BIDS Trading signed an agreement allowing institutional clients to trade via BIDS to credit their accounts at Westminster Research, a subsidiary of ConvergEx Group.
BIDS Trading supports a sponsored access model, which means that buy-side clients select a broker to pay for their trading activity in the BIDS ATS. The buy-side client can use their commission dollars to pay for the goods and services provided by their broker-dealer partners.
“Westminster Research is a great addition to our growing list of sponsoring brokers,” commented Tim Mahoney, CEO, BIDS Trading in the release. “Our sponsorship model is significant because it allows our buy-side clients to seek block liquidity in BIDS while directing their commission dollars to credit their Westminster Research accounts.” 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.
“We are very pleased to add BIDS Trading to our network of executing brokers and platforms,” stated John Meserve, CEO of ConvergEx’s Westminster Research Associates. “Our goal is to provide clients with the flexibility to leverage market leading execution venues to accrue research credits with us. Westminster Research continues to be the premier provider of commission management solutions and our agreement with BIDS Trading allows clients to access their unique liquidity while also creating a research credit,” stated Meserve ConvergEx Group offers a complete suite of neutral, anonymous and transparent commission management services covering every step of the commission management process from broker vote to thirdparty payment.