FIX CITY, a global software provider of FIX Indication of Interest (IOI) solutions, today announced that leading investment banking, securities trading and brokerage firm Bear Stearns has gone live with ioinet, FIX CITYâs IOI distribution product, within its European and US brokerage arms.
ioinetâs customisable web interface enables Bear Stearns to deliver IOIs, indications of interest in a stock, to ioinetâs entire community of buy-side firms. The move will enable Bear Stearns to broadcast its IOIs or to finely target their distribution to specific groups or individual dealer firms. ioinet also has the ability to deliver an IOI FIX feed, to enable IOIs to be fed directly into buy-side firmsâ FIX-enabled Order Management Systems, for improved Straight-Through Processing. Bear Stearnsâ European brokerage arm went live with ioinet in June 2006 and the solution was fully implemented to include its US desk during Q4.
Buy-side firms are able to use ioinetâs filters to select messages on specific securities, geographies or sectors, enhancing their ability to sort through incoming IOIs, so they can quickly identify the most appropriate trading partner. Buy-side firms are proactively notified upon the receipt of relevant IOIs, freeing up their time to concentrate on their core trading activities. In addition, ioinet offers the ability to view Trade Advertisements (TAs), indicating actual traded volumes, and IOIs in correlation. This shows a complete trade history to give a more accurate picture of liquidity and assists buy-side firms in the search for illiquid stocks.
Evan Graj, Managing Director, Global Electronic Trading Solutions, Bear Stearns, comments: âWe selected ioinet due to demand from our buy-side clients for a dynamic way to view IOIs and Trade Advertisements, to make the vast volumes of pre-trade data more manageable. ioinet also enables us to actively target our IOI messages to ensure they are received by the most appropriate buy-side firms, speeding up the trading process.â
Paul Scott, Director, FIX CITY, adds: âioinetâs community is rapidly growing as buy- and sell-side firms recognise the benefits. The solution offers sell-side brokers, such as Bear Stearns, the ability to efficiently distribute IOI and TA messages to rapidly secure orders, and highlight completed trades. ioinet also enables buy-side firms to identify liquidity via the productâs quick and efficient navigation of large volumes of messages.â