ITG (NYSE:ITG), an independent execution broker and financial technology provider, has unveiled plans to help deploy conditional orders for POSIT Alert in Europe amidst a greater emphasis on block trading ahead of the upcoming MiFID II legislation.
The POSIT Alert platform is ITG’s block-crossing indications tool that helps eliminate time-consuming negotiations, also aiming to reduce costs and improve overall performance of trading. 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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Per the latest initiative, POSIT Alert clients will be given a variety of new options to choose from, including the ability to interact with sell-side conditional orders, as well as providing the opportunity to execute in the POSIT MTF against block liquidity from participating institutional brokers. Furthermore, buy-side users who utilize the feature will be given alerts to block opportunities when matches are found, streamlining the overall process.
The advent of conditional order functionality will look to provide tangible yields to buy-side traders – as a whole the amount of liquidity available in POSIT Alert averaged upwards $18 billion in daily in the Europe, Middle East, and Africa (EMEA) region during the Q1 2017 and was trending higher. While conditional orders are already available within the POSIT Alert framework, the overall functionality will be rolled out for POSIT Alert in EMEA during the Q2 2017.
According to Duncan Higgins, Head of Electronic Products for ITG in Europe: “With the MiFID II trading rules nearing on the horizon, there is a greater focus on block trading. Investors are looking to interact with non-displayed liquidity in a more deliberate way and the conditional orders functionality enables users to access new block liquidity sources while still minimizing their market impact.”