ITG’s POSIT Marketplace Gains Traction in Asia
Investment Technology Group, Inc. (NYSE: ITG), a leading agency research broker and financial technology firm, today announced that its award-winning POSIT® crossing network is experiencing significant growth in the Asia Pacific region.
– POSIT Marketplace trading volumes in the Asia Pacific region nearly tripled in the second quarter of 2011 versus the prior quarter, contributing to record Asia Pacific revenues for ITG.
– POSIT Marketplace now provides access to 8 large dark liquidity pools across the region.
– Institutional investors using POSIT Marketplace in 2011 have experienced average price improvement of 13 basis points on their trades.
“Investors are finding increasing value in the simplicity of accessing multiple off exchange liquidity pools through POSIT Marketplace, and the price improvement that it brings,” said Michael Corcoran, head of sales and trading for ITG in Asia Pacific. “The institutional liquidity and continuous crossing of POSIT combined with access to other key off-exchange trading venues is compelling, particularly given the rapidly changing regional market structure.”
POSIT’s extensive global coverage now encompasses Hong Kong, Australia, North America and 21 EMEA countries, with Japanese equities to follow shortly. POSIT currently has more than a 6% share of total European dark liquidity. In the US, POSIT’s average daily volume was 83 million shares in the second quarter of 2011, up 20% over the prior year, while average trade size in the POSIT Alert® block indications crossing system was 37,000 shares.