ITG Launches POSIT Alert Buyside Block Crossing for Asia and Australia
ITG a leading agency research broker and financial technology firm, announced March 27 the launch of POSIT Alert® for Australia, Hong Kong and Japan trading. POSIT Alert is a premier global platform for sourcing large blocks of liquidity, actively alerting buyside traders to liquidity that matches orders on their trade blotter. Buyside traders use POSIT Alert to prevent information leakage on large orders, maximize their chances of finding liquidity and reduce market impact by matching at the midpoint with no need for negotiation. POSIT Alert is now available on ITG’s award-winning Triton® execution management system and integrated with ITG Algorithms.
POSIT Alert is already a successful tool for buyside clients across North America and Europe. It currently offers 600 million shares of active, global liquidity on a given day in the US, with an average trade size in 2012 of 33,000 shares, compared to approximately 300 shares on US exchanges. In Canada, POSIT Alert trades average approximately 35,000 shares, while in Europe the average trade size in POSIT Alert is 130,000 shares.
Commenting on the launch, Michael Corcoran, Head of Sales and Trading for ITG in Asia Pacific said, “Asia Pacific markets pose many liquidity challenges for buyside traders. As average order sizes fall and dark pools proliferate in the Asia Pacific region, traders need POSIT Alert to source buyside block liquidity and the POSIT Marketplace dark aggregator to re-assemble block orders from fragmented markets. Building on the success of POSIT Marketplace across the region, POSIT Alert is the natural next step in Asia’s liquidity story.”
Bob Gasser, CEO and President of ITG, added: “POSIT Alert is truly a leading global source of block liquidity for institutional investors. This Asia Pacific launch underscores our commitment to providing industry-leading tools and expertise to our clients on a global basis.”