Trading solutions provider NYFIX has relaunched ioinet, the indications of interest (IOI) tool acquired by the firm last year when it purchased FIX solutions vendor FIXCITY. NYFIX ioinet will combine the analytic and filtering capabilities of ioinet with the global IOI content contributed by brokers that participate in NYFIX’s 1,000-member community of trading counterparties, NYFIX Marketplace.
“Whereas the product was initially somewhat Europe-centric, the combination with NYFIX Marketplace means our network of destinations is now truly global,” Paul Scott, global head of the IOI business, NYFIX, and co-founder of FIXCITY, told theTRADEnews.com.
Scott said that NYFIX ioinet enabled brokers to improve the quality of IOIs presented to the buy-side by charging sell-side users per destination rather than per message. This allows brokers to update their IOIs throughout the trading day in response to individual client demand. “The aim is to make it a one-to-one conversation,” said Scott.
Moreover, NYFIX ioinet permits the buy-side user to filter out IOI traffic to only receive messages on the particular stocks it is trading in a given session. Traders can create customised watch lists, tickers and alerts to provide real-time information on key stocks. “With its configurable WatchList we can see IOIs on stocks of interest at all times,” said Martin Ekers, head of dealing, Northern Trust Global Investments in London. “The solution makes it a lot easier to manage the vast volumes of pre- and post-trade data that we receive.”
NYFIX ioinet’s front-end functionality includes in-depth analysis tools that help buy-side traders compare indicated liquidity with actual traded volumes, helping them better gauge with whom to trade and where to locate securities. The solution’s order management system interface also helps clients to quickly identify and act upon trading opportunities.
“It’s exciting to see ioinet integrated with the NYFIX Marketplace at a time when IOIs are seeing a resurgence as a primary source for liquidity discovery,” said Scott. “ioinet has quickly matured into a global platform that helps clients find liquidity while minimising market impact and information leakage.”