BAS' Block Trading Platform Alters ItsTarget

摘要

When IT was launched in June 2004, Bane of America Securities' (BAS) Premier Block Trading (PBT) platform was hailed as "redefining block trading." PBT, part of BAS' Electronic Trading Services (ETS) unit, provides anonymous, real-time electronic execution of orders of up to $20 million in value on more than 1,000 stocks. While there are other electronic block trading services, PBT is unique in that the platform uses algorithms to com- mit BAS' capital automatically to help clients complete transactions and keep them up to date on BAS' risk profile in the relevant security. Capital commitment always has been a hallmark of full-service voice brokerages. The decision on whether or not to risk the broker's own capital to help a client complete a transaction traditionally has been in the hands of a trader in negotiations with a client with whom the trader had some kind of personal relationship. To propose automating this activity was quite revolutionary.