NYFIX, Inc. say that eight of the leading global broker-dealers have signed agreements for the real-time distribution of Indications of Interest (IOIs) and Advertised Trades (ATs) to the buy-side via NYFIX.
These following firms: BNY Brokerage, Credit Suisse, Deutsche Bank, Jefferies & Company, Inc., JPMorgan, Knight Capital Group, Lehman Brothers and Merrill Lynch, will join charter providers Citigroup, Goldman Sachs and Morgan Stanley within a community of over 100 broker-dealers now sending IOIs and ATs to more than 150 buy-side institutions over the NYFIX infrastructure.
“We view NYFIX as a thought leader in the space and are excited about the innovations they are bringing to this area,” says Ben Chrnelich, the CAO of Equity Liquid Markets at Lehman Brothers. “We look forward to expanding this partnership and creating efficiencies for our mutual buy-side clients.”
An Indication of Interest, or IOI, is an expression of intention to buy or sell securities broadcast by a broker-dealer to its institutional counterparties. This information is distributed with the hope of finding an opposite party for the transaction, thus creating a natural (institution to institution) trade execution for a broker-dealer. In early 2006, NYFIX launched its Sidekick(r) IOI/AT service to deliver IOIs and ATs to buy-side trading desktops and Order Management Systems. Key features of the service include NYFIX’s advanced filtering capability and data validation tools, designed so that only relevant information is delivered to buy-side traders.
“As a neutral provider of innovative technology solutions surrounding the trade lifecycle, NYFIX is uniquely positioned to provide quality information in a segment where we believe that spam and distorted data are the norm,” adds Barry Smith, the head of Business Development at NYFIX. “In our view, this IOI/AT service produces a better user experience for the buy-side while creating more trading opportunities for the sell-side.”