IOI and Advertisements

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Imported from previous forum

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[ original email was from Titus Cheung - tcheung@jefferies.com ]
Hello,

I have never seen IOI or Advertisement messages before. Can someone give me some scenarios in which these two message types will be used? Thanks.

3

[ original email was from Phil Johnston - phil.johnston@transacttools.net ]
IOI or Indications Of Interest are used by a broker to inform clients that they’re looking to buy or sell a particular security. IOIs can have an expiry date, and may be cancelled or amended after being sent out.

The detail which the IOI can include can be volume, price, and many other characteristics.

Brokers may also wish to have preferred clients, who they send the IOIs to first, before then sending out to all other clients.

IOIs are sent out with the understanding that firms may react to the message first, and that the merchandise may no longer be available due to a prior trade.

AT or Advertised Trades are used to notify other brokers that they’ve been active in a particular stock. These can also be cancelled or replaced.

For more information, see the FIX Spec for message types 6 and 7.

Thanks,

Phil Johnston
Professional Services
NYSE TransactTools - London

Hello,

I have never seen IOI or Advertisement messages before. Can someone give
me some scenarios in which these two message types will be used? Thanks.

4

[ original email was from Titus Cheung - tcheung@jefferies.com ]
Hello,

Thanks. I guess IOI is for prop traders or brokers looking to cross OTC trades? As for Advertised trades, why would anyone want to let others know about their own activity on a particular stock?

IOI or Indications Of Interest are used by a broker to inform clients
that they’re looking to buy or sell a particular security. IOIs can have
an expiry date, and may be cancelled or amended after being sent out.

The detail which the IOI can include can be volume, price, and many
other characteristics.

Brokers may also wish to have preferred clients, who they send the IOIs
to first, before then sending out to all other clients.

IOIs are sent out with the understanding that firms may react to the
message first, and that the merchandise may no longer be available due
to a prior trade.

AT or Advertised Trades are used to notify other brokers that
they’ve been active in a particular stock. These can also be
cancelled or replaced.

For more information, see the FIX Spec for message types 6 and 7.

Thanks,

Phil Johnston Professional Services NYSE TransactTools - London

Hello,

I have never seen IOI or Advertisement messages before. Can someone
give me some scenarios in which these two message types will be
used? Thanks.