Bats Europe Rolls Out Buy-Side Access to LIS IOI Platform
The Bats LIS IOI platform offers buy-side traders access to block trading in European equities ahead of upcoming Mifid II rule changes.
Bats LIS, an indication of interest (IOI) negotiation and execution platform allowing market users to negotiate large blocks of European equities without revealing intentions to the wider market, was initially rolled out to the sell side late last year. Buy-side firms have now been granted access to the platform through the BIDS Trader system, which integrates with asset managers’ order management systems and execution management systems.
Block trading is expected to increase for asset managers, following the introduction of Mifid II in January next year. Under the new regulation, waivers will be introduced that enable market participants to negotiate large-in-scale trades without pre-trade transparency requirements, designed to protect block trades from unfavorable market movements caused by available information.
Credit Suisse, JPMorgan and Bank of America Merrill Lynch, among others, have already gone live on the Bats LIS platform, with more expected to join later this month.
“Designed to meet the unique needs of the buy side, Bats LIS provides buy-side firms with control over their IOIs up until execution, which helps to protect against information leakage, while maintaining their important relationships with brokers,” said Mark Hemsley, CEO of Bats Europe, in a statement. “Additionally, Bats LIS is unique in that it brings together the block flow of both the buy side and the sell side, which allows for greater crossing opportunities.”
Bats Europe is part of Bats Global Markets, which was acquired by CBOE Holdings, operator of the Chicago Board Options Exchange, in September last year in a deal worth approximately $3.2 billion.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Trading Tech
Banks seemingly build more than buy, but why?
Waters Wrap: A new report states that banks are increasingly enticed by the idea of building systems in-house, versus being locked into a long-term vendor contract. Anthony explores the reason for this shift.
The Waters Cooler: ‘Tis (almost) the season
Outer-space datacenters, a bumper week for data product announcements … and did I mention that I sing?
T+1 shift sees out-of-hours human resourcing costs spike by as much as 20%
New research finds that trading firms are experiencing increased labor costs—which could be a boon for outsourced trading.
Choose your execution: Traders tout benefits of algos for ETFs
In a space dominated by RFQ protocols, trading desks are exploring hybrid strategies for executing ETF orders.
UBS embraces ‘narrative alpha’ with new NLP engine
The tool provides a new form of sentiment strategy that traces how stories spread, instead of counting words.
Pushing the boundaries of TCA
S&P Global Market Intelligence finished runner-up in the perennially competitive TCA system provider category of the Waters Rankings 2024. Michael Richter, global head of trading analytics, discusses the TCA challenges facing the firm’s buy- and sell…
SS&C fights ‘Frankenstein’ perception with further Advent, Eze integration
With the Genesis platform as the tech stack’s foundation, the vendor is looking to provide a front-to-back offering that allows end-users a paced introduction to the cloud.
Bloomberg ups focus on quants, intraday strategies
The vendor hopes its OHLC Bar data product will woo new audiences among quant traders and analysts, who have previously had to painstakingly build solutions in-house.