CHICAGO, March 16, 2022 /PRNewswire/ -- Cboe Global
Markets, Inc. (Cboe: CBOE), a leading provider of global market
infrastructure and tradable products, today announced the
appointment of Stephen Berte as
President of its BIDS Trading unit, effective April 4, 2022.
![(PRNewsfoto/Cboe Global Markets, Inc.) (PRNewsfoto/Cboe Global Markets, Inc.)](https://mma.prnewswire.com/media/622233/Cboe_Logo.jpg)
Mr. Berte has nearly twenty years of experience in equity
trading and is joining BIDS from Tourmaline Partners, where he was
a Managing Director and founded and led its Boston office. Mr. Berte started his career in
equity trading with Standard Life Investments in Boston where he was Head of Equity Trading for
the Americas and Asia Pacific,
before becoming Global Head of Equity Trading, based in
Edinburgh. He then went on to
become Head of Investments Execution for all asset classes in the
Americas for Aberdeen Standard Life, leading a team of investment
professionals across equity, fixed income, derivatives, FX and
money markets, and was a member of both the Investment Management
Committee and the Executive Management Committee.
Ed Tilly, Chairman, President and
Chief Executive Officer of Cboe Global Markets said: "I am
delighted to welcome Stephen Berte
as the incoming new President of BIDS Trading. Stephen is an
industry veteran and the extensive experience he brings to the role
will serve BIDS and its customers well as BIDS looks to grow its
block trading platform from number one in the U.S. to a world
leader."
Stephen Berte said: "I am honored
to have been appointed the next President of BIDS Trading and
grateful for the opportunity to lead the exceptional BIDS Trading
team. This is an exciting time in BIDS' continued evolution as we
look to create a global block trading enterprise and multi-asset
class platform spanning North
America, Europe and
Asia Pacific. BIDS has a strong
foundation in place, created by a team of passionate professionals
committed to innovation, best-in-class customer service and
providing industry-leading technology. I look forward to leading
BIDS into its next phase of growth as our team plans to bring our
highly-regarded trading platform and extensive distribution network
into new markets around the world."
Cboe completed its acquisition of BIDS Trading in December 2020. BIDS has been the largest block
trading alternative trading system (ATS) by volume in the U.S. for
the last 65 months, and its block market share in January 2022 was 73 percent bigger than its next
competitor.1 The 2020 acquisition followed Cboe
and BIDS Trading's successful block trading collaboration in
Europe, which began in 2016 with
the creation of Cboe LIS, now known as Cboe BIDS Europe. Since its
launch, Cboe BIDS Europe has grown to become one of the largest
block trading platforms in Europe.
In February 2022 it handled 30
percent of the large-in-scale market in Europe - making it the largest platform of its
type - and accounted for approximately €594 million in average
daily volume.
Cboe then successfully launched Cboe BIDS Canada on February 1, 2022, bringing Cboe BIDS' leading
block trading capabilities and block-sized liquidity to Canadian
investors. Since its launch in February, Cboe BIDS Canada has seen
participation from 39 different firms across both the buy-side and
the sell-side, trading an average daily value of 1.4 million shares
with an average trade value of CAD
403,000. Building on the success of the Cboe BIDS block
trading offering in the U.S., Europe and Canada, Cboe now plans to launch, pending
regulatory approvals, Cboe BIDS Australia in 2023 followed by Cboe
BIDS Japan.
Cboe maintains BIDS as an independently managed and operated
trading venue and broker/dealer, separate from and not integrated
with the Cboe U.S. securities exchanges. Mr. Berte will
lead BIDS Trading as an independent business within Cboe Global
Markets, reporting into an independent committee of the board of
directors of Cboe Global Markets.
About Cboe Global Markets, Inc.
Cboe Global Markets
(Cboe: CBOE), a leading provider of market infrastructure and
tradable products, delivers cutting-edge trading, clearing and
investment solutions to market participants around the world. The
company is committed to operating a trusted, inclusive global
marketplace, providing leading products, technology and data
solutions that enable participants to define a sustainable
financial future. Cboe provides trading solutions and products in
multiple asset classes, including equities, derivatives and FX,
across North America, Europe and Asia
Pacific. To learn more, visit www.cboe.com.
About BIDS Trading
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.
Media
Contacts
|
Analyst
Contact
|
|
Angela
Tu
+1-646-856-8734
atu@cboe.com
|
Tim
Cave
+44 (0)
7593-506-719
tcave@cboe.com
|
Kenneth Hill,
CFA
+1-312-786-7559
khill@cboe.com
|
|
CBOE-EE
Cboe®, Cboe Volatility Index®, VIX® and Cboe Global Markets®
are registered trademarks of Cboe Exchange, Inc. BIDS Trading is a
registered trademark of BIDS Holdings, L.P. All other
trademarks and service marks are the property of their respective
owners.
Cautionary Statements Regarding Forward-Looking
Information
Certain information contained in this press
release may constitute forward-looking statements. We caution
readers not to place undue reliance on any forward-looking
statements, which speak only as of the date made and are subject to
a number of risks and uncertainties.
1 A block is defined as 10,000+ shares;
Source: FINRA, please see FINRA website for
complete data.
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SOURCE Cboe Global Markets, Inc.