26 September 2017
Find out more

ITG issues EMEA release of POSIT Auction

06 September 2017  |  1848 views  |  0 Source: ITG

ITG (NYSE:ITG), a leading independent broker and financial technology provider, today announced plans to launch POSIT Auction, a new lit segment on the POSIT MTF which will run periodic auctions for matching opportunities submitted to the POSIT Auction order book.

As a lit book, POSIT Auction is designed to offer a low-impact approach to finding liquidity.

POSIT Auction will operate with controls to help traders protect themselves during price discovery, including price collars, limit and peg order types. Pre-trade transparency will be limited to indicative price and volume.  Auction periods will commence as soon as a matching opportunity is found, and will initially be set to run for a fixed call period of 50 milliseconds plus a random call period of up to 50 milliseconds before the uncross/auction completion. 

“With the MiFID II trading caps taking effect in January, there is an intense focus on sourcing high-quality liquidity,” said Duncan Higgins, Head of Electronic Products for ITG in EMEA. “POSIT Auction is designed to provide valuable trading opportunities in circumstances where liquidity is reduced due to the dark trading caps. It will work as an integral part of our POSIT MTF, in addition to our POSIT Alert block crossing network.”  

Subject to successful regulatory approval, POSIT Auction is expected to launch in the fourth quarter of 2017. It will be available for the same universe of stocks traded in the POSIT dark segment. It will also operate a post-close trading session.


Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.ncr.comdownload the paper nowvisit www.capgemini.com

Top topics

Most viewed Most shared
AXA launches blockchain to cover late flight compensationAXA launches blockchain to cover late flig...
11555 views comments | 16 tweets | 30 linkedin
SBI Ripple Asia advances on South KoreaSBI Ripple Asia advances on South Korea
9178 views comments | 16 tweets | 1 linkedin
European Commission makes fintech a priority in supervisory shakeupEuropean Commission makes fintech a priori...
8633 views comments | 34 tweets | 46 linkedin
hands typing furiouslyBlockchain is a new way of thinking?
7275 views 2 | 10 tweets | 1 linkedin
Sophia the humanoid gets UBS conference speaking gigSophia the humanoid gets UBS conference sp...
7039 views comments | 16 tweets | 19 linkedin

Featured job

circa £250K total package

Find your next job