BIDS Trading Volume Surpasses 2.34 Billion Shares in 2007.

Alternative Trading System Reaches Several Milestones

NEW YORK -- BIDS Trading, the alternative trading system (ATS) designed to increase competition in the U.S. equity block trading market, announced that total trading volume reached more than 2.34 billion shares(1) in 2007, with average daily volume topping 17.6 million shares(1) in Q4 (the platform launched in the spring of 2007). In addition, average monthly volume was over 234 million shares and average daily volume exceeded 12.8 million for the year.

"Our rapid rise in trading volume and liquidity, as well as BIDS Trading's other significant milestones reached during 2007, clearly demonstrates that our clients support our market model as a truly efficient platform for anonymous block trading," states Tim Mahoney, Chief Executive Officer of BIDS Trading. "We have surpassed our own expectations by achieving industry-wide recognition in only eight months of operation. In 2008, we hope to build upon BIDS Trading's strong momentum and remain focused on our mission to unite the buy-side and sell-side communities and further improve how they trade blocks."

BIDS Trading has made significant progress in the U.S. equity block trading market this past year. On September 25th, 2007, daily volume on the BIDS ATS reached a one-day record, exceeding 64 million shares.

BIDS Holdings, the parent company of BIDS Trading, announced on October 30, 2007, its plans to form a joint venture with NYSE Euronext. The joint venture will bring together displayed, non-displayed, and reserve liquidity, in an effort to address the current inefficiencies impeding block trading, such as market fragmentation. The facility will be open to all NYSE members and BIDS Trading users and is scheduled to launch in early- to mid-2008, subject to SEC approval.

Throughout the late-summer and fall of 2007, BIDS Trading connected seven Order Management and Execution Management Systems, including FlexTRADER, Linedata Services' LongView Trading, Goldman Sachs' REDIPlus, JPMorgan's Neovest, Morgan Stanley's Passport, Portware, and UBS Pinpoint.

The BIDS ATS is accessible to both buy-side and sell-side firms that want to trade large blocks through continuous order matching and trade negotiation. Use of the BIDS ATS as a block trading service is not exclusive or subject to volume commitments and each participant may continue to use any ATS, ECN or exchange service that supports the trading needs of its customer base.

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 even filter out counterparties based on past trading behavior.

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 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.

(1) Figures are double-counted, to include all client volume executed in the BIDS ATS (i.e., both sides of the transaction).

BIDS Trading, L.P. ("BIDS Trading") is a member of FINRA and SIPC. BIDS Trading and the BIDS Trading mark are protected in the United States and in countries throughout the world.