Cboe Appoints Bryan Harkins as President of BIDS Trading, Announces Planned Retirement of Tim Mahoney
CHICAGO – March 24, 2021 – 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 volume[5] 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 volume[6].
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.
