Investing
BMO and Jefferies Sign On to Platform Bringing AI Auctions to Stocks
- Technology company launches with BMO, Jefferies on board
- Firm uses artificial intelligence to match buyers and sellers
Photographer: Brent Lewin/Bloomberg
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A new trading platform operated by OneChronos Markets LLC will let institutional investors bid for equities in an automated auction, an effort to disrupt the ages-old system for buying and selling stocks.
OneChronos started this month with Bank of Montreal, Jefferies Financial Group Inc. and more than a dozen other broker-dealers signed on. The New York-based firm’s technology enables potential buyers to dictate what they think the value of a portfolio or large quantity of stocks is at a given time, known as an “expressive” bid.