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FIX CITY PARTNERS WITH ITG IN EUROPE TO INTEGRATE PRODUCTS FOR ENHANCED VISIBILITY OF TRADING ACTIVI
Added: (Wed Nov 08 2006)
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.”
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Press enquiries to
Nicolle Farthing/ Kathryn Torpy, Cre8 Results Limited
Email: fixcity@cre8results.com
Tel: +44 (0)20 7734 9199
About FIX CITY
www.fixcity.co.uk
FIX CITY is a global software provider and consultancy offering leading FIX IOI (Indications of Interest) delivery solutions and providing analysis and practical advice to firms implementing the FIX Protocol. ioinet, FIX CITY’s flagship product, takes a new approach to IOI distribution with sophisticated filters, IOI analysis tools and finely-targeted messaging; priced on a per-destination basis, enabling its community of leading buy- and sell-side firms to concentrate on their core trading activities.
About ITG Europe
www.itg.com
Investment Technology Group (ITG) is a specialised agency brokerage and technology firm that partners with clients globally to provide innovative solutions spanning the entire investment process. A pioneer in electronic trading, ITG has a unique approach that combines pre-trade analysis, order management, trade execution, and post-trade evaluation to provide clients with continuous improvements in trading and cost efficiency.
ITG® is a global brand that, in Europe, refers to Investment Technology Group Europe Limited (“ITGEL”) and/or its parent company, Investment Technology Group Limited (“ITGL”). ITGL and ITGEL are authorised by the Irish Financial Regulator under the Investment Intermediaries Act, 1995. ITGEL London Branch is regulated by the Financial Services Authority for the conduct of investment business in the UK. ITGL is a member of the London Stock Exchange, Deutsche Börse and Euronext and operates POSIT, the Alternative Trading System. ITG does not offer services to private customers.