CHICAGO, March 24, 2021 /PRNewswire/ -- Cboe
Global Markets, Inc. (Cboe: CBOE), a market operator and global
trading solutions provider, today announced the planned retirement
of Tim Mahoney, President of BIDS
Trading, from the company. Bryan
Harkins, Executive Vice President and Head of Markets at
Cboe Global Markets, has been appointed his successor and will
assume the role of President of BIDS Trading, effective
immediately.
Mr. Mahoney's impressive career spans nearly 40 years in the
financial industry and global equities market. He joined BIDS
Trading in 2006 and during his tenure, led the strategic direction
of the company and grew the BIDS Alternative Trading System (ATS)
into the largest equity block trading venue for U.S. equities.
Prior, Mr. Mahoney spent more than two decades at Merrill Lynch
Investment Management, where he held a number of senior leadership
positions in U.S. equities trading.
Ed Tilly, Cboe Global Markets
Chairman, President and Chief Executive Officer said: "On behalf of
Cboe, I want to thank Tim Mahoney
for his leadership and contributions, which have helped guide BIDS
Trading's transformation into the industry-leading block trading
venue it is today. Under Tim's tenure during the past 15 years, the
company significantly grew its capabilities and client network
across North America and
Europe and created a successful
and profitable enterprise that is extremely well-positioned for the
future. Bryan is a proven leader who has built out some of Cboe's
most successful businesses, and we are confident that he will build
upon the foundation laid by Tim and his team and take BIDS Trading
to the next level to reach new markets and geographies
globally."
In a related announcement today, Cboe announced plans to acquire
Chi-X Asia Pacific Holdings, Ltd., an alternative market operator
and provider of innovative market solutions, which would help
enable it to further expand its global equities business into
Asia Pacific and bring to the
region BIDS Trading's block trading capabilities. With BIDS
Trading's current network covering major North American and
European equities markets, the addition of Asia Pacific equities is expected to create a
global block trading platform to serve an even broader base of
customers.
Bryan Harkins said: "I am honored
to be appointed the next President of BIDS Trading, and grateful
for the opportunity to lead this organization and execute on our
vision to create a global block trading enterprise and multi-asset
class platform that is expected to span North America, Europe and Asia
Pacific. Tim has built an exceptionally talented team at
BIDS Trading who shares my commitment to relentless innovation,
best-in-class customer service and industry-leading technology. We
believe BIDS to be an absolutely essential aspect to our next
frontiers of global growth and I look forward to working to
lead the company to even greater heights of achievement. "
Mr. Harkins has more than 20 years of experience in the
electronic trading space. He joined Cboe in 2017 as part of Cboe's
acquisition of Bats Global Markets and led the sales, product
development and competitive strategy for Cboe's U.S. equities, ETP
listings, options, futures and global foreign exchange businesses.
Mr. Harkins initially joined Bats in 2014 after its acquisition of
Direct Edge as Head of U.S. Markets and guided Bats to achieve
record market share levels in both its U.S. Equities and U.S.
Options businesses. In addition, he built and grew Bats' ETF
listings business into a major industry player and Bats' FX
business into one of the largest institutional spot FX platforms in
the world. Mr. Harkins was a founding employee and Chief
Operating Officer at Direct Edge, which grew to become one of the
leading stock exchange operators in the U.S.
Tim Mahoney said: "I am proud to
see BIDS Trading enter its next chapter of growth with our current
expansion into Canada underway and
our planned expansion into Asia
Pacific, which is the culmination of a multiyear effort to
extend the BIDS Trading network globally. I am deeply honored to
have led this great company to reach this milestone with Cboe and
have tremendous confidence in BIDS Trading's future success under
Bryan's leadership. His demonstrated leadership, personal style and
extensive knowledge of the securities electronic trading space make
him a great fit as the next leader of BIDS Trading. I look forward
to working closely with him over the coming months to facilitate a
smooth transition and will continue to follow the success of this
excellent team and company in the future."
Cboe completed its acquisition of BIDS Trading on December 31, 2020. BIDS Trading is a registered
broker-dealer and the operator of the BIDS Alternative Trading
System (ATS), the largest block-trading ATS by volume1
in the U.S. The acquisition follows Cboe and BIDS Trading's
successful partnership in Europe,
which began in 2016 with the creation of Cboe LIS for European
equities block trading. Since its launch, Cboe LIS has grown to
become one of the largest block trading platforms in Europe, accounting for approximately €240
million in average daily volume2.
Cboe maintains BIDS as an independently managed and operated
trading venue and broker/dealer, separate from and not integrated
with the Cboe U.S. securities exchanges. Mr. Harkins will
lead BIDS Trading as an independent business within Cboe Global
Markets, reporting into an independent committee of the board of
directors of Cboe Global Markets.
About Cboe Global Markets, Inc.
Cboe Global Markets (Cboe: CBOE) provides cutting-edge trading
and investment solutions to market participants around the world.
The company is committed to defining markets through product
innovation, leading edge technology and seamless trading
solutions.
The company offers trading across a diverse range of products in
multiple asset classes and geographies, including options, futures,
U.S., Canadian and European equities, exchange-traded products
(ETPs), global foreign exchange (FX) and volatility products based
on the Cboe Volatility Index (VIX Index), recognized as the world's
premier gauge of U.S. equity market volatility.
Cboe's subsidiaries include the largest options exchange and the
third largest stock exchange operator in the U.S. In addition, the
company operates one of the largest stock exchanges by value traded
in Europe, and owns EuroCCP, a
leading pan-European equities clearing house. Cboe also is a
leading market globally for ETP listings and
trading.
The company is headquartered in Chicago with a network of domestic and global
offices across the Americas, Europe and Asia, including main hubs in New York, London, Kansas
City and Amsterdam. For
more information, visit www.cboe.com.
About BIDS Trading
BIDS Trading, L.P. is 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.
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.
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Media
Contacts
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Analyst
Contact
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Angela
Tu
+1-646-856-8734
atu@cboe.com
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Tim
Cave
+44 (0)
7593-506-719
tcave@cboe.com
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Debbie
Koopman
+1-312-786-7136
koopman@cboe.com
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CBOE-C
CBOE-E
Cboe®, Cboe Global Markets®, Cboe Volatility Index®, and VIX®
are registered trademarks of Cboe Exchange, Inc. Chi-X Asia
Pacific, Chi-X Australia and Chi-X Japan are registered trademarks
of Chi-X Asia Pacific Holdings, Ltd. BIDS Trading is a
registered trademark of BIDS Holdings, L.P. All other
trademarks and service marks are the property of their respective
owners.
Cautionary Statements Regarding Forward-Looking
Information
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
that involve a number of risks and uncertainties. You can identify
these statements by forward-looking words such as "may," "might,"
"should," "expect," "plan," "anticipate," "believe," "estimate,"
"predict," "potential" or "continue," and the negative of these
terms and other comparable terminology. All statements that reflect
our expectations, assumptions or projections about the future other
than statements of historical fact are forward-looking statements.
These forward-looking statements, which are subject to known and
unknown risks, uncertainties and assumptions about us, may include
projections of our future financial performance based on our growth
strategies and anticipated trends in our business. These statements
are only predictions based on our current expectations and
projections about future events. There are important factors that
could cause our actual results, level of activity, performance or
achievements to differ materially from those expressed or implied
by the forward-looking statements.
We operate in a very competitive and rapidly changing
environment. New risks and uncertainties emerge from time to time,
and it is not possible to predict all risks and uncertainties, nor
can we assess the impact of all factors on our business or the
extent to which any factor, or combination of factors, may cause
actual results to differ materially from those contained in any
forward-looking statements.
Some factors that could cause actual results to differ include:
the satisfaction of the conditions precedent to the consummation of
the proposed transaction, including, without limitation, the
receipt of regulatory approvals on the terms desired or
anticipated; the impact of the novel coronavirus ("COVID-19")
pandemic, including changes to trading behavior broadly in the
market; the loss of our right to exclusively list and trade certain
index options and futures products; economic, political and market
conditions; compliance with legal and regulatory obligations; price
competition and consolidation in our industry; decreases in trading
or clearing volumes, market data fees or a shift in the mix of
products traded on our exchanges; legislative or regulatory
changes; our ability to protect our systems and communication
networks from security risks, cybersecurity risks, insider threats
and unauthorized disclosure of confidential information; increasing
competition by foreign and domestic entities; our dependence on and
exposure to risk from third parties; fluctuations to currency
exchange rates; our index providers' ability to maintain the
quality and integrity of their indices and to perform under our
agreements; our ability to operate our business without violating
the intellectual property rights of others and the costs associated
with protecting our intellectual property rights; our ability to
attract and retain skilled management and other personnel; our
ability to minimize the risks, including our credit and default
risks, associated with operating a European clearinghouse; our
ability to accommodate trading and clearing volume and transaction
traffic, including significant increases, without failure or
degradation of performance of our systems; misconduct by those who
use our markets or our products or for whom we clear transactions;
challenges to our use of open source software code; our ability to
meet our compliance obligations, including managing potential
conflicts between our regulatory responsibilities and our
for-profit status; our ability to maintain BIDS Trading as an
independently managed and operated trading venue, separate from and
not integrated with our registered national securities exchanges;
damage to our reputation; the ability of our compliance and risk
management methods to effectively monitor and manage our risks; our
ability to manage our growth and strategic acquisitions or
alliances effectively; restrictions imposed by our debt obligations
and our ability to make payments on or refinance our debt
obligations; our ability to maintain an investment grade credit
rating; impairment of our goodwill, long-lived assets, investments
or intangible assets; and the accuracy of our estimates and
expectations. More detailed information about factors that may
affect our actual results to differ may be found in our filings
with the SEC, including in our Annual Report on Form 10-K for the
year ended December 31, 2020 and
other filings made from time to time with the SEC.
We do not undertake, and we expressly disclaim, any duty to
update any forward-looking statement whether as a result of new
information, future events or otherwise, except as required by law.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date
hereof.
1 A block is defined as 10,000+ shares;
Source: FINRA, please see FINRA website for
complete data.
2 As of December 31, 2020.
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SOURCE Cboe Global Markets, Inc.