Canadian wholesale bank Scotia Capital and trading technology provider NYFIX have joined forces to develop a broker-neutral indications of interest (IOI) service for the Canadian equities market.
Under the partnership, a new version of TradeChat, Scotia’s IOI service, will be based on ioinet, NYFIX’s global IOI technology. The ioinet offering, which NYFIX acquired when it bought FIX solutions vendor FIXCITY last year, incorporates analytics, filtering and integration with buy-side order management systems. The firms claim these features will enhance TradeChat users’ ability to find and capitalise on Canadian and global trading opportunities without the risk of information leakage and market impact.
More than 40 buy-side and 30 sell-side firms in Canada currently use TradeChat. According to NYFIX and Scotia, adding these companies to the existing ioinet community of nearly 500 members will both broaden TradeChat’s global reach and promote additional trading in the Canadian equities market.
“NYFIX’s product capabilities, support services and commitment to evolving and expanding their global IOI business make them an ideal partner,” said Patrick Burke, managing director and head of institutional equities at Scotia Capital, in a statement.
Bob Moitoso, global head of the FIX division at NYFIX, added: “We believe this alliance will bring a number of benefits to TradeChat and ioinet clients alike and we look forward to powering and supporting the TradeChat service and adding Scotia Capital’s premier Canadian clients to our global IOI community.”