New York-based ITG, a global execution and research broker specializing in derivatives, equities and foreign exchange, announced a record $1.74 billion trading day January 23rd for its POSIT Alert system, besting a previous record ($1.63 billion) that was established earlier this month, via a ITG release.
The POSIT Alert platform is a block-crossing indications tool that eliminates time-consuming negotiations, reduces costs and improves overall performance of trading. The popularity of the system is already on full display in 2014 having soared in trading volume this January. POSIT Alert’s primary role is its sourcing and allocation of liquidity – a premium for traders – that helps alert buy-side traders by matching their orders using trade-specific criteria.
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According to Jamie Selway, ITG Managing Director and Head of Electronic Brokerage, in a recent statement, “POSIT Alert is a leading buy-side block crossing venue and key part of the POSIT platform, which has been a trusted source of quality institutional liquidity for 27 years. Our strong global momentum – with block crossing in 30 countries and algorithmic trading in 40 countries – demonstrates the value we bring to clients seeking best execution and liquidity in size.”
Swelling trading volumes are nothing new for ITG, which made headlines late last year when it licensed the TwoFour FX front-to back FX operations as a means of effectively dealing with its high-volume trading capabilities.
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More recently however, buy-side traders utilize the POSIT Alert service to mitigate information seepage and to maximize the liquidity. Furthermore, the system helps reduce trading costs by matching orders at the midpoint, devoid of charges for system use. One reason for the POSIT Alert’s recent performance can likely be attributed to its flexibility worldwide – the service is available in Europe, the Middle East, Africa, Latin America, North America and the Asia-Pacific. Ultimately, if previous volumes are any indication for future behavior, ITG may see its record volume shattered by year-end.