Imported from previous forum
[ original email was from Amy Muddimer - amy.muddimer@fixcity.co.uk ]
New Service Expands Pre-Trade Market, Improves Accessibility, Lowers Cost
London, UK – October 14, 2003 – FIX CITY today announced the launch of ioinet, a new service that revolutionises pre-trade messaging by broadening the user base, improving accessibility and lowering overall cost.
Using the industry standard FIX protocol, ioinet allows sell-side traders to direct Indications of Interest (IOIs) and Trade Advertisement messages to specific buy-side dealers. In turn, the new service enables buy-side dealers to receive IOIs and Trade Ads from a range of selected sell-side traders through a secure website accessible from their desktop web browser.
FIX CITY have chosen TransactTools Inc. to host ioinet to ensure stability, resilience and performance, ioinet leverages advanced, cost-effective technology to simplify the search for liquidity in today’s high volume markets.
FIX CITY’s ioinet, which has successfully completed a two month pilot programme, was developed with considerable feedback from both buy and sell-side firms, including: Barclays Global Investors, Credit Suisse Asset Management, Legal & General Investment Management, Merrill Lynch Investment Managers, UBS Global Asset Management, Dresdner Kleinwort Wasserstein, UBS Investment Bank and Goldman Sachs.
“At UBS Investment Bank, we recognise that Indications of Interest are an increasingly important tool for our clients in search of liquidity. FIX CITY’s entry into the IOI market brings not only an innovative pricing model but also provides greater choice for our clients,” says Tim Wildenberg, Managing Director, Global Head of Electronic Execution at UBS Investment Bank.
“IOI distribution is critical to DrKW’s communication of market liquidity to clients,” says Andrew Bowley, Director of Client Connectivity & Order Management at DrKW. “We are pleased to see competition in this area and the real possibility of lowered costs. FIX CITY brought their product to market very quickly and has attracted the attention of some of our most important clients at the outset.”
“IOIs are an essential trader / dealer tool for trade & liquidity advertisement, “ says Macrina Otieno, Vice President, Equity Trading at Credit Suisse Asset Management. “We believe our involvement in the ioinet pilot has helped to ensure that the information received is presented / displayed to buy-side dealers in a user friendly & efficient manner.
We are very enthusiastic about the development of the product & our use of this service in the future.”
“We are very pleased with the enthusiasm shown for ioinet by both buy and sell-sides and would like to thank all participants for their input, professional support, and encouragement. We believe we offer an IOI service designed by dealers for dealers, and we share our clients’ excitement,” says Amy Muddimer, Director at FIX CITY.
“It’s been great working with the FIX CITY team to bring this service to market, says Sam Johnson, founder and CEO of TransactTools. “As a managed service delivered on top of our flexible messaging technology, it will be very easy to extend and enhance the platform’s capabilities based on feedback from customers – existing products just don’t have that kind of flexibility”.
For more information see www.ioinet.com or contact Amy Muddimer [+44 (0) 20 7324 6170]
ABOUT FIX CITY
FIX CITY is a leading independent FIX consultancy in the City of London, providing analysis, practical aid and advice to any business implementing FIX solutions.
For more information see www.fixcity.co.uk.
ABOUT TRANSACTTOOLS
TransactTools is a leading vendor of financial messaging technology. For more information, see www.transacttools.net.