NYFIX will combine its IOI workflow expertise with FIXCITYâs front end technology to deliver a unique liquidity discovery solution that will enable clients to swiftly capitalize on trading opportunities. Further differentiating the solution will be the depth of global IOI content that will result from the unification of the ioinet and NYFIX Marketplace communities and the resulting number of direct channels that will be integrated into buy-side desktops.
This acquisition is a continuation of NYFIXâs strategy to aggregate liquidity for its clients and provide them with the real-time information they need to make the best trading decisions. This acquisition also adds significantly to NYFIXâs global client base on the heels of the Companyâs recent launch of Euro Millennium, a neutral dark pool for Pan-European equities.
Commenting on the acquisition, Howard Edelstein, CEO, NYFIX, said: "We are constantly trying to help our clients find the best trading opportunities in this increasingly fragmented market and are seeing the resurgence of IOIs as a primary source for liquidity discovery. FIXCITY has powerful, client-proven technology that addresses this challenge and I am looking forward to harnessing the power of our respective technologies, expertise, and global reach to deliver world-class trading solutions to our clients."
Bob Moitoso, Global Head of the FIX Division at NYFIX, said: âNYFIX and FIXCITY have become leaders in the IOI business with different approaches. While NYFIX focused on delivering high quality IOIs directly into the buy-side traderâs order management system for workflow efficiencies, FIXCITY approached it from a front-end analytical perspective. The reality is that clients want both â integration into their workflows, as well as visibility and control. We will combine our offerings to deliver a compelling and cost effective solution to the global trading community.â
Paul Scott, Director, FIXCITY, added: âThis acquisition brings a wealth of advantages to our respective clients. Our enlarged community can look forward to greater global reach, including significant amounts of liquidity from NYFIXâs sell-side Marketplace clients, and access to ioinetâs advanced IOI analysis, filtering, and alerting functionality. With our combined team of forwardthinking professionals, we will continue to break new ground in delivering the best solutions possible for finding global sources of liquidity.â