Multiple market sources have confirmed that Fenics Invitations has closed.
The execution service, run by interdealer broker BGC Partners, was intended to provide an all-day trading protocol that combined the ‘call and response’ and anytime aspect of request for quote (RFQ) trading, with the mid-market pricing and pre-trade anonymity of a session-based auction.
It offered a way for the IDB’s sell-side clients to support the liquidity requirements of buy-side firms by using proprietary smart order routing technology, so the counterparties could be certain they were trading with a relevant, interested firms on the other side.
BGC’s press office did not respond to requests for comment, and no reason was given for the closure.
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