What BIDS Trading does

BIDS Trading, L.P. is a registered broker-dealer and the operator of the BIDS Alternative Trading System (ATS), an off-exchange venue that enables buy-side and sell-side market participants to anonymously trade large blocks of equities. The company serves institutional asset managers (over 520 globally) and broker-dealers (over 100) across the United States, Canada (via Cboe BIDS Canada), and Europe (via Cboe BIDS Europe). Its core product surface includes the BIDS ATS matching venue, the BIDS Trader web-based front-end that integrates with clients' Order Management Systems and Execution Management Systems, Actionable IOIs and Directed IOIs (in Europe) for bi-lateral disclosed trading, customizable controls for information disclosure and minimum block size, order types including Limit and Midpoint Pegged orders, BIDS Scorecards and Filters for counterparty filtering, and Sponsored Access that directs 100% of commission dollars to the buy-side client's chosen sponsoring broker-dealer.

The platform is built around an open access model designed to encourage broad participation from diverse market participants, with the goal of resolving block trading inefficiencies, minimizing market impact, and protecting trade information during execution. BIDS Trading generates revenue through transaction fees on block trades executed on the ATS, with additional economics likely derived from connectivity, sponsorship, and minimum-fee arrangements that are not publicly disclosed. Pricing is negotiated bilaterally with participating institutional clients rather than listed publicly. The company employs 11–50 people, operates from One Liberty Plaza in New York, and is a wholly-owned subsidiary of BIDS Holdings L.P., which is itself wholly owned by Cboe Global Markets, Inc., embedding BIDS within a major global exchange operator's multi-asset market infrastructure. Leadership includes CEO Tim Mahoney, President Sik Ngai, and Chief Compliance Officer Brian Smith.

Name

BIDS Trading

Legal name

BIDS Trading L.P.

Website

https://bidstrading.com

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

11–50 employees

Short description

BIDS Trading is a registered broker-dealer operating an Alternative Trading System (ATS) for anonymous block trading of equities, serving over 520 institutional asset managers and 100 broker-dealers across the U.S., Canada, and Europe as a Cboe Global Markets subsidiary.

Ownership category

akta.pro rank

Product category

Alternative Trading System (Block Trading)

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Securities and Commodity Exchanges (5232)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Electronic Communication Networks (ECNs) & Alternative Trading Systems (ATS) — Equities (FSAFAAAD)

akta.pro secondary industry

Equities Trade Execution Platforms (ATS/MTF/ECN) (FSAFANAA)

Keywords

• Block trading platform
• Alternative trading system
• Equities ATS
• Institutional trading venue
• Block execution services

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Transaction/Trading Fees: BIDS Trading operates as a registered broker-dealer running an Alternative Trading System. Revenue is generated through transaction fees on block trades executed on the BIDS ATS platform. The platform facilitates anonymous block trading between buy-side and sell-side participants, with fees likely assessed per trade or based on volume.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

BIDS Trading operates the BIDS Alternative Trading System (ATS), a registered broker-dealer platform providing buy-side and sell-side institutional market participants with an off-exchange venue for anonymous block trading of equities. The offering is accessed primarily through BIDS Trader, a web-based front-end interface that integrates with traders' Order Management Systems and Execution Management Systems, enabling one-click access to liquidity with customizable information disclosure and counterparty filtering controls. The platform is available globally across the United States, Canada, and Europe.

Product overview

BIDS Trading operates a single unified platform—the BIDS Alternative Trading System (ATS)—augmented by regional variants and specialized features. The core BIDS ATS serves as an off-exchange venue for anonymous block trading of equities, complemented by BIDS Trader (a web-based front-end interface), Actionable IOIs, customizable controls, and order protection tools including BIDS Scorecards℠ and Filters℠. The platform extends globally through Cboe BIDS Canada and Cboe BIDS Europe, with Sponsored Access enabling buy-side users to direct commission dollars to their chosen broker-dealer. BIDS Trading is the largest independent block trading platform in the U.S. and Europe by trading volume, with over 520 asset managers and 100 brokers using the BIDS Trader interface.

Differentiator

Problem solved

Functional benefit

Brands

• BIDS ATS: Alternative Trading System providing buy-side and sell-side market participants an off-exchange venue to anonymously trade large blocks of equities.
• BIDS Trader

Products and services

• BIDS Alternative Trading System (ATS) A registered broker-dealer operated ATS providing an off-exchange venue for institutional buy-side and sell-side market participants to anonymously trade large blocks of equities. Designed to foster competition and resolve inefficiencies in block trading.
• BIDS Trader A web-based front-end interface for buy-side traders that seamlessly integrates with Order Management Systems and Execution Management Systems, providing one-click direct access to the BIDS ATS through a single point of entry. Used by over 520 asset managers and 100 brokers globally; automated access also available for non-GUI users.
• Cboe BIDS Canada Canadian regional variant of the BIDS Trading platform providing institutional traders access to deep liquidity and advanced block trading tools in the Canadian market.
• Cboe BIDS Europe European regional variant of the BIDS Trading platform enabling institutional traders to access deep liquidity and advanced block trading tools across European equity markets.

Quantifiable outcome

• 267.8 million shares average daily volume (February 2026 record)
• +2 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

One partnership is on record.

• Cboe Global Markets, Inc.coreStrategic or Co-development PartnerBIDS Trading is a subsidiary of BIDS Holdings L.P., wholly owned by Cboe Global Markets, Inc. BIDS Trading operates as the operator of the BIDS Alternative Trading System under the Cboe umbrella, providing global block trading services across U.S., Canada, and Europe markets. The BIDS ATS is not a registered national securities exchange or a facility thereof.

Scale indicators10 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Liquidnet: Liquidnet operates a global institutional block trading network for equities, directly competing with BIDS Trading on anonymous large-in-scale execution and a member-based open access model. Both target the same buy-side and sell-side institutional clients seeking liquidity and minimal market impact.
• Instinet BlockMatch: Instinet's BlockMatch is a crossing network for institutional equity block trading, a direct competitor to BIDS ATS on the buy-side liquidity-seeking workflow. Both venues prioritize anonymity and mid-point matching for large blocks.
• Virtu ITG POSIT: POSIT (now part of Virtu) is one of the longest-running equity crossing networks and a direct peer to BIDS for institutional block matching. Both compete for buy-side flow seeking anonymous, low-impact equity execution.
• IEX: IEX operates an alternative trading system with a speed-bump and ATS functionality, overlapping with BIDS in providing non-traditional trading venues to institutional and retail participants. Both compete for execution flow in U.S. equities.
• MEMX: MEMX is a member-owned exchange/ATS operator competing directly with Cboe-affiliated venues for institutional and retail equity execution flow. As a fellow Cboe-ecosystem competitor it shapes the structural landscape in which BIDS operates.

Broad incumbents

• Goldman Sachs Sigma X: Sigma X is Goldman Sachs' bank-sponsored dark pool/ATS for equities block and continuous trading. As a major sell-side-internalized ATS it competes with BIDS for institutional block flow while serving a wider institutional client base across asset classes.
• JPMorgan JPM-X: JPM-X is JPMorgan's bank-sponsored ATS providing anonymous equity execution, competing with BIDS for institutional block flow. Operated within a much broader global investment bank franchise.
• Citi Citi Match: Citi Match is Citigroup's institutional dark-pool/ATS for equities block trading, comparable to BIDS in target clients and execution model. Part of a much larger global banking and trading franchise.
• Nasdaq BX: Nasdaq BX is a national securities exchange operating as part of Nasdaq's multi-venue strategy; competes with BIDS in U.S. equity execution. Operates within a much broader exchange and market-services portfolio.

Others

• NYFIX/Euroclear FIX Hub: NYFIX and similar FIX-based connectivity hubs provide the order-routing and connectivity infrastructure used by buy-side and sell-side firms to access BIDS and other ATS venues. Adjacent rather than competing directly.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks1 record

Key highlights7 records

Customer concentration

• Xx.com/bidstrading
• LinkedInlinkedin.com/company/bids-trading

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds1 record

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about BIDS Trading