ITG, an agency broker and fintech provider, announced its US and international trading volume for October 2018. The firm, which reported its third quarter financial results earlier this week, appears to have achieved a successful trading month.
The total trading volume for the US was 3.7 billion shares in October 2018. This translates to an average daily volume (ADV) of 160 million shares. This is up by 27 percent when comparing it to the previous month. During the month of September, the firm reported a volume of 2.7 billion shares (ADV of 114 million shares).
In October 2017, the broker reported a total trading volume of 2.8 billion shares. This represents an ADV of 126 million shares, 24 percent less than October of this year. It is also important to note that there were 23 trading days in October of this year. September had 19, and October 2017 had 22 trading days.
Moving to the firm’s international business (Canada, Europe, and APAC), the average daily trading commissions during the month was up approximately 17 percent in US dollar terms when compared to the third quarter of 2018. When measuring commissions against October of last year, commissions increased by around 15 percent.
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Again, on a blended international basis, October of this year had 23 trading days. This is one more than last year. In addition, the POSIT Alert set new monthly records for both global value crossed and European value crossed during the month.
Commenting on the trading activity, ITG President and Chief Executive Officer, Frank Troise, said: “our performance in October, including a new global Alert record and a return to profitability in the U.S. business, demonstrates the momentum of our franchise and our commitment to helping institutional clients achieve best execution.”
Acquisition of ITG
Earlier this week, Finance Magnates reported that high-speed trading firm Virtu Financial, Inc., had struck a deal with ITG and will be acquiring the firm in a deal worth around $1 billion, ITG said on Thursday.
Today, in a separate announcement, ITG also revealed that it intends to continue payment of its regular quarterly cash dividend of $0.07 per share. The firm will do this up until the acquisition, which is expected to close in the first of next year.