Trading technology vendor Nyfix is to begin distributing indications of interest (IOI) and trade advertisements from Goldman Sachs, Morgan Stanley and Citigroup in real time over its network.
Nyfix says it has expanded its network capabilities for pre and post-trade message traffic to benefit both brokers and buy-side institutions.
The vendor says this system will bring relevant information directly to traders' desktops and into their order management systems, creating a better experience for the buy-side while creating more trading opportunities for the sell-side.
Nyfix says it has worked closely with its broker sponsors to develop a system that overcomes problems of information overload afflicting existing IOI networks from Bloomberg and Autex.
Andy Wilson, global head of the Nyfix FIX network division, says institutional investors are overwhelmed with messages and have difficulty separating truly actionable messages from those that are merely informational.
"We hope to address those concerns by delivering high-quality indications directly into the client's order management system," he adds.
Duncan Niederauer, managing director, Goldman Sachs, says: "We look forward to this partnership and to utilising the Nyfix network for cost-effective distribution of higher quality IOI's and trade advertisements."