Execution and order management technology provider Neovest has unveiled a new indication of interest service that allows buy-side traders to immediately trade on indications directed to them by a broker.
A directed indication of interest (IOI) is an expression of intent to buy or sell a specific security sent electronically by a broker to a specific set of potential counterparties. Upon receiving the IOI, an interested counterparty would normally contact the broker to negotiate and complete the trade.
However, on Neovest, when users click the ‘trade’ button next to the actionable IOI, it replies to the broker electronically referencing the stock symbol, quantity, price and unique identifier.
Buy-side firms receive various types of IOIs in large quantities that are not always tradable or immediately noticeable. Neovest’s actionable IOI’s appear directly in the trader’s montage window, or main trading screen, which increases visibility. A separate window also allows users to filter or colorize entries by portfolio, broker, and type of IOI. Additionally, pop-up notifications are available when an IOI appears on a trader’s most sensitive names.
Neovest’s platform is also the first of its kind to integrate actionable IOIs from dark pools, including the ISE Stock Exchange’s solicitation of interest orders.
This new actionable IOI service centralizes all forms of liquidity onto one screen which reduces trading systems and improves the workflow for both traders and portfolio managers, said Bryce Byers, CEO of Neovest. Clients can now seamlessly trade on directed IOIs and better leverage our consolidated broker-neutral access to algorithms, dark pools, exchanges, electronic communication networks and connectivity to over 100 brokers.
The new actionable IOI service is the latest enhancement announced by Neovest. In February, the company expanded its reach to 16 dark pool venues, granting traders quick access to multiple sources of hidden liquidity.