BofA Merrill Introduces Instinct Natural, an Enhanced Global Platform Providing One Pipe for All Equity Order Flow

Mon Feb 4, 2013 9:00am EST

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NEW YORK--(Business Wire)--
Bank of America Merrill Lynch today unveiled Instinct Natural, an enhancement to
its alternative trading system (ATS) Instinct X, aimed at increasing
opportunities to execute block trades while minimizing market impact. 

"We want to make it easier for our clients to find liquidity so we`ve built a
central platform where natural flow can interact," said Jason D. Crosby, global
head of portfolio sales and head of Americas institutional execution services
sales. "With Instinct Natural, clients can tap the vast, uncorrelated, natural
order flow that comes through our firm. We expect this will quickly become the
place to go for size and price improvement." 

Instinct Natural allows the client the opportunity to leverage the liquidity
from institutional and private clients trading with BofA Merrill`s high-touch,
electronic, ETF and equity derivatives desks. Instinct Natural works by having
the buyside trader rest conditional placements in Instinct X and await an
invitation to firm up. BofA Merrill believes that as clients become more willing
to rest longer in Instinct Natural, they`ll find natural crosses with price and
size improvement and minimal market impact. 

Clients will have several ways to access Instinct Natural by the use of
conditional placements. This can be accomplished via BofA Merrill`s algorithms,
directly via FIX or they will be able to instruct their cash trader to direct
conditional placements to the platform. Instinct Natural will not be linking
into client order management systems and is designed to give clients total
control of their interaction with the platform. 

BofA Merrill has been able to win market share in the last year from
competitors. As of January 29, 2013, BofA Merrill is No. 1 in U.S. Composite
volume according to Bloomberg with 12.95 percent market share, up from 11.7
percent one year ago. By connecting clients with the firm`s vast liquidity,
Instinct Natural is an ideal platform for sales traders and clients to
collaborate on larger trading opportunities. BofA Merrill believes that if
clients` broader goals are known to their sales trader, they`ll be able to find
greater opportunities based on the liquidity available from across BofA
Merrill`s trading floor. 

"We`re leveraging this superior technology and the confidence our clients place
in us to increase their crossing opportunities," said Scott Bacigalupo, Americas
head of cash equity sales and trading execution. "We believe we can better
connect true fundamental investors looking to buy and sell large blocks of

BofA Merrill is a leading global provider of equity, options and futures
trading, sales and research services to mutual funds, hedge funds, CTAs,
broker-dealers, pensions, endowments and other institutions. The firm was
recently ranked in the top 3 for U.S. Equity Trading Share and Electronic
Penetration in the 2012 Greenwich Associates Survey. Additionally, BofA Merrill
was named Best Equity Bank in North America and Latin America in 2012 by Global
Finance magazine and Best Broker-Dealer for Equities by Wall Street Letter in

Bank of America
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Average and is listed on the New York Stock Exchange. 

"Bank of America Merrill Lynch" is the marketing name for the global banking and
global markets businesses of Bank of America Corporation. Lending, derivatives,
and other commercial banking activities are performed globally by banking
affiliates of Bank of America Corporation, including Bank of America, N.A.,
member FDIC. Securities, strategic advisory, and other investment banking
activities are performed globally by investment banking affiliates of Bank of
America Corporation ("Investment Banking Affiliates"), including, in the United
States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch
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Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed. © 2013Bank of
America Corporation 

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Reporters May Contact:
Kerrie McHugh, Bank of America Merrill Lynch, 1.646.855.3375

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