BIDS Appoints Richard B. Levin as General Counsel, Chief Compliance Officer and Secretary.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- BIDS Trading, L.P. (Block Interest Discovery Service), the newly formed alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market, has named industry veteran Richard Levin as General Counsel, Chief Compliance Officer and Secretary to the Board of Directors. In this position, Levin will be responsible for managing BIDS' legal, regulatory and compliance matters. He will also work closely with U.S. regulators to ensure that BIDS fulfills all regulatory requirements. The BIDS platform, which offers customizable tools to allow end-users to successfully negotiate block trades, is expected to launch in spring 2007. "Richard will play a leading role in BIDS' effort to provide traders with a unique, alternative liquidity source in the block trading market," said BIDS' Chief Executive Officer Timothy Mahoney. "Richard's extensive experience with market structure issues will be of tremendous importance as BIDS seeks to improve market efficiency and reduce transaction costs Transaction Costs Costs incurred when buying or selling securities. These include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price they can sell it). through the BIDS platform." Prior to joining BIDS, Levin served as General Counsel, Chief Compliance Officer and Secretary to the Board of Directors of EquiLend Holdings. Richard was part of the original management team that launched the securities finance joint venture of eleven leading financial services firms, including Goldman Sachs, Lehman Brothers, Morgan Stanley, Merrill Lynch and UBS UBS Union Bank of Switzerland UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System . In this role, he was responsible for all legal, regulatory and compliance matters associated with the firm's US and UK broker-dealer and ATS subsidiaries, including US, UK, Japanese, and Canadian regulators. "I am excited to be part of the team behind this new venture," said Levin. "As we move towards the launch date, I look forward to BIDS achieving its goal of creating a deep liquidity pool for all market participants to anonymously trade large block orders." Levin has also served as General Counsel of NexTrade Holdings, Inc., the owner and operator of the NexTrade ECN (Electronic Communications Network) A computerized, private financial trading system. Terra Nova Trading (www.terranovatrading.com) and Instinet (www.instinet.com) are examples. which was acquired in 2006 by Citigroup and as Assistant General Counsel and Regulatory Affairs Officer of Knight Trading Group, Inc. While at Knight, Levin represented Nasdaq's largest market maker before the SEC, the NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). , Nasdaq, and UK regulators. About BIDS Trading L.P. 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 founding firms are: Citigroup Inc. (NYSE NYSE See: New York Stock Exchange : C), The Goldman Sachs Group, Inc. (NYSE: GS), Lehman Brothers (NYSE: LEH), Merrill Lynch (NYSE: MER mer Among the Cheremi and Udmurt peoples of Russia, a sacred grove where people of several villages gathered periodically to hold religious festivals and sacrifice animals to nature gods. ), Morgan Stanley (NYSE: MWD MWD Metropolitan Water District of Southern California MWD Measurement While Drilling (oil drilling) MWD Morgan Stanley Dean Witter (stock symbol) MWD Molecular Weight Distribution MWD Military Working Dog ), and UBS (NYSE: UBS). BIDS will be open to all qualifying broker-dealers and their institutional clients, subject to basic credit and regulatory requirements. BIDS Trading, L.P. ("BIDS Trading") is a member of the NASD and SIPC (Simply Interactive PC) An earlier umbrella term from Microsoft and Intel for a PC that works like a home appliance. For example, it has a sealed case, uses external connectors for expansion and boots in just a couple of seconds. . BIDS Trading and the BIDS Trading mark are protected in the United States and in countries throughout the world. |
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