Gains Connections to the Buyside

By James Ramage

Sponsored buyside firms can join those on the sellside in executing block trades on BIDS for the first time, now that three industry giants are connecting their electronic trading platforms to the ATS. Goldman Sachs Execution & Clearing's REDIPlus, JPMorgan's Neovest and Morgan Stanley's Passport connect institutional investors to BIDS's electronic crossing venture in a move designed to increase efficiency, volume and liquidity there.

With the connections, BIDS Trading moves closer to its aim of granting open access to all market participants. Previously, Morgan Stanley's buyside clients, for example, could only access BIDS indirectly through NightVision, Passport's dark-pool aggregator. They still can, but now they can also connect directly. Goldman Sachs, JPMorgan and Morgan Stanley are among the 12 trading houses that joined together to develop the BIDS ATS. It offers brokers and money managers the ability to match large buy and sell orders using filters and screens that allow them to limit their counterparties for anonymity. BIDS's average daily volume in July reached 16.9 million shares.