ITG’s April Turnover Incurs Monthly Decline, Sapped by Lower Volatility

Volumes were on par with the rest of the industry at ITG in April, incurring a MoM decline.

ITG (NYSE:ITG), an independent execution broker and financial technology provider, has released its monthly statistics for April 2017, which incurred a decline in figures. A dual effect of lower volatility and a reduced trading schedule contributed to lower volumes on a month-over-month basis.

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Looking at April 2017, ITG reported its total volumes at 2.4 billion shares, compared with 3.65 billion in March 2017 or -34.2 percent lower on a month-over-month basis – this decline was on par with other institutional venues, which saw a widespread withering of volumes and turnover relative to the month prior.

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This was also a return of ITG’s declining volumes in Q1, which apart from March 2017 has steadily declined year-to-date. The group’s average daily volume (ADV) also came in at 126.7 million in April 2017, relative to 158.9 million in ADV during March 2017, or -20.3 percent lower month-over-month. The amount of trading days in April was 19, less than the 21 days in March 2017.

During April 2017, ITG’s average daily trading commissions across its Canadian, European, and Asia-Pacific (APAC) businesses were up approximately 5.0 percent in US dollar terms on a combined basis, relative to Q1 2017.

Last week, ITG made headlines after it released its Q1 2017 operating figures, which disclosed a GAAP net income of $5.3 million, or $0.16 per diluted share. This was significantly higher when measured against Q1 2016, as the group had reported a GAAP net loss of -$2.5 million, or $0.08 per diluted share. The latest quarter was noticeably more upbeat given the absence of an arbitration settlement and pre-tax charge of $2.8 million seen last year.

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