US trading systems vendor Nyfix has acquired London-based e-trading and FIX messaging outfit Fixcity. Financial terms of the deal were not disclosed.
Fixcity's flagship Web-based indication of interest (IOI) distribution product ioinet is used by over 120 firms, providing traders with FIX IOI analysis, filtering and alerts to help them find liquidity.
Nyfix says it will combine its own IOI workflow knowledge with Fixcity's front end technology to offer a liquidity discovery system that will enable clients to quickly capitalise on trading opportunities.
Bob Moitoso, global head, FIX Division, Nyfix, says: "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 trader's 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 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," adds Nyfix CEO Howard Edelstein.
Nyfix says the acquisition also adds to its global client base and comes on the the heels of its recently launched Euro Millennium platform, a UK regulated multi-lateral trading facility (MTF) for non-displayed liquidity in pan-European listed cash equities.