Imported from previous forum
[ original email was from Annie Walsh - anniew@orcsoftware.com ]
BIDS Trading Selects CameronFIX to provide FIX Connectivity for their Alternative Trading System
SIFMA Conference Week, NEW YORK, NY – Tuesday June 19, 2007 – BIDS Trading, the newly formed alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market, announced today that they have signed an agreement with Orc Software (SSE: ORC). Orc Software, the leading global provider of technology for advanced trading, market making and brokerage, will provide BIDS Trading with their CameronFIX Universal Server for FIX order flow and connectivity.
“As the use of custom algorithms continues to proliferate, it is no surprise that this newly formed ATS, BIDS Trading, has selected our proven FIX application to further enhance its block trading offering,” said Martin Koopman, President Orc Software North America. “We are excited to be providing FIX connectivity to the BIDS ATS and we look forward to working with BIDS and its members, many of whom are already familiar with the benefits associated with the CameronFIX platform.”
“CameronFIX is widely recognized for its reliability and high-performance market connectivity. In addition, it has the flexibility to easily integrate with our existing architecture,” said Tim Mahoney, CEO of BIDS Trading. “We look forward to working with CameronFIX to support our clients’ order flow over the industry standard FIX protocol.”
The BIDS ATS 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. Use of the BIDS ATS as a block trading service will not be exclusive or subject to volume commitment and each participant may continue to use any ATS, ECN or exchange service that supports the trading needs of its customer base.
CameronFIX is the globally proven FIX connectivity solution used by leading financial institutions and exchanges worldwide.
Orc Software is this week exhibiting at the SIFMA Technology Management Conference in New York, booth # 1517, and FOW Conference in London, booth # 30.
Media contact:
Caroline Bujak, BIDS Trading, L.P.
Direct: +1.212.619.2097
About BIDS Trading, L.P.
BIDS Trading, L.P. is a registered broker-dealer and the operator of the BIDS Alternative Trading System (ATS), which was designed to bring counterparties together to anonymously trade large blocks of shares. Developed by a consortium of leading financial services firms, the BIDS ATS resolves the classic paradox of the block trader – the need to find legitimate trading counterparties without prematurely revealing trading intentions.
BIDS Trading is a joint venture of: Bank of America (NYSE: BAC), Bear Stearns (NYSE: BSC), Citi (NYSE: C), Credit Suisse Group (NYSE: CS), Deutsche Bank (NYSE: DB), The Goldman Sachs Group, Inc. (NYSE: GS), JPMorgan Chase & Co. (NYSE: JPM), Knight Capital Group, Inc. (NASDAQ: NITE), Lehman Brothers (NYSE: LEH), Merrill Lynch (NYSE: MER), Morgan Stanley (NYSE: MS), and UBS (NYSE: UBS). The BIDS ATS will be open to all qualifying broker-dealers and their institutional clients, subject to basic credit and regulatory requirements. For more information, visit www.bidstrading.com.
About ORC Software
Orc Software (SSE: ORC) is a leading global provider of technology for advanced trading, market making and brokerage. Celebrating 20 years in 2007, Orc provides solutions and services to its worldwide customers from its offices across Europe, North America and Asia Pacific. Orc’s customers include leading investment banks, trading and market-making firms, exchanges, brokerage houses, institutional investors, hedge funds and software vendors. CameronFIX, the number one Financial Information Exchange protocol (FIX) electronic trading standard, provides the high performance FIX gateway to Orc’s 120+ global market connections and is also used as a stand-alone solution by major members of the global financial industry.
Orc Software has offices in Chicago, New York, Toronto, London, Stockholm, Frankfurt, Milan, Vienna, Zurich, St. Petersburg, Moscow, Hong Kong and Sydney. For more information, please visit www.orcsoftware.com.
BIDS Trading, L.P. (“BIDS Trading”) is a member of the NASD and SIPC. BIDS Trading and the BIDS Trading mark are protected in the United States and in countries throughout the world