Cboe names Stephen Berte as President of BIDS as block trading rises
“This is an exciting time in BIDS’ continued evolution as we look to create a global block trading enterprise and multi-asset class platform”
Cboe has appointed Stephen Berte as President of its BIDS Trading unit, who will lead the independently managed and operated trading venue and broker/dealer, reporting into an independent committee of the board of directors of Cboe.
The independent broker-dealer, which was acquired in December 2020, has been the largest block trading alternative trading system (ATS) by volume in the U.S. for the last 65 months. Its block market share in January 2022 was 73 percent bigger than its next competitor, according to data provided by the firm.
Before the acquisition, Cboe and BIDS Trading collaborated in Europe since 2016 with the creation of Cboe LIS, now known as Cboe BIDS Europe.
Cboe BIDS Europe has grown to become one of the largest block trading platforms in Europe, having handled 30 percent of the large-in-scale market in Europe in February 2022, and accounting for approximately €594 million in average daily volume.
In February 2022, Cboe launched BIDS Canada in order to offer the same block trading capabilities and block-sized liquidity to Canadian investors.
The Canada operation 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.
Cboe now plans to launch, pending regulatory approvals, Cboe BIDS Australia in 2023 followed by Cboe BIDS Japan.
Multi-asset class platform spanning North America, Europe and Asia Pacific
Ed Tilly, Chairman, President and Chief Executive Officer of Cboe Global Markets, commented: “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, President of BIDS Trading, 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.”
Stephen Berte is an industry veteran with twenty years of experience in equity trading. He joins BIDS from Tourmaline Partners, where he was a Managing Director and founded and led its Boston office. He is specialized in trading across equity, fixed income, derivatives, FX, and money markets.