ITG’s June Volumes Mount Consecutive Monthly Growth

An increase in trading activity was spurred by the US Fed in what was an otherwise quiet trading month.

Independent execution broker ITG (NYSE:ITG) has reported its monthly statistics for June 2017. The figures continued to move higher, putting a dismal April in the rear-view mirror as volumes held onto gains seen during a wild May.

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June 2017 was relatively devoid of market moving events with the exception of the US Federal Reserve’s rate hike. This was enough however to induce a healthy amount of activity in an otherwise tranquil month, especially with the onset of summer kicking in across European and US markets.

In terms of June 2017, ITG reported its total volumes at 3.65 billion shares, compared with 3.25 billion in May 2017, or 12.3 percent higher on a month-over-month basis. That ITG saw its volumes improve on the heels of a very active May is noteworthy given numerous episodes of market jitters during the month that helped spur trading.

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The performance was on par with that of other institutional venues, many of which bottomed out in April 2017. For its part, ITG has now seen its total volumes swell higher by double digits in back-to-back months and its best two-month performance of 2017 thus far. Isolated pockets of volatility that have by and large dictated the flow of volumes across both retail and institutional exchanges have defined 2017.

The group’s average daily volume (ADV) also came in at 165.9 million shares in June 2017, compared to an ADV of 147.6 million shares in May 2017, or 12.4 percent higher month-over-month. The number of trading days in June was unchanged from May at 22.

June 2017 also featured a continuing high percentage of volume from lower-rate sell-side clients, which once again saw a reduction of the average revenue per share, notably when weighted against its Q1 2017 figures. ITG’s POSIT Alert, an indications matching network that notifies interested buy-side institutions of a block-size trading opportunity, reported an average daily volume of 62.6 million shares in June 2017, down from 64.0 million shares per day in May 2017, or -2.2 percent month-over-month.

Finally in June 2017 ITG’s average daily trading commissions across its Canadian, European, and Asia-Pacific (APAC) businesses were up approximately 2.0 percent in USD terms on a combined basis, relative to Q1 2017.

Earlier this month, ITG secured industry veteran Michael Onofrio as its Director of the US Electronic Coverage team in New York. Mr. Onofrio joined from JPMorgan, having worked as its Executive Director at the bank’s European Equities Electronic Coverage team in EMEA.

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