Six more Wall Street banks invest in Bids

Six more Wall Street banks invest in Bids

Bank of America, Bear Stearns, Credit Suisse, Deutsche Bank, JPMorgan and Knight Capital have each invested in the Block Interest Discovery Service (Bids), an alternative platform for equity block stock trading.

Financial terms of the investments were not disclosed.

The banks join Bids' original founding firms - Citi, Goldman Sachs, Lehman Brothers, Merrill Lynch, Morgan Stanley and UBS.

The Bids system - which will be launched in the spring - has been developed by Alberta Market Solutions and will enable users to anonymously execute block trades.

The platform will be accessible to both the buy-side and sell-side firms that want to trade large blocks through continuous order matching and trade negotiation

Commenting on the latest investments, Bids CEO Timothy Mahoney, says the level of industry support validates the model and helps build momentum in advance of the launch of the Bids ATS.

"We are confident that our model will empower traders by giving them the tools they need to successfully execute block trades," says Mahoney.

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