Mostly… fixed income and cross product eTrading

February 5, 2008

Actionable IoIs

Filed under: etrading, Nuts and Bolts — holky @ 2:31 pm

So following on from one thread in the tradeweb discussion, actionable IoIs are the subject of this traders magazine article

There seem many hurdles to getting this going in the equity space – so is getting this going for fixed income through the previously equity autex pipes (yes i know fixed income autex isnt new but who uses it? seriously) er where was i, yes..  is doing this for fixed income under the Tradeweb brand seen as “lower hanging fruit” as we already know and love the concept of autoexable axes?  .. so the hurdle is introducing the autex technology to the fixed income guys in order to join the autex dots…?

Indeed, I wonder if there is actually widespread ‘demand’ on buyside or (yes spot the irony) it is just an indication of interest coming from buyside?  It’s so easy to say yes that sounds great please let me know more … and this comment cast a different light, Some customers that execute electronically want actionable IOIs,” says BNY ConvergEx’s Cangemi. “But for long-only asset managers looking to buy into or sell a significant piece of liquidity, a follow-up conversation to an IOI is almost mandatory for a prudent execution decision.” One size doesn’t fit all.

Some stats in the article say AutEx sends out about 1 million IOI messages every day, 15 to 20 percent of which are naturals (ave size 75000 shares ..didnt mention ave consideration), according to Tradeweb’s Albert Lojko.  Article also places BlockDATA (owned by Tradeweb, being AutEx’s industry-standard counterpart used by buysiders to try to discern who has the axe in a name) at the receiving end of the flow; which should mean there is sufficient drive to at least reach some form of actionable IOIs in the foreseeable future.

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2 Comments »

  1. […] Tradeweb appear to be pushing the idea of actionable IOI’s in the fixed income space – almost like a reverse RFQ. Reverse RFQ’s are definately an interesting way of […]

    Pingback by Reverse RFQ « Tales from a Trading Desk — February 6, 2008 @ 12:16 am

  2. One of your lurking readers is a fairly senior bod at Tradeweb. Perhaps he’d be so kind as to comment???

    Comment by John Greenan — February 7, 2008 @ 9:54 am


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