Perimeter’s BlockBook™ Experiences Record Results
TORONTO, ONTARIO -- Perimeter Financial Corp. today announced record results for Perimeter’s BlockBook™ block-trading platform.
For the first two months of 2007, BlockBook broke all of its previous records for orders, trades and execution quality. Orders totaled more than 107 million shares for value of $2.3 billion across 394 securities. Trades totaled 8.4 million shares for value of $202 million across 64 securities.
Equally important, BlockBook trades are routinely the largest trades of the day with no market impact. Since launch in August 2005, BlockBook trades have averaged more than 20% of the daily trading volume on the TSX for that symbol. On 31 occasions, BlockBook trades equaled more than 50% of shares traded on the TSX for that symbol. Over 80% of all trades occurred at prices at, or better than, the TSX public quote. Average order size was 96,296 shares and average trade size was 49,022 shares.
“These statistics make it clear: if you are not participating in BlockBook, you are missing the opportunity to achieve best execution for you and your clients.” said Ian Williams, Executive Vice President, Perimeter Financial Corp. “The higher level of orders and trades are a real validation of the trust our clients have put in BlockBook. This is now an execution venue with real liquidity that should not be ignored.”
“We are very excited about the positive momentum we have seen over the past few months. Now that we have 75 participants, we are reaching critical mass. Our clients have seamless access to BlockBook through REDIPlus®, owned and operated by Goldman Sachs Execution & Clearing, L.P., and Triton®, owned and operated by Investment Technology Group, Inc. (ITG), and we expect to announce more in the next few months. These partnerships allow us to extend our client reach globally, bringing in more and diverse liquidity to BlockBook.”
BlockBook is a regulated, electronic marketplace designed for block traders of Canadian equities i.e. orders in excess of 10,000 shares. BlockBook allows buyers and sellers to meet anonymously, without information leakage, using proprietary signaling techniques. BlockBook is open to all qualified market participants including investment dealers, pension funds, investment managers, mutual funds and hedge funds. Executions are published on our website, on Reuters, or through our data vendor, TSXDatalinx.
About Perimeter Financial Corp.
Perimeter Financial Corp. develops technology solutions for the financial services industry, including institutional investors, investment dealers and reporting issuers. It operates two on-line marketplaces - BlockBook™ for the Canadian equity block market, and CBID™ for Canadian fixed income and futures markets. It also provides a suite of service offerings in asset management, record-keeping and reporting.
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