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Bloomberg Tradebook shuts down matching in US Equities

First Published 6th September 2016

0.4% market share amongst ATS not significant enough?

Bloomberg Tradebook, the agency brokerage arm of Bloomberg LLP, has announced that it will no longer offer matching of customer orders in its own ATS.

Customers can still route orders to other exchanges via Bloomberg Tradebook, it just that they will not get matched internally within its own ATS setup.

The matching service did not attract that much interest compared to other ATS platforms. In 2016-Q2, it attracted a 0.4% market share amongst all the volume routed to ATS, which is obviously tiny.

Presumably Bloomberg did not feel that it could achieve higher market shares than this. In addition, given that there is an increased clampdown on the very obvious conflict of interest with broker-dealers that are also operators of an ATS, this may be a sensible move (Interested readers can turn to Automated Trader Issue 40 Page 48 to read more about what is currently happening in the US regulatory space for ATS operators).