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Looking for Action in IOIs

Traders want indications of interest recast as firm quotes

Traders Magazine, January 2008

Nina Mehta

They're no more than electronic messages at this point. But a growing number of trading executives argue that indications of interest should be looked at as firm quotes that can be automatically traded against by the buyside. "The nirvana is executable IOIs," says Robert Moitoso, head of the FIX division at NYFIX, an institutional broker and technology provider whose IOI dissemination product has been distributed via the NYFIX Marketplace network for more than two years. "The sellside can spend a lot of money distributing IOIs to their client base. They want to know if they're getting bang

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