NYSE Euronext and BIDS Holdings, L.P. today announced that the Securities and Exchange Commission has approved their joint filing to launch the New York Block Exchange (NYBX) on January 29, 2009. Designed to improve execution quality and access to block trading liquidity, NYBX is a 50/50 joint venture between the two companies and it will operate as a facility of the NYSE.
“We look forward to launching this first-of-its-kind platform, the New York Block Exchange, on January 29,” said Larry Leibowitz , Group Executive Vice President and Head of U.S. Execution and Global Technology. “By aligning ourselves with BIDS Trading and its investors, we are further demonstrating our ongoing commitment to re-discovering and re-aggregating substantial block liquidity to better serve our customers.”
“The SEC approval allows us to introduce a true revolution in block trading,” said Tim Mahoney , Chief Executive Officer of BIDS Trading. “By partnering with NYSE Euronext, NYBX orders will interact with additional market participants to provide unparalleled price discovery and access to liquidity in today’s fragmented block trading environment.”
NYBX will be open to all NYSE members and is also accessible through BIDS Trading, a registered alternative trading system (ATS) , which has become an NYSE member.
