ITG (NYSE:ITG), an independent execution broker and financial technology provider, has reported its latest tranche of monthly of statistics for the month of March 2017. The latest figures yielded a healthy month-over-month growth at the brokerage, which was fueled by higher volatility in the US.
As opposed to the month prior, March 2017 featured some monetary policy action from the US Federal Reserve, culminating in a rate hike for the first time in 2017. This helped spark markets and snap them out of a tight consolidation, as February was devoid of any major market drivers.
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More specifically, during March 2017 ITG reported its total volumes at 3.65 billion shares, compared with 2.92 billion in February 2017 or 25.0 percent higher on a month-over-month basis – this growth was on par with other institutional venues, as a general uptick in trading volumes in March was near universal.
This trend has led to a consecutive monthly growth at ITG, snapping a lackluster performance earlier this year. The group’s average daily volume (ADV) also came in at 158.9 million in March 2017, relative to 146.2 million in ADV during February 2017, or 8.7 percent higher month-over-month. The amount of trading days in January was 23, less than the 19 days in February 2017.
During March 2017, ITG’s average daily trading commissions across its Canadian, European, and Asia-Pacific (APAC) businesses were up approximately 7.0 percent in US dollar terms on a combined basis, relative to Q4 2016.