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BIDS Trading L.P. is a registered broker-dealer and the operator of the BIDS Alternative Trading System (ATS), which brings counterparties together to anonymously trade large blocks of shares. 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.

BIDS Trading is a subsidiary of BIDS Holdings L.P., which is a wholly-owned subsidiary of Cboe Global Markets, Inc. (Cboe). The BIDS ATS is not a registered national securities exchange or a facility thereof. The BIDS ATS is an independently managed and operated trading venue, separate from and not integrated with the Cboe U.S. securities exchanges.

Senior Management


Jim Lee

VP, Chief Operating Officer

As COO, Jim is responsible for managing day-to-day market operations and IT operations of the company, and support of the BIDS Trading ATS. Jim was a founder of BIDS Trading.

Jim has 35 years of experience in technology and business management, including 30 years in exchange systems technology. He has designed trading and order matching systems for exchanges and investment banks, auction and negotiation systems for primary and secondary debt markets, block trading and negotiation systems for equities and OTC derivatives products, and systems for trading and clearing electrical power transmission and electrical power spot contracts and forward contracts. He has worked with a global customer base including Merrill Lynch, CBOE, the Boston Stock Exchange, the Deutsche Börse, the Saudi Arabian Central Bank, SIA S.p.A and the Bermuda Stock Exchange.

Jim holds a B.Sc. Degree in Computing Science from the University of Calgary, and FINRA series 7, 24, 57, 63 and 99 licenses.

T.R. Lazo

Chief Legal Officer

T.R. Lazo manages legal and regulatory affairs for BIDS Trading and implements strategic goals of the company from a legal and compliance perspective. 

Prior to joining BIDS Trading, Lazo served as Managing Director and Head of Equities for SIFMA, where he developed industry policies on equity trading and market structure issues. T.R. also worked for the New York Stock Exchange as Senior Vice President and as the General Counsel of NYSE Regulation.  Previously T.R. worked for the law firm Morgan, Lewis & Bockius LLP and in the SEC’s Division of Trading and Markets.

T.R. graduated from Middlebury College (BA) and the Catholic University’s Columbus School of Law (JD).


Brett Vasconcellos

VP, Chief Technology Officer

As CTO, Brett is responsible for directing and executing the company’s technology strategy, and managing the software development lab.

During his 10+ years with the company, Brett has led the product design and development team for BIDS Trader, as well as teams responsible for performance engineering, and operational tooling. Prior to BIDS Trading Technologies, Brett led software architecture and delivery teams building derivatives trading systems at NYSE Euronext Technology, and UBS Investment Bank. Brett has more than 20 years of software design experience, and 15 years of leadership experience.

Brett holds a Master of Engineering Degree and a Bachelor of Science Degree, both from the Massachusetts Institute of Technology (MIT).