BlackRock plans to launch an in-house trading platform next year, the Financial Times reported.

BlackRock plans to help its clients trade with each other without going to a Wall Street bank, the newspaper said.

The world's largest money manager is hiring programmers and other staff for the launch, according to the report.

Setting up the internal trading platform could allow the company to lower trading costs, BlackRock President Rob Kapito told the Financial Times.

A BlackRock spokesman did not immediately respond to a call seeking a comment.