Swedish trading technology vendor OM has developed a FIX-compatible Indications of Interest application as part of its OneWorld order management system.
The rules-based system has been designed to enable brokers to generate IOIs from existing orders as well as generate orders from IOIs. Customers configure their rules, and the system automatically sorts and delivers orders based on individual requirements, says the vendor.
"We believe OneWorld Indications of Interest is the first fully electronic IOI system that also provides for the intelligent routing and delivery of orders," says Michael Cooleen, OM's director of sales, North America. "We view this as a breakthrough service that will improve broker/dealer productivity and increase order flow."
Because the system is fully automated, no manual rekeying of information is required, he says, streamlining the trading process and reducing the likelihood of errors. The system also provides a complete audit trail of all order-related activity, so as to minimise time spent tracking orders.
The service is available as a standalone solution or as part of OneWorld Institutional Order Management, OM's equity order management system. The application offers direct connectivity to most order management systems through a FIX gateway or XML API, says Cooleen.
The market for electronic IOI information is currently dominated by Thomson Financial and its Autex product. Reuters is understood to be working on the development of a system for sourcing and displaying IOIs over the 3000 Xtra workstation as part of the integration of Bridge assets.