Market operator and global trading solutions provider Cboe Global Markets announced that has agreed to acquire U.S. based BIDS Trading, brokerdealer and the operator of the BIDS Alternative Trading System (ATS).
The acquisition of BIDS Trading will bring Cboe an opportunity to diversify its U.S. equities offering beyond traditional exchange products and services. BIDS Trading’s block trading capability will provide Cboe with a foothold in the off-exchange segment of the U.S. equities market, which now accounts for over 40 % of overall U.S. equities trading volume. Cboe has already utilised block trading to great effect in European equities trading through Cboe LIS and the acquisition of BIDS Trading will provide more opportunities to expand Cboe’s presence in North American equities. Additionally, BIDS Trading’s differentiated network of global buy-side investment managers and sell-side constituents makes the foundation for Cboe to potentially build more off-exchange products and services in non-U.S. equities or options products and in other geographies beyond the U.S.
Ed Tilly, Cboe Global Markets Chairman, President and Chief Executive Officer said:
We are pleased to build upon our innovative and successful partnership with BIDS Trading, which began with the 2016 launch of Cboe LIS, now one of the largest European equities block trading platforms. The acquisition complements our U.S. equities trading business by expanding our presence into the off-exchange space. We are excited by the opportunity to further diversify and expand our equities trading offering and begin competing in this segment of the market. I look forward to welcoming Tim and the BIDS Trading team to Cboe.
In 2016, Cboe and BIDS Trading began working together to create European equities block trading venue Cboe LIS, launched in December of that year. Powered by BIDS technology, Cboe LIS has grown an European block trading platform with average daily volume of €240 million.
Tim Mahoney, Chief Executive Officer of BIDS Trading commented:
The partnership Cboe and BIDS Trading have established in Europe has been very successful and we look forward to joining the Cboe Global Markets family. We believe joining the Cboe family will enable us to pursue additional opportunities that are beneficial to BIDS Trading Subscribers and Sponsored Users as Cboe continues to expand its business across new geographies and reaches new customers.
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