Source: Investment Technology Group
Investment Technology Group, Inc. (NYSE: ITG), a leading agency research broker and financial technology firm, today announced that average daily volume (ADV) in its award-winning POSIT crossing network was 96 million shares in January 2011, a 26% increase over the fourth quarter of 2010 and a new monthly volume record.
Overall block average daily volume from POSIT Alert(R) was up 80% during January 2011 compared to the fourth quarter of 2010. ITG's POSIT Alert executed the largest midpoint block crossed in the entire U.S. equity market in January, with a print of 10 million shares (counted single-sided). During the month, POSIT Alert crossed nearly 700 trades which were 10% or greater than the stock's ADV and 20 trades which were 100% or more of the stock's ADV.
ITG today also announced new forthcoming internal research measuring the use of POSIT Alert in conjunction with ITG's suite of algorithms. The research, analyzing over one year of trade data, indicates that orders distributed evenly between POSIT Alert and the algorithm suite experience average trade performance improvements of 10 basis points. Commenting on the findings, ITG's head of liquidity management, Hitesh Mittal, said, "This research quantifies the value for buy side institutions in accessing POSIT Alert liquidity, either directly or through our algorithms. We believe our philosophy of focusing on natural buy side liquidity is helping to grow the POSIT Alert network."
POSIT Alert is the leading institutional block crossing network, with over 600 million shares of standing buyside liquidity and an average trade size of 41,000 shares. ITG is currently rolling out the next generation of ITG Channel(R) (the POSIT Alert trader interface), with substantially enhanced functionality and even more seamless workflow.