Scotia Capital, the wholesale banking arm of the Canada-based Scotiabank Group, has formed a strategic alliance with NYFIX, to deliver an independent, broker-neutral Indications of Interest (IOI) service to the Canadian equities market.
Under this partnership, the Scotia’s IOI service, TradeChat, will be powered by NYFIX’s global IOI service, ioinet. The bank expects that NYFIX ioinet’s analytics, filtering and buy-side order management system (OMS) capabilities will improve TradeChat clients’ ability to find and capitalize on both Canadian and global trading opportunities.
Reportedly, TradeChat is the pre-eminent IOI service in Canada with more than 40 buy-side and 30 of the sell-side firms in Canada using the service. The bank has added that the addition of these firms to the nearly 500 firms that are already members of the NYFIX ioinet community will broaden the global reach of that service, and promote additional trading into the Canadian markets.
Patrick Burke, managing director and head of institutional equities at Scotia Capital, said: NYFIX’s product capabilities, support services and commitment to evolving and expanding their global IOI business make 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 us in their efforts to provide their TradeChat clients with liquidity discovery tools. We believe this alliance will bring a number of benefits to TradeChat and ioinet clients alike and we look forward to powering and supporting the TradeChat service and adding their premier Canadian clients to our global IOI community.
The NYFIX is a New York-based provider of electronic trading solutions.
