News Releases

 
NYSE Euronext and BIDS Holdings Announce Intention to Form Joint Venture
-- Aims to Improve Execution Quality and Access to Liquidity for Block Trading --

NEW YORK, NY – October 30, 2007 – NYSE Euronext (NYSE Euronext: NYX ) and BIDS Holdings, L.P. (BIDS Holdings), today announced their intention to form a joint venture designed to improve execution quality and access to liquidity in block trading. Once formed, the joint venture will be open to all New York Stock Exchange (NYSE) members and accessible through BIDS Trading, a registered alternative trading system (ATS), which will become an NYSE member. The joint venture will operate as a facility of the NYSE and be subject to regulatory oversight by NYSE Regulation.

NYSE Euronext and BIDS Holdings will each have a 50% ownership stake in the joint venture, whose formation is subject to approval by the U.S. Securities and Exchange Commission and certain corporate authorizations.  In addition, NYSE Euronext will make an undisclosed investment in BIDS Holdings, becoming the newest investor in the company, and joining the current owners: Bank of America, Bear Stearns, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan, Knight Capital Group, Lehman Brothers, Merrill Lynch, Morgan Stanley and UBS.

"The joint venture is a timely response to customer needs and reflects our commitment to diversification and customer choice," said Duncan Niederauer, President and co-Chief Operating Officer of NYSE Euronext. "We look forward to working with BIDS Holdings and our key sell-side constituents, which represent half of NYSE-listed volume traded on the Exchange, to re-aggregate block liquidity. We believe that this innovative co-branded approach with BIDS Holdings will serve our clients and markets well by bringing block-size orders back into contact with active traders, algorithms, and retail flow."

“We welcome this partnership with NYSE Euronext and expect that the joint venture will address the current inefficiencies in block trading such as market fragmentation,” CEO of BIDS Trading, Tim Mahoney, said.  “Moreover, this initiative is an endorsement of our efforts to build the leading block interest discovery and trading system in the U.S.   Volume on BIDS Trading has been growing significantly, reaching more than one billion shares* in less than six months of trading.”

"The announcement of this joint venture is the product of exceptional levels of cooperation and brainstorming amongst the broker-dealer community and the NYSE,” said Bill Neuberger, Chairman of the Board of BIDS Holdings and global head of product development for Morgan Stanley Electronic Trading (MSET). “The resulting innovative market structure, in combination with the current value proposition of BIDS Trading, should become very important to our clients in their quest for best execution of block-sized trades."

BIDS Holdings is the parent company of BIDS Trading, the ATS designed to increase competition in the U.S. equity block trading market by creating a highly liquid anonymous electronic marketplace, open to all market participants.

NYSE Euronext, a holding company created by the combination of NYSE Group, Inc. and Euronext N.V., operates the world’s largest and most liquid exchange group and offers the most diverse array of financial products and services.  

Media Contacts

 

About NYSE Euronext
NYSE Euronext, a holding company created by the combination of NYSE Group, Inc. and Euronext N.V., commenced trading on April 4, 2007 . NYSE Euronext (NYSE Euronext: NYX ) operates the world’s largest and most liquid exchange group and offers the most diverse array of financial products and services.   NYSE Euronext, which brings together six cash equities exchanges in five countries and six derivatives exchanges in six countries, is a world leader for listings, trading in cash equities, equity and interest rate derivatives, bonds and the distribution of market data.  Representing a combined $30.3 trillion/€21.3 trillion total market capitalization of listed companies and average daily trading value of approximately $139 billion/€103 billion (as of September 30, 2007), NYSE Euronext seeks to provide the highest standards of market quality and integrity, innovative products and services to investors, issuers, and all users of its markets.

About BIDS Holdings, L.P.
BIDS Holdings, L.P. is the parent company of BIDS Trading, L.P., 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.

BIDS Holdings is a joint venture of: Bank of America (NYSE: BAC), Bear Stearns (NYSE: BSC), Citi (NYSE: C), Credit Suisse Group (NYSE: CS), Deutsche Bank (NYSE: DB), The Goldman Sachs Group, Inc. (NYSE: GS), JPMorgan Chase & Co. (NYSE: JPM), Knight Capital Group, Inc. (NASDAQ: NITE), Lehman Brothers (NYSE: LEH), Merrill Lynch (NYSE: MER), Morgan Stanley (NYSE: MS), and UBS (NYSE: UBS ).

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.

* Figures are double-counted, to include both sides of the transaction.

Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning NYSE Euronext's plans, objectives, expectations and intentions and other statements that are not historical or current facts.  Forward-looking statements are based on NYSE Euronext's current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Factors that could cause NYSE Euronext's results to differ materially from current expectations include, but are not limited to: NYSE Euronext's ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk and U.S. and global competition, and other factors detailed in NYSE Euronext’s reference document for 2006 ("document de référence") filed with the French Autorité des Marchés Financiers (Registered on June 6, 2007 under No. R.07-0089), 2006 Annual Report on Form 10-K, as amended, and other periodic reports filed with the U.S. Securities and Exchange Commission or the French Autorité des Marchés Financiers. In addition, these statements are based on a number of assumptions that are subject to change. Accordingly, actual results may be materially higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by NYSE Euronext that the projections will prove to be correct. This press release speaks only as of this date. NYSE Euronext disclaims any duty to update the information herein.

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.



Contact: Mirtha Medina
Phone: 212.656.6192
Email:  mmedina@nyse.com