Electronic trading technology vendor FIX CITY plans to launch a multi-asset liquidity platform for Indications of Interest (IOIs). ioinet, FIX CITY’s web-based IOI distribution product for equities, will be extended to include fixed income instruments.
The company says it will pilot ioinet fixed income with a selection of brokers and buy-side firms and will launch the service formally as soon as it is fully endorsed.
ioinet provides a centralised repository, accessed via the ioinet web interface or a single FIX connection, for holding IOIs received from brokers. These are then distributed to buy-side firms. The IOIs include information on the volume available, price and how long the indication is valid for.
FIX CITY says the buy-side can choose to receive messages on the instruments they are most interested in and also those with similar attributes, without having to show their hand and request a quote.
Dealers are able to create instrument and portfolio specific watch lists, ensuring trading opportunities are not missed, improving access to liquidity and speeding-up the trading process.
"ioinet's advanced functionality has proven hugely successful in the equities space and we aim to repeat this success in fixed income," says Paul Scott, director, FIX CITY. "By providing a centralised service for brokers' indications on fixed income names, ioinet fixed income will enable buy-side firms to quickly and effectively capitalise on market opportunities without having to reveal their positions - substantially reducing market impact."
ioinet fixed income can be integrated with desktop tools without the need for multiple connections or vendor certification. Firms that trade in both equities and debt will be able to use the equities and fixed income products simultaneously.
"ioinet's flexibility means it can easily accommodate additional fields and information for multi-instruments," adds Amy Muddimer, director, FIX CITY. "The pilot will enable us to fine-tune the module and develop functionality, according to user feedback and we expect to officially launch the module this summer."