SAN FRANCISCO – March 19, 2009 – Advent Software, Inc. (NASDAQ: ADVS), a leading provider of software and services for the global investment management industry, today announced that it has partnered with BIDS Trading, the alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market. The collaborative relationship with BIDS Trading offers expanded trading integration options for Advent’s more than 850 Moxy® clients, and further extends Advent’s best-of-breed trading footprint for the asset management industry.
Moxy®, Advent’s industry-leading trade order management solution (OMS), is the most comprehensive trading and order management toolset in the marketplace. It serves as the hub of the trading desk by providing connectivity to the markets and critical trading tools for its users. Moxy® clients will be able to access the liquidity they need through a real-time integration with BIDS Trading while maintaining the control and choice traders need to implement a firm’s strategy in the marketplace.
Through the integration with BIDS Trading, Moxy® clients can search for block liquidity in both the BIDS ATS and the New York Block Exchange (NYBX), the recently launched joint venture of BIDS Holdings and NYSE Euronext. The NYBX is the first venue of its kind to allow non-displayed liquidity to anonymously access both the displayed and reserve liquidity of the NYSE order book.
“As an OMS provider to over 850 clients in more than 20 countries, Advent understands the unique requirements of this industry. Our clients rely on Moxy® to efficiently manage their investment and trading workflow,” said Tim Decker Product Manager Electronic Trading Connectivity at Advent. "The integration between Moxy® and the BIDS ATS responds to our clients’ needs for real-time liquidity access and the high-powered tools necessary to compete in today’s markets.”
“We are pleased that Moxy® clients can now execute trades on both the BIDS ATS and NYBX with minimal risk of information leakage,” said Tim Mahoney, Chief Executive Officer of BIDS Trading. “Partnering with Advent brings BIDS Trading a step closer to achieving our goal of creating an open, flexible platform for institutional investors to anonymously execute block trades.”
The BIDS ATS is accessible to both buy-side and sell-side firms that want to trade blocks through continuous order matching and trade negotiation. The BIDS ATS allows traders to control their level of information disclosure. Market participants can choose to auto-execute their order or negotiate, they can set their minimum block size to help protect their order, and they can filter counterparties based on past trading behavior.
About BIDS Trading
BIDS Trading, L.P. is a registered broker-dealer and the operator of the BIDS Alternative Trading System (ATS), which was designed to bring counterparties together to anonymously trade large blocks of shares. Developed by a consortium of leading financial services firms, the BIDS ATS resolves the classic paradox of the block trader – the need to find legitimate trading counterparties without prematurely revealing trading intentions. The BIDS ATS is open to all qualifying broker-dealers and their institutional clients, subject to basic credit and regulatory requirements. For more information, visit www.bidstrading.com.
Moxy® is the industry-leading OMS which automates and streamlines the trading and order management process of partial and complete executions and allows the user to send allocation results to brokers electronically. Moxy® also provides Internet-ready electronic order routing based on the industry standard FIX messaging protocol, allowing users to route trades electronically to any FIX-compliant broker or crossing network that supports the internet or other TCP/IP connections. For more information on Moxy® visit https://secure.advent.com/info/pr_moxy.
Advent Software, Inc. (www.advent.com), a global firm, has provided trusted solutions to the world’s leading financial professionals since 1983. Firms in 60 countries use Advent technology. Advent’s quality software, data, services and tools enable financial professionals to improve service and communication to their clients, allowing them to grow their business while controlling costs. Advent is the only financial services software company to be awarded the Service Capability and Performance certification for being a world-class support organization. For more information on Advent products visit http://www.advent.com/about/resources/demos/pr.
The Advent logo, Advent Software and Moxy are registered trademarks of Advent Software, Inc. All other company names or marks mentioned herein are those of their respective owners.
BIDS Trading, L.P. ("BIDS Trading") is a member of FINRA, NYSE and SIPC. BIDS Trading and the BIDS Trading mark are protected in the United States and in countries throughout the world.
*Figures are double-counted to include all volume traded on the BIDS ATS.
Advent Software, Inc.
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BIDS Trading, L.P.