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Six Firms Launch New Equities Alternative Trading System
Citigroup, Goldman Sachs, Lehman Brothers, Merrill Lynch, Morgan Stanley and UBS Fund Consortium to Increase Competition for Block Trading
Six brokerage firms announced today that they have agreed to form Block Interest Discovery Service ("BIDS"), an alternative trading system ("ATS") designed to increase competition and provide clients with a unique alternative liquidity source in the block trading market. Terms are not being disclosed.