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Scotia Capital and Nyfix team on IOI service for Canadian equities market

13 August 2009  |  5527 views  |  0 Source: Scotia Capital

Scotia Capital today announced a strategic alliance with Nyfix (Nasdaq: NYFX) to deliver an independent, broker-neutral, best-in-class Indications of Interest (IOI) service to the Canadian equities market.

Under this partnership, the next generation of Scotia's IOI service, TradeChat, will be powered by Nyfix's global IOI service, ioinet.

NYFIX ioinet's sophisticated analytics, filtering and buy-side order management system (OMS) integration capabilities will greatly enhance TradeChat clients' ability to quickly find and capitalize on both Canadian and global trading opportunities without costly information leakage and market impact.

TradeChat is the pre-eminent IOI service in Canada today with more than 40 buy-side and 30 of the top sell-side firms in Canada using the service. The addition of these firms to the nearly 500 firms that are already members of the NYFIX ioinet community will further broaden the global reach of that service, and promote additional trading into the Canadian markets.

"We are committed to providing our clients with the best IOI service possible and are excited about the benefits that working with NYFIX will bring to our TradeChat clients," said Patrick Burke, Managing Director and Head of Institutional Equities at Scotia Capital. "NYFIX's product capabilities, support services and commitment to evolving and expanding their global IOI business make them an ideal partner."

Bob Moitoso, Global Head of the FIX Division at NYFIX, said: "We are honored that Scotia Capital chose to partner with us in their efforts to provide their TradeChat clients with liquidity discovery tools. We believe this alliance will bring a number of benefits to TradeChat and ioinet clients alike and we look forward to powering and supporting the TradeChat service and adding their premier Canadian clients to our global IOI community."

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