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All Things ATSs Open Call Series

Through innovation and competition, Alternative Trading Systems (ATSs) continue to disrupt the equity trading markets. According to FINRA data, more than 70 billion shares of NMS securities, traded on a quarterly basis in 2023 on the more than 30 ATSs that operate today.

With the desire for liquidity and automation always present in the marketplace, we're presenting a three-part series with key players in the ATS space to educate industry participants and raising awareness on industry trends.

Episode 1: General Landscape and 2024 Outlook

With Presenter

Stephen Berte

President

BIDS Trading

Open Call Index:

Opening Remarks and STA Update - 00:00 mark

Q#1: Notable Developments in 2023 - 03:20 mark

Q#2: Use of ATSs and Inaccessible Liquidity - 05:00 mark

Q#3: Looking Ahead to 2024 - 10:00 mark

Q#4: Single Dealer Platforms/Retail/IOI's - 12:00 mark

Q#5: Cross Border Trading - 17:20 mark



About Stephen Berte and BIDS Trading

Stephen Berte is President of BIDS Trading, a registered broker-dealer and the operator of the BIDS ATS. Developed by a consortium of leading financial services firms, BIDS was acquired by Cboe in December 2020. Stephen joined BIDS from Tourmaline Partners as President in April 2022. Stephen started his career in equity trading with Standard Life Investments 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.

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