FIX CITY, an independent software provider of FIX IOI solutions, launched a Web-based indication-of-interest (IOI) distribution product, to the US market, and announced the opening of its New York City office in Manhattan’s financial district.
FIX CITY’s launch to the US market is backed by the selection of ioinet by the US brokerage arms of UBS Investment Bank, among others.
ioinet’s extension to the US is in response to the increasing demand for targeted IOI solutions. The software is meant to reduce IOI distribution costs as, unlike other IOI distribution solutions which charge per message, ioinet is priced on a per-destination basis.
The solution allows buy-side dealers to navigate large volumes of IOIs via analytical and filtering tools, to quickly locate past and present liquidity for preferred securities. It enables users to specify which stocks are of interest, and notifies them of IOIs for those stocks, eliminating manual searches and allowing dealers to focus on their core trading activities.
“We have extended our offering to the US due to demand for a sophisticated IOI delivery tool, said Paul Scott, director, FIX CITY. In addition to substantial cost savings with its per destination pricing structure, ioinet’s unique filtering and analysis capabilities enable finely-targeted, high quality IOI messaging.”
ioinet’s filters can be modified as an organisation’s trading objectives change. Through ioinet, IOIs can also be routed to buy-side firms’ FIX-enabled Order Management Systems (OMS).
ioinet’s IOI and historical Trade Adverts (TAs) Correlation Viewer shows current and past liquidity in one place, revealing brokers’ actual traded volumes and indicated liquidity and enabling buy-side dealers to make informed and timely trading decisions.