Tradeweb, a provider of trading platforms and technology, has launched Smart IOI, a tool for sending targeted indications of interest (IOIs) to buy-side traders for equity trades. According to Tradeweb, the tool is designed to improve liquidity discovery and reduce information leakage.
Smart IOI routes indications to traders based on client-approved trading information from the Tradeweb Routing Network (TRN), the firm’s FIX connectivity network. Tradeweb claim this increases the likelihood of matching buyers and sellers without market disruption, which in turn increases traders’ confidence to divulge their interest. “The Smart IOI contains a sophisticated algorithm to ensure the best possible order matching,” said Jim Fiesel, managing director and head of Tradeweb’s equities business, in a statement.
Clients of the Tradeweb Routing Network (TRN), a FIX network, can receive Smart IOIs either through the firm’s own AutEx communication platform for block trading or other channels, such as trading tools from data vendor Thomson Reuters and order and execution management systems.
Users of Thomson Reuters’ terminals can access Smart IOIs using the blotter application in the Reuters Trading for Exchanges service and the quote window in Thomson ONE application. Buy-side trading systems provider Portware has implemented Smart IOI onto its client systems and Fidessa has made the tool available to brokers on its network.
“The integration of Smart IOIs provides our buy-side clients better access to and more control over the information they need to make informed trading decisions,” added Scott DePetris, global head of accounts at Portware. “The combined solution offers Portware users the ability to receive the Smart IOIs in a differentiated manner, alerting the user of relevant liquidity.”