NYFIX, Inc. has acquired UK-based FIXCITY, a specialist in web-based electronic trading and liquidity discovery applications.
FIXCITYs flagship product ioinet is used by over 120 firms with desktop presence on 70 of Europes premier buy-side institutions. ioinet is highly regarded for its sophisticated indications of interest (IOI) analysis, filtering, and alerting capabilities.
NYFIX will combine its IOI workflow expertise with FIXCITYs front end technology to deliver a liquidity discovery application that will enable clients to capitalize on trading opportunities. Further differentiating the application will be the depth of global IOI content that will result from the unification of the ioinet and NYFIX Marketplace communities and the resulting number of direct channels that will be integrated into buy-side desktops.
This acquisition is a continuation of NYFIXs strategy to aggregate liquidity for its clients and provide them with the real-time information they need to make the best trading decisions. This acquisition also adds significantly to NYFIXs global client base on the heels of the Companys recent launch of Euro Millennium, a neutral dark pool for Pan-European equities.
“We are constantly trying to help our clients find the best trading opportunities in this increasingly fragmented market and are seeing the resurgence of IOIs as a primary source for liquidity discovery. FIXCITY has powerful, client-proven technology that addresses this challenge and I am looking forward to harnessing the power of our respective technologies, expertise, and global reach to deliver world-class trading solutions to our clients,” says Howard Edelstein, CEO, NYFIX.
“NYFIX and FIXCITY have become leaders in the IOI business with different approaches. While NYFIX focused on delivering high quality IOIs directly into the buy-side traders order management system for workflow efficiencies, FIXCITY approached it from a front-end analytical perspective. The reality is that clients want both integration into their workflows, as well as visibility and control. We will combine our offerings to deliver a compelling and cost effective solution to the global trading community,” says Bob Moitoso, global head of the FIX Division at NYFIX.
“This acquisition brings a wealth of advantages to our respective clients. Our enlarged community can look forward to greater global reach, including significant amounts of liquidity from NYFIXs sell-side Marketplace clients, and access to ioinets advanced IOI analysis, filtering, and alerting functionality. With our combined team of forwardthinking professionals, we will continue to break new ground in delivering the best solutions possible for finding global sources of liquidity,” adds Paul Scott, director, FIXCITY.