London, UK, 6 March, 2006 â FIX CITY, an independent software provider of FIX IOI solutions and a market leader in the UK and Europe, today launched ioinet, its web-based Indication of Interest (IOI) distribution product, to the US market, and announced the opening of its New York City office in Manhattanâs financial district.
FIX CITYâs launch to the US market is backed up by the selection of ioinet by the US brokerage arms of several leading global investment banks and a number of buy-side firms. Among them, the US brokerage arm of UBS Investment Bank has selected the solution to provide targeted distribution of IOIs to ioinetâs community of buy-side firms.
ioinetâs extension to the US is in response to the increasing demand for targeted IOI solutions. As buy- and sell-side firms seek to meet the ongoing challenges of the growing volumes of pre-trade data, ioinet takes a new approach to the search for liquidity. ioinet significantly reduces IOI distribution costs as, unlike other IOI distribution solutions which charge per message, ioinet is priced on a per-destination basis. FIX CITYâs competitive fee structure ensures sell-side firms do not incur additional costs for keeping their IOIs up-to-date.
The solution allows buy-side dealers to navigate large volumes of IOIs via sophisticated analytical and filtering tools, to quickly locate past and present liquidity for preferred securities. It enables users to specify which stocks are of interest, and proactively notifies them of IOIs for those stocks, eliminating manual searches and allowing dealers to focus on their core trading activities. ioinetâs filters can be continuously modified as an organisationâs trading objectives change. Through ioinet, IOIs can also be routed to buy-side firmsâ FIX-enabled Order Management Systems (OMS).
ioinetâs unique IOI and historical Trade Adverts (TAs) Correlation Viewer shows current and past liquidity in one place, revealing brokersâ actual traded volumes and indicated liquidity and enabling buy-side dealers to make informed and timely trading decisions.
Paul Scott, Director, FIX CITY, comments: âWe have extended our offering to the US due to demand for a sophisticated IOI delivery tool. In addition to substantial cost savings with its per destination pricing structure, ioinetâs unique filtering and analysis capabilities enable finely-targeted, high quality IOI messaging.â
Amy Muddimer, Director, FIX CITY, adds: âWe aim to rapidly expand our community of US buy- and sell-side firms with our initial focus on extending the offering to the US-based operations of our existing global investment bank client base. Through our newly opened US operations, FIX CITY will demonstrate ioinetâs ability to streamline the search for liquidity, enabling buy-side firms to quickly and effectively capitalise on market opportunities.â
To support the growth of its US client base, FIX CITY has also expanded its team of global sales and technical support professionals.