NEW YORK, June 28 /PRNewswire-FirstCall/ -- NYFIX, Inc. (Pink Sheets: NYFX), a leader in technology solutions for the financial marketplace, has entered into definitive agreements with Goldman Sachs, Morgan Stanley, and Citigroup as strategic partners for the real-time distribution of Indications of Interest (IOI) and Trade Advertisements over the NYFIX Network. NYFIX has expanded its network capabilities for pre and post-trade message traffic to benefit both brokers and buy-side institutions.
"We look forward to this partnership and to utilizing the NYFIX Network for cost-effective distribution of higher quality IOI's and trade advertisements," said Duncan Niederauer, Managing Director, Goldman Sachs.
An IOI is an Indication of Interest to buy or sell merchandise broadcast by Broker Dealers to their Institutional counterparties. This information is distributed in the hopes of creating a natural (institution vs. institution) execution. "Institutional investors are overwhelmed with messages and have difficulty separating truly actionable messages from those that are merely informational," said Andy Wilson, Global Head of The NYFIX FIX Network Division. "We hope to address those concerns by delivering high-quality indications directly into the client's order management system."
With advanced filtering, unique data validation and real-time liquidity sourcing tools in development, NYFIX is uniquely positioned to create a quality experience for users where, in our view, spam and distorted data currently are the norm. This system will bring relevant information directly to traders' desktops and into their order management systems, creating a better experience for the buy-side while creating more trading opportunities for the sell-side.
A significant number of NYFIX Network buy-side clients, including Pzena Investment Management, assisted NYFIX in the design and validation of this new IOI offering. "Our traders are normally inundated with unreliable IOIs and trade advertisements," said Keith Komar, Principal and Director of Operations & Technology at Pzena. "The ability to integrate these messages into our OMS has improved our productivity by creating a number of natural matches."
"We are rapidly expanding our network offering to include new value added products and services for our client base," said Wilson. "Capitalizing on our market leading position and network reach has created a cost reduction opportunity for our clients."
