Imported from previous forum
[ original email was from Amy Muddimer - amy.muddimer@fixcity.co.uk ]
London, 8 November 2006 – FIX CITY, global software provider of FIX Indication of Interest (IOI) solution ioinet, today announced its partnership with Investment Technology Group (ITG) in Europe, the technology-based equity trading services group. The agreement involves the dual integration of ioinet with ITG’s intraday equities crossing system, POSIT®, and its Execution Management System, Triton®. The integration with POSIT will provide enhanced visibility of post trade activity, while the integration with Triton will enable buy-side firms to discover sources of liquidity.
ITG’s POSIT crossing network has been configured to post completed Trade Adverts on ioinet. POSIT is a confidential and anonymous system, which provides investors with access to liquidity and the ability to trade in large size at midpoint. POSIT covers all the stocks, across 15 markets in Europe. ioinet posts executed trade information in real time, after every match on the POSIT crossing network. These trades can then be viewed by the buy-side, in a range of graphical formats for simple post-trade analysis.
Alasdair Haynes, chief executive officer, ITG in Europe, comments: “Today, minimising costs is critical and will gain even more importance as MiFID compliance takes hold in the near future. One of the biggest benefits offered by POSIT is that it significantly reduces market impact, often the largest cost incurred in sizeable transactions. This coupled with the system’s liquidity, outside of traditional stock exchanges, makes POSIT a very attractive product. By publishing the high volume of comprehensive POSIT trades on ioinet, buy-side dealers have the option of crossing in POSIT before placing their trade into the market.
In addition, under this agreement, any Triton user requiring access to ioinet can be easily integrated into the ioinet solution.”
Triton is an all-in-one trading solution that brings together innovative analytics and trading tools directly to the user’s desktop. In today’s sophisticated trading environment, this access to pre- and post-trade analytics as well as numerous liquidity sources is invaluable.
The integration of ioinet into Triton will enable Triton users to be actively informed of liquidity on stocks as it arises. This includes the ability to be proactively notified of targeted IOIs most relevant to them.
Paul Scott, director, FIX CITY, comments: “ioinet offers a direct to market, low-cost solution for advertising both stocks and completed trades to buy-side firms. It ensures the buy-side community has key IOI and trade information at its fingertips, influencing the dealer’s decision-making process and bringing improved pre-trade efficiencies.”