ITG (NYSE:ITG), a leading execution broker and research provider, today announced the launch of the next generation Best Market Server.
ITG Best Market Server 2.0 is a smart order router that trades inter-listed Canadian and US stocks, automatically hedging currency exposures in real time. The enhanced Best Market Server has fully incorporated ITG’s award-winning routing technology, resulting in the capture of more cross-border liquidity. ITG Best Market Server 2.0 offers low latency depth-of-book quotes and competitive foreign exchange (FX) rates, with the goal of increased price improvement, reduced opportunity costs and minimized market impact.
The Best Market Server dynamically evaluates orders for dual-listed securities against both the US and Canadian markets, using the current FX rate to convert prices and seek out the best price and liquidity for the order under prevailing market conditions. Clients using the Best Market Server have the ability to define any combination of limit or market orders either in US or Canadian dollars.
“Institutional traders require seamless access to all available pools of liquidity, regardless of geography, in order to achieve best execution. At ITG we are dedicated to continually enhancing our products to efficiently trade on both sides of the border,” said Earl Cummings, Head of Liquidity Management at ITG Canada. “Our next-generation Best Market Server offers improved performance, helping to reduce trading and opportunity costs for our clients.”