FIXCITY, an independent specialist in global electronic trading solutions, today announced plans to launch a multi-asset liquidity platform for Indications of Interest (IOIs).
ioinet, FIXCITY's web-based IOI distribution product for equities, will be extended to include fixed income instruments and will significantly improve access to liquidity in the dispersed fixed income market.
FIXCITY will pilot ioinet fixed income with a selection of brokers and buy-side firms and plans to officially launch the module as soon as it is fully endorsed. ioinet's advanced architecture has been extended to receive, store and distribute liquidity for fixed income instruments. It provides a centralised repository, accessed via the ioinet web interface or a single FIX connection, for holding IOIs received from the broker community. These are distributed using IOI targeting tools, providing an efficient way for brokers to notify target buy-side firms about their debt liquidity. The IOIs include information on the volume available, price and how long the indication is valid for.
The buy-side can then choose to receive messages on the instruments they are most interested in and also those with similar attributes, without having to show their hand and request a quote. Dealers are able to create instrument and portfolio specific watchlists, ensuring trading opportunities aren't missed, improving access to liquidity and speeding-up the trading process.
Paul Scott, director, FIXCITY, comments: "ioinet's advanced functionality has proven hugely successful in the equities space and we aim to repeat this success in fixed income. By providing a centralised service for brokers' indications on fixed income names, ioinet fixed income will enable buy-side firms to quickly and effectively capitalise on market opportunities without having to reveal their positions - substantially reducing market impact."
Using the extensive ioinet Application Programming Interface, ioinet fixed income seamlessly integrates with desktop tools without the need for multiple connections or vendor certification. It will be made available to firms offering fixed income instruments and ioinet's existing community. Financial institutions that trade in both equities and debt will be able to use the equities and fixed income products simultaneously.
Amy Muddimer, director, FIXCITY, adds: "ioinet's flexibility means it can easily accommodate additional fields and information for multi-instruments. The pilot will enable us to fine-tune the module and develop functionality, according to user feedback and we expect to officially launch the module this summer."