NEW YORK (HedgeWorld.com)–Banc of America Securities Electronic Trading Services Group launched a block trading system that can handle block trades of up to US$20 million.
The technology provides anonymous trading on more than 1,000 individual stocks. According to Banc of America officials, the block trading solution lets institutional traders submit their orders via a web interface. They also can tap directly and anonymously into B of A’s capital.
Investors also will have access to sophisticated block pricing algorithms that offer two-way prices through the block trading system’s web browser. The prices are on stocks in the Russell 1000 stock universe and selected exchange-traded funds. Users will be able to pull-up real-time changes in volatility, liquidity and Banc of America’s risk profile of each stock.
Peter Forlenza, global head of cash equities, said that an early trial phase with more than 20 clients “has been very successful.” The general release of the block-trading product will be next month, according to officials.
The Electronic Trading Services group within Banc of America has been building on its technological and algorithmic offerings since the formation of the unit earlier this year. Officials have partnered with Charles River Development Corporation, Microsoft Corp. and Linedata Services SA in enhancing its electronic trading offerings to investors (see ).
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