Sept. 19 (Bloomberg) -- Bloomberg LP, the parent of Bloomberg News, bought a stake in Bids Trading LP, the operator of a dark pool owned by more than a dozen financial firms. The price wasn’t disclosed.
Bids, formed in 2006 by a half-dozen brokers including Citigroup Inc., Goldman Sachs Group Inc., Morgan Stanley and UBS AG, runs a private venue geared toward executing block trades away from exchanges. It created a joint venture with NYSE Euronext in 2008 to enable orders sent to their respective firms to trade with one another.
Bloomberg LP’s new Bloomberg Pool, or BPool, service will allow traders to execute against buy and sell requests on the company’s equities platforms or in the Bids dark pool, with orders occurring through Bids, the company said today in a statement. Mutual funds and institutional investors can trade on the system through the broker they choose, Bloomberg LP said.
Raymond Tierney, president and chief executive officer of Bloomberg Tradebook, an agency broker owned by New York-based Bloomberg LP, will join the Bids board, the announcement said. Jim White is global head of operations for BPool.
To contact the reporter on this story: Nina Mehta in New York at email@example.com.
To contact the editor responsible for this story: Lynn Thomasson in New York at firstname.lastname@example.org.