ITG, an independent broker and financial technology provider, published its preliminary monthly trading volumes for August 2018 today. Despite there being two extra trading days in August than in the previous month, US trading volume experienced a month-on-month and year-on-year drop.
Specifically, US trading volume for the broker was 2.6 billion shares and the average daily volume (ADV) was 114 million shares. 2.7 billion shares were traded in July of 2018. This is around 4 per cent more than in August. ADV for July was 127 million traded shares. During August, the average US revenue per share was around 4 per cent less than the average in the second quarter of 2018.
A total of 2.7 billion shares were traded during August last year. This is also around 4 per cent more than in August of this year. For the same period last year, ADV was 117 million shares. It is important to note that both periods had the same number of trading days.
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ITG’s POSIT Alert, an indications-matching network that notifies interested buy-side institutions of a block-size trading opportunity, saw an average daily volume of 12.3 million shares. This is 1.7 million or 14 per cent less than in August 2017.
International trading activity was also down in August
Moving on to international trading activity, trading commissions during the month in ITG’s Canadian, European and Asia Pacific business were also down by around 18 per cent combined in US dollar terms. This is in comparison to the second quarter of this year.
However, when compared to the same time period last year, combined, international trading commissions were up by 6 per cent. On an international basis, there were around 22 trading days in both August of this year and 2017.
ITG is an international financial technology company that assists brokers and asset managers to improve returns for investors. The firm has offices in Asia Pacific, Europe, and North America and offers its services in more than 50 countries.