Investment technology Group (ITG), the New York-based firm behind the Posit equity matching system, says it will introduce a new continuous intra-day stock trading system next Wednesday, 19 June.
The new alternative trading system, dubbed TriAct, is billed by ITG as "a zero information trading environment", in which standing portfolio and single stock orders are executed against each other, as well as against a continuous flow of market and marketable limit orders.
Raymond Killian, chairman, president and chief executive officer of ITG says the launch has been inspired by growth in the company's direct access and program trading business. He says: "Our clients have requested enhanced capabilities for low cost continuous price improvement."
Explaining the fit between TriAct and Posit, Ian Domowitz, managing director, ITG products, says: "Today we have a variety of order flows, not all of which are candidates for Posit, given their timing. We are always looking for more opportunities to match up natural liquidity."
TriAct will provide opportunities for both price and size improvement, he says, acting as a safe haven for the submission of large block orders while minimising market impact. The system will also include a direct link to Posit.
Access to TriAct will be via ITG's direct access products and trading desks and via third party connections, says Domowitz.