Messages on AutEx are from institutions. Besides market makers and proprietary traders, they can be hedge funds, pension funds, money managers, insurance companies, or any of a host of other entities. Yes, you also see the wirehouses flashing messages up there, Merrill, Goldman, Morgan, and the rest.
However, seeing the wirehouses up on the Supers does not automatically mean that the trade is from one of their market makers. Herein lies the occasional confusion for speculators who follow AutEx or the other order indicating networks.
Sure, the market maker or a proprietary trader will handle the trade IF contact is made and subsequently negotiated, but the IOI (indication of interest) is sometimes put out by a different department of the broadcasting firm (i.e., asset management, private client services, etc.) which may very well not indicate the movement and/or action on the same firm's trading desks.
Also, an IOI can be - and sometimes is - a second firm indicating their interest VIA the first firm via a prime brokerage or DVP relationship.
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