London-based consultancy FIX City, has launched Ioinet, a FIX based pre-trade messaging system for Indications of Interest (IOIs) and Trade Advertisements, hosted by TransactTools.
The Ioinet service enables sell-side traders to direct IOIs and Trade Ads to specific buy-side dealers. In turn, buy-side dealers can receive messages from sell-side traders through a secure hosted Website.
FIX City says the ioinet is designed by dealers for dealers as it was developed with feedback from a number of buy and sell-side firms, including Credit Suisse Asset Management, Barclays Global Investors, Merrill Lynch Investment Managers, Dresdner Kleinwort Wasserstein and Goldman Sachs.
Credit Suisse Asset Management participated in a two month trial of the service and says its involvement in the pilot has helped ensure that information received is presented to buy-side dealers in a user friendly and efficient way.
Sam Johnson, founder and CEO of New York-based TransactTools, says: "As a managed service delivered on top of our flexible messaging technology, it will be very easy to extend and enhance the platform's capabilities based on feedback from customers."