ITG (NYSE:ITG), an independent execution broker and financial technology provider, has unveiled a new product offering reinforcing its equities suite, launching its close algorithms for Brazilian and Mexican equities, per a company statement.
The new offering represents the group’s latest instruments in Latin America (LATAM) – its Brazil Close and Mexico Close algos will aim to incorporate order imbalance information, thereby adjusting to intra-day market conditions to capture liquidity in the closing prints of Brazilian and Mexican markets. More specifically, the Brazil the closing auction typically constitutes upwards of 9-10% of total daily trading volume, with the Mexico closing print justifying roughly 6-7% of volumes.
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LATAM Offering Expansion
ITG’s new LATAM algos will be available via its Triton execution management system. Currently, this execution services platform includes algos in 40 sovereign markets across the Americas, Asia Pacific (APAC) and the Europe, Middle East, and Africa (EMEA) region. ITG has already rolled out plans to beef up its offering that builds on its LATAM close algos, which will see electronic direct market access (DMA) for Colombian equities in the upcoming months.
According to Ben Polidore, Head of U.S. and LATAM Algorithmic Trading at ITG, in a recent statement on the launch: “These algorithms draw upon ITG’s deep expertise in efficiently sourcing liquidity in volatile or rapidly changing market conditions. We have adapted our techniques to local market structure to deliver an innovative solution for our institutional investor clients.”
“The Brazil Close and Mexico Close algorithms are key additions to the electronic, portfolio and single-stock trading services we provide across all of the countries included in the MSCI Latin America Index. We are committed to helping our clients solve operational problems and achieve best execution worldwide,” said Eric Blake, Managing Director at ITG, in an accompanying statement.
The new products are the first since last month’s release of ITG Smart Market Indicator Forecast App, which was designed to help market participants better anticipate market volumes, spreads, and volatility across multiple financial instruments.