ITG Enlists Additional Tranche of Liquidity Providers in North America

The liquidity augmentation is designed to increase the platform’s latitude in North America, namely to buy-side trading desks.

ITG (NYSE:ITG), an independent execution broker and research provider, has expanded its network of liquidity providers for its multi-asset platform, ITG RFQ-hub, according to an ITG statement.

The liquidity augmentation is designed to increase the platform’s latitude in North America, namely to buy-side trading desks and portfolio managers utilizing large networks of sell-side market makers. The resulting initiative will also aim to streamline requests for quotes (RFQs) across several asset classes, including equities, futures, options, swaps, fixed income and commodities, among others.

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The move follows on the heels of ITG RFQ-hub’s past expansionary ambitions, which have added no less than eight sell-side liquidity providers in the US and ten new sell-side liquidity providers in the Europe, Middle East and African (EMEA) region. Conversely, ITG RFQ-hub has been equally active on the buy-side this year, having added seven new clients in EMEA and five clients onboarding in the US.

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According to David Sagnier, Head of ITG RFQ-hub, in a recent statement on the developments, “My colleagues and I are pleased with the progress we have made in broadening our pool of liquidity providers and delivering our solution to a wider range of buy-side clients.”

ITG (NYSE:ITG) has been one of the more tossed around names in the industry over the past few months. Earlier this month, ITG reported substantially lower volumes across its business. The notable decline in volumes was tied to ITG’s recent brush with regulatory authorities, which consequently caused an outflow of existing business. Back in August, ITG as well as its affiliate AlterNet Securities, agreed to collectively pay $20.3 million to settle charges over the breach of dark pool trading confidentiality with the US’ Securities and Exchange Commission (SEC). The SEC stipulated that the broker operated a secret trading desk and misused the confidential trading information of dark pool subscribers. According to an SEC manifest at the time, the investigation found that ITG operated an undisclosed proprietary trading desk known as ‘Project Omega’ for a period of at least one year.

As a result, ITG (NYSE:ITG) share prices have capitulated below the $14.00 handle – as recently as mid-April, the stock was trading at $32.07. At the time of writing, shares have settled at $13.62 ahead of the US open during premarket trading.

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