Bids Trading, the alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market, and Melvin & Company, an institutional research and trading firm dedicated to promoting socially responsible investing, today announced an agreement that will allow Melvin & Co. to provide its clients with direct access to Bids Trading's U.S. equity block trading platform.
Melvin & Co., which seeks to foster minority participation in the financial industry, offers clients sponsored access to the markets through its experienced domestic and international equity trading desks. Firm traders utilize the very latest in technological innovations and connectivity in order to minimize market impact and secure the best-price execution for investors. Through its contract with BIDS Trading, Melvin & Co. will continue to serve its clients by offering them the option of directly sourcing liquidity in the BIDS ATS non-displayed trading venue.
"Through the BIDS (ATS), we are able to offer our clients liquidity and access to counterparties to execute their strategies with speed and anonymity, thereby helping to mitigate opportunity costs and potential leakage" said John Sydnor, Chief Operating Officer of Melvin and Company.
"We are looking forward to providing Melvin & Co.'s clients with the ability to anonymously access block liquidity on the BIDS Trading platform," said Tim Mahoney, CEO of BIDS Trading. "This agreement furthers our efforts to continue to create an open, efficient marketplace on the BIDS ATS, and offer the broadest participation and deepest liquidity pool possible to anonymously trade blocks of U.S. equities."