ITG January 2018 ADV Numbers Post YoY Decline

Despite the slight drop in ADV, total monthly volume remains consistent YoY and rose slightly from December 2017.

Financial technology provider ITG has released its US trading volume figures for January 2018. The monthly volume came in at 2.8 billion shares. Meanwhile, average daily volume (ADV) surpassed 132 million shares.

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Monthly volume for January shows a slight increase from December 2017’s results of 2.7 billion shares. However, ADV actually decreased from December levels of 133 million shares.

Meanwhile, the YoY comparison highlights ITG’s consistency, with total US volume staying constant at 2.8 billion shares during the same period last year. ADV actually regressed YoY, dropping from last January 2017 heights of 139 million shares.

Impacting the depressed ADV is the fact that there were 21 trading days during January 2018, relative to just 20 trading days in each of January and December of 2017.

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With regard to ITG’s international trading arm, the company appears to have performed relatively well. Average daily trading commissions in ITG’s Canadian, European and Asia Pacific units recorded an increase of 19% relative to Q1 2017, and improved by roughly 40% compared with incurred commissions during January of last year.

International Trading Commissions Modification

ITG also announced a modification in the structure of its accounting terms and rules, pertaining to the recognition of global commission revenue from analytics products, across various international operations.

The company expects the inclusion of such commissions to result in “the deferral of approximately $4 million of commission revenue in the first quarter of 2018 and approximately $2 million in the second quarter of 2018.” However, ITG also expects an increase in revenues during Q3 and Q4 2018 to offset these deferrals in an equivalent fashion, amounting to a combined $6 million increase in revenues during H2 FY 2018.

ITG has recorded fluctuating trading volumes over the past six months. The company has endured such variations to maintain a generally stable track record YoY.


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