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Scotia Capital Partners with NYFIX on IOI Service for Canadian Equities
NYFIX’s ioinet servcie will drive Scotia’s TradeChat IOI service and broaden its reach to Canadian markets.
By
Ivy Schmerken
August 12, 2009
Scotia Capital has formed a strategic alliance with NYFIX, Inc. to deliver an independent, broker-neutral indications of interest (IOI) service to the Canadian equities market. Under this partnership, NYFIX global IOI service, will power and support the next generation of Scotia's IOI service, TradeChat.
NYFIX's ioinet offers sophisticated analytics, filtering and buy-side order managements which integration capabilities, which will help TradeChat clients quickly find and capitalize on both Canadian and global trading opportunities without experiencing costly information leakage and market impact,
According to the release, TradeChat is the pre-eminent IOI service in Canada today with more than 40 buy-side and 30 of the top sell-side firms in Canada using the service. The addition of these Canadian firms to the nearly 500 firms that are already members of Nyfix ioinet community will further broaden the global reach of that service, and promote additional trading into the Canadian markets.
In a statement, Patrick Burke, managing director and head of institutional equities at Scotia Capital, said: "We are committed to providing our clients with the best IOI service possible and are excited about the benefits that working with NYFIX will bring to our TradeChat clients." He cited NYFIX's product capabilities, support services and commitment to evolving and expanding their global IOI business as making them an ideal partner.
Bob Moitoso, global head of the FIX Division at NYFIX, said, "We are honored that Scotia Capital chose to partner with NYFIX to provide their TradeChat clients with liquidity discovery tools." Moitoso said the alliance would bring a number of benefits to both TradeChat and ioinet clients alike, adding, "We look forward to powering and supporting the TradeChat services and adding their premier Canadian clients to our global IOI community."
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