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Tradeweb's AutEx Introduces Smart IOI Technology to Equity Markets

Posted on: Wednesday, 1 April 2009, 08:05 CDT

JERSEY CITY, N.J., April 1 /PRNewswire/ -- Tradeweb, a leading provider of online marketplaces, today announced the release of state-of-the-art technology for improving liquidity discovery in the global equity markets. The new Smart IOI technology significantly reduces information leakage by targeting trading partners with more intelligently sourced client liquidity.

Indications of interest ("IOIs") are messages sent by sell-side traders to inform clients of their willingness to buy or sell blocks of specific equity securities.

Clients of the Tradeweb Routing Network ("TRN") can receive a Smart IOI through AutEx and through other industry channels, including Thomson Reuters and leading order management systems. AutEx is a leading electronic platform that enables buyers and sellers of block shares to communicate their intentions to trading partners. TRN is one of the world's leading FIX networks.

A Smart IOI routes indications to clients, based on client-approved trading information from TRN, and significantly increases the likelihood of buyers and sellers being matched without market disruption and thereby increasing the confidence with which traders can show their interest.

The Smart IOI initiative has active industry support from a growing group of dealers, institutional clients and technology service providers.

"The Smart IOI application provides clients with an intelligent way to target indications of interest with limited risk of market interruption," said Jim Fiesel, Managing Director and Head of Tradeweb's Equities business. "It's a straightforward concept, but the Smart IOI contains a sophisticated algorithm to ensure the best possible order matching."

"The Smart IOI is another example of how Tradeweb leverages technology to improve the efficiency of financial markets," said Lee Olesky, Chief Executive Officer of Tradeweb. "In this case, the industry challenge of information leakage is addressed with an innovative solution that benefits both buy-side and sell-side participants."

"This Tradeweb innovation takes IOI technology to a new level, bringing the financial community a new weapon in their order routing arsenal. Thomson Reuters' global financial desktop franchise will benefit from this through our existing integration of Tradeweb's AutEx. It's much more than adding a data set; it's providing meaningful real-time market intelligence," said Stephen Wilson, Global Head of Exchange Traded Instruments at Thomson Reuters.

Financial market professionals using Thomson Reuters desktops can access Smart IOIs using the blotter application in Reuters Trading for Exchanges and the quote window within Thomson ONE. This provides additional block trade opportunities to hundreds of traders utilizing Thomson Reuters' vast global network.

"The integration of Smart IOIs provides our buy-side clients better access to and more control over the information they need to make informed trading decisions," said Scott DePetris, Global Head of Accounts at Portware, a major provider of execution management systems to large buy-side institutions, and the first EMS to implement AutEx's Smart IOIs into its client systems. "The combined solution offers Portware users the ability to receive the Smart IOIs in a differentiated manner, alerting the user of relevant liquidity."

"We are excited to be able to offer our broker customers additional coverage for their IOI's through Tradeweb's new Smart IOI service. This newly-integrated service utilizes Fidessa's flexible IOI list management toolset and allows Fidessa-connected brokers to leverage AutEx to intelligently route Smart IOIs to the buy-side community directly from their Fidessa platform," said Martin Hakker, EVP Marketing at Fidessa.

About Tradeweb

Tradeweb is a leading provider of online markets and a pioneer in the development of electronic trading and trade processing. The company provides services in the fixed income, derivative, and equity markets to clients in more than 50 countries. Since 1998, Tradeweb has operated a global trading network, which harnesses the distribution of the major investment banks with over 2,000 institutional clients. With its expansion into the equity markets, Tradeweb is leveraging AutEx, the industry leader for 40 years in providing indications of interests, and Tradeweb Routing Network, a global FIX network with more than 7,000 connections to over 750 firms. Tradeweb is owned by Thomson Reuters and nine leading global dealers.

About Thomson Reuters

Thomson Reuters is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial, legal, tax and accounting, scientific, healthcare and media markets, powered by the world's most trusted news organization. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs more than 50,000 people in 93 countries. Thomson Reuters shares are listed on the New York Stock Exchange; Toronto Stock Exchange; London Stock Exchange; and Nasdaq. For more information, go to www.thomsonreuters.com.

About Fidessa Group

Fidessa group is a leading supplier of multi-asset trading, portfolio analysis, decision support, compliance, market data and global connectivity solutions for the buy-side and sell-side globally. The Fidessa suite is used by 85% of tier-one, global equity brokers as well as niche regional players, providing powerful multi-asset trading, order management, compliance and middle-office capabilities, along with sophisticated algorithmic trading and smart order routing services. Fidessa's global network carries over 130 million messages a month covering DMA, Care and Algorithmic orders, Indications of Interest and FIX Allocations between over 2,200 buy-sides and 360 brokers across 115 markets worldwide.

About Portware

Founded in 2000, Portware LLC is the financial industry's leading developer of broker-neutral, automated trading software for global equities, futures, options and FX. With offices in New York, London, Hong Kong and Hyderabad, Portware works in partnership with its clients to create highly integrated solutions to streamline workflow and increase operational efficiencies on trading desks worldwide. Portware's flagship product, Portware Enterprise, is a fully customizable, FIX-compliant trade management and execution system for single asset, portfolio, basket, automated and algorithmic trading. Portware Enterprise has been implemented at more than 100 financial firms worldwide, including sell-side program trading desks, quantitative hedge funds and investment management firms.

SOURCE Tradeweb

Source: PR Newswire

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