Head traders team up against IOI misuse
A buy-side group accuses brokers of using indications of interest to test market demand and fish for more business.
A group of 20 buy-side head traders have been canvassing peers at Asia-focused asset managers to rate indications of interest (IOIs) sent out by brokers.
The group wants to discover whether they receive orders in full on the back of an IOI, in partial amounts or not at all. Through this they hope to rate brokers and discourage misuse of IOIs, which they claim is counterproductive to their search for liquidity.
Distributed via third-party terminals, IOIs are pre-trade messages co…
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