FIXCITY, an independent specialist in global electronic trading solutions, today launched two modules for its Indication of Interest (IOI) distribution product ioinet, in the US. ioinet:book is a dedicated sell-side module that enables brokers to view all their IOIs, sent via direct connections and alternative IOI platforms including ioinet, to the buy-side. ioinet:stream allows buy-side firms to view incoming IOIs from brokers and vendor solutions within the ioinet application. The modules allow traders and dealers to aggregate IOI messages, providing a complete view of available liquidity.
ioinet:book enables brokers to automatically aggregate large volumes of IOI data, sent directly to clients or via distribution networks. ioinet:book shows, in one place, all the liquidity a broker is advertising alongside the broker's Trade Adverts (TAs) allowing traders to instantly see a consolidated view across multiple distribution platforms. This ensures traders are well informed of their market position and allows them to closely monitor and improve trading performance.
ioinet:stream offers a repository for buy-side firms to store and view all the IOIs they are sent from their brokers. It allows dealers to quickly locate available liquidity in the securities they require and carry out analysis using active and historic data. ioinet:stream keeps users up-to-date with trading opportunities through the ioinet interface, automatically alerting dealers to trading opportunities as they happen and aiding best execution.
Both ionet:book and ioinet:stream can be integrated into users' internal proprietary or third party systems using the ioinet open application programming interface.
Robert Rowe, vice president of Americas, new business development, FIXCITY comments: "In developing ioinet:book and ioinet:stream, FIXCITY have added two highly configurable modules to its ioinet solution to provide the buy- and sell-side with innovative tools that improve trading efficiency. We have been listening to feedback from our clients and there is a strong desire for tools that can aggregate and efficiently manage pre- and post-trade data, removing the time and effort it takes to go into each of the data channels."
The modules are accessed via a FIX connection as an extension of ioinet or as standalone modules. ioinet:book and ioinet:stream are fully-scalable and can be rapidly implemented with no minimum hardware requirements.
Paul Scott, director, FIXCITY, adds: "With high levels of direct connectivity between the buy- and sell-side in the US, buy-side traders receive IOI information from a large number of brokers in addition to accessing vendor solutions such as ioinet. The new modules allow the buy- and sell-side to take advantage of this connectivity by aggregating active and historic data within a web-based repository to allow detailed analysis of liquidity."