Sell-side IOI Automation
Sell-side IOI Automation of InfoReach TMS

TMS allows user to publish IOIs either manually or invoke an automation.

TMS enables automation of IOI publishing where traders can make the system automatically update trading counterparts with up-to-date IOIs based on simple set of rules chosen by traders. IOIs can be delivered to the counterparts over direct FIX connection or IOI networks such as Bloomberg, Autex or InfoReach IOI Hub.

Indications of Interest (IOI) Publishing

Manual vs. Automated IOI Sending

IOIMode setting of individual market target allows user to control IOI sending mode. The following methods are supported:

  • Auto - TMS sends IOI automatically. IOI quantity (IOIQty) is calculated based on a rule which can be configured. By default IOIQty is equal to the TgtLeaves.
  • Auto Pause - TMS automated sending of IOIs is paused.
  • Disabled - Neither TMS automation nor user is allowed to send IOIs.
  • Manual - manual mode of sending IOIs.

Available Actions

  • Send IOI - Sends IOI out for selected target(s). Outgoing IOI will use parameters specified in market targets fields like IOIPx, IOIQty, IOINatural, etc.
  • Cancel IOI - Cancels open IOI(s) for selected target(s)
  • Show Sent IOI - Displays FIX log of sent IOI messages.

Indications of Interest (IOI) Message Explorer

Automated IOI Publishing

In order to enable automation of IOI sending set IOIMode to Auto. make sure IOIDestination is set to at least one publishing route. By default automatic IOI publisher set IOI quantity to the remainder of the parent order (TgtLeaves). Every time TgtLeaves change IOI publisher sends IOI modify reflecting the new parent order remainder. TMS makes it possible to customize how IOIQty gets calculated.

IOI Related Fields

  • IOIQty - IOI quantity sent to the counterparts. Buy default IOIQty = TgtLeaves
  • IOIPx - IOI limit price. by default is set to TgtPx
  • IOIPxOverride - field allows manual IOI price override
  • IOIExpirationAge - Time left till published IOI expires.
  • IOIExpireTimeout - Time the IOI will remain active
  • IOINatural - Flag to publish IOI as natural (Y) or not (N)
  • IOITargetedClients - Clients to whom IOIs should be published
  • IOISmartBlocking - Controls whether the client gets IOI for the symbols they have submitted for trading. For example, if Same Side is selected then clients which submitted Buy IBM for trading will not be IOIed about IBM Buys. If Both Sides is selected then the client which submitted the order will not get IOIs about the same symbol. Setting the filed to None will allow publishing IOIs
  • IOIBlockedClients - Clients IOIs should not be sent to.
  • IOIMinPctADV - Lower percent ADV limit. No IOI quantity will be published which less than the value of this field. For example if available IOI quantity is 1,000 shares but IOIMinPctADV is set to 5,000 then no IOI will be published
  • IOIMaxPctADV - Upper percent ADV limit. No IOI quantity will be published which exceeds the value of this field. For example if available IOI quantity is 100,000 shares but IOIMaxPctADV is set it to 5,000 then IOI will have 5,000 as IOIQty
  • IOIText - Text to be published along with IOI message
  • IOIActiveQty - Currently published IOI quntiry
  • IOIMode - Mode of IOI publishing. Auto, Auto pause, Disabled and Manual
Other features of InfoReach TMS