"Bloomberg Tradebook's link to the Philadelphia Stock Exchange represents tremendous added value for our clients wishing an alternative strategy to trade listed securities," said Kim Bang, president of Bloomberg Tradebook. "For the first time, Bloomberg Tradebook's clients have the ability to drive the quote by electronically entering their bids and offers into the PHLX's order book. In addition, he said, "clients can enter their orders into the Consolidated Quote System (CQS) that electronically displays prices posted by exchanges that trade listed stocks. We look forward to a long working relationship," said Bang.
PHLX Chairman and CEO Meyer "Sandy" Frucher said this partnership rewrites the script that exchanges and Electronic Communication Networks (ECN's) have followed in the past. "By letting Bloomberg Tradebook wire itself into the PHLX's infrastructure, we have created a win-win situation for the PHLX and the institutional money managers and traders who rely on Bloomberg Tradebook to reveal the mysteries of the marketplace."
All orders will be routed to specialists at the PHLX, who will effectively become Bloomberg Tradebook's ambassadors in the marketplace.
Thomas W. Wynn, president of Wynncroft, Inc., a leading specialist firm at the PHLX, and chairman of the floor procedures committee said, "The specialist firms at the PHLX are looking forward to working with Bloomberg Tradebook customers to provide them with enhanced liquidity by using an advanced trading system."
Bloomberg Tradebook clients will now have the benefit of direct electronic access to enhanced quote driving capabilities, due to the unique linkage with the PHLX. Institutional traders will be able to take advantage of cutting-edge technology developed by PHLX and Bloomberg Tradebook.
By accessing the Bloomberg Tradebook system, Bloomberg Tradebook clients can "drive the quote" and attract orders from other exchanges and institutional trading firms. Leaders of both organizations agree that the ability to drive the market, rather than merely matching orders as is the custom with traditional ECN's gives Bloomberg Tradebook a distinct advantage over other ECN's.
