Buysiders will have another tool to find liquidity in lightly traded stocks now that Linedata is integrating indications of interest into its trading platform.
Linedata announced on Tuesday that it will integrate NYSE Technologies’ liquidity discovery tool ioinet into its Trader+ platform. Through the collaboration, clients will be able to seamlessly view IOIs on a single screen with their own trades.
The IOI service is designed to help traders identify opportunities and make more informed trading decisions. It integrates liquidity aggregation into a trader’s workflow, giving traders real-time access to liquidity opportunities.
Gary Brackenridge, head of sales in Northern Europe for Linedata, said putting IOIs into the execution space makes data more functionally applicable to traders. With the integrated system, data gets filtered down to what traders need to see relative to their books.
“To do a great job at trading today requires a lot more tools that are highly specialized,” Brackenridge said. “This is a classic information overload problem. There’s so much information coming from so many areas, it really needs to be filtered, condensed and made relevant in order to be usable.”
Brackenridge said Linedata wants to integrate other tools, both from NYSE Technologies and other partners, in order to give traders everything they need in one place.
Linedata, known for its order management systems, built Trader+ to be an alternative to traditional execution management systems. Currently, only half a dozen firms are using Trader+, with more scheduled to come on board at the beginning of next quarter. By the end of the year, however, Linedata hopes to have all of its OMS users migrate over to the more comprehensive Trader+ platform.
Trader+ is also fully integrated with NYSE Technologies’ order routing service, which allows traders to communicate with a community of more that 650 sellside firms.
Scott Fitzpatrick, vice president of transaction services for NYSE Technologies, said he is excited about the partnership, as it is another good avenue for the company to deliver its content to the buyside.
Fitzpatrick added that while IOI data might not be helpful in every trade, it is particularly useful in finding liquidity for lightly traded names. Combining that information with the ability to quickly trade can give clients a significant advantage, he said.
