You want to move trades—not markets. Since 1987 we’ve offered exclusive access to POSIT®, and we’ve continued to protect traders with the purest global liquidity, whether large blocks or aggregated across disparate dark sources. With advanced liquidity filtration and the easy integration of POSIT tools into your systems, we’ll help you increase your crossing opportunities, automate matching, reduce trading times, and significantly lower your costs.
POSIT for Broker Dealers
ITG offers broker dealers several opportunities to participate in the unique liquidity and crossing potential of POSIT. Reach diverse liquidity from large blocks to small illiquid names in 26 countries through POSIT Marketplace®, our dark liquidity aggregator. Or, tap into POSIT through our trading desk services and market-leading algorithms. In Canada, participate in MATCH Now, the country’s premier broker-neutral dark book.
POSIT Alert is an indications system that anonymously delivers block crossing opportunities to your desktop. Suitable for all stocks, POSIT Alert eliminates time-consuming negotiations, reduces costs, and improves performance.
- Access unique liquidity. Notifies you of liquidity opportunities from the unplaced shares on participating buyside clients’ blotters as well as from order flow in POSIT® and ITG Algorithms®. In Canada, includes order flow within MATCH Now.
- Depend on execution quality. Prevents price manipulation through proactive monitoring and doesn’t allow third-party liquidity.
- Maintain anonymity. Does not disclose order size or leak information. Helps you maintain anonymity throughout the clearing and settlement process by acting in an agency capacity and settling with each party separately.
- Trade with multiple buyers and sellers. Multi-party crossing allows all parties to participate in a match; operates without time priority.
- Reduce trading costs. Matches orders at the midpoint, no charge for system use, and commissions levied only upon execution.
- Comply with reporting requirements. In Europe, reports all orders executed in POSIT Alert as required by MiFID. Accessible on Bloomberg and Reuters.
- Integrate into your workflow. Install our light-weight POSIT Alert desktop application to sweep your EMS or OMS blotter for uncommitted shares, alerting you to POSIT crossing opportunities. You control order submissions. Also provides access to ITG Algorithms.
A truly global dark aggregator, POSIT Marketplace® is the only way to simultaneously access all of ITG’s liquidity and cross anonymously with quality liquidity pools across small-, mid-, and large-cap stocks.
- Maintain anonymity. Complete privacy through a proprietary algorithm that matches buy and sell orders without human intervention.
- Protect yourself from gaming. Proprietary Liquidity Filter extracts quality liquidity from various dark pools, proactively minimizing information leakage and protecting you against gaming.
- Get more trades done. Interact with standing orders in one of the largest natural buyside liquidity pools, ITG Algorithms®, market-bound flow, and unplaced shares from the trading blotters of participating POSIT Alert® clients.
- Drill down on trade executions. Offers full transparency, including a Report Card that evaluates each dark venue’s performance.
POSIT Match overcomes the negative effects of both market and time fragmentation by creating a liquidity event at 9:45 AM EST — a single point in time that hits the best balance between liquidity and price formation.
- Unload risk and cross blocks. You can use POSIT Match to unload risk by crossing offsetting positions with other institutions soon after the open. List traders can produce dollar-neutral executions with POSIT, reducing trade size before going out for principal bid.
- Avoid market impact. Early session trading is volatile and expensive. A 9:45 AM trade gives you the benefit of better price formation while still getting an early fill. Unlike in the opening auction, you can submit unlimited quantities without affecting price discovery.
- Keep your orders in the dark. Order protection is our highest priority. To protect the quality of the pool, POSIT Match executes orders at random 15-second intervals starting at 9:45 AM. Your order stays in the dark and will be matched at the midpoint of the current NBBO.
- Navigate with ease. You can access POSIT Match from your OMS or EMS. If you are using ITG Algorithms®, we will automatically submit your order to benefit from POSIT Match’s 9:45 AM liquidity.
Canada’s premier broker-neutral dark book for registered Canadian Investment Dealers and their clients. Combines frequent call matches and continuous execution opportunities in a fully anonymous trading book. Operated by TriAct Canada Marketplace LP, you can maintain confidence in the anonymity of your orders.
- Improve price. All trades priced from the Canadian National Best Bid/Offer (NBBO). Market bound orders that will cross the spread can peek into MATCH Now to save 20% of the spread (to a maximum of a penny). Liquidity supplier orders can trade with market bound orders to earn at least 80% of the spread and/or trade with other liquidity suppliers at midpoint.
- Maximize crossing opportunities. Institutional clients gain direct exposure to dealers’ firm-wide flow, including retail orders.
- Reduce costs. MATCH Now subscribers pay no participation fee and benefit from our competitive fee structure.
- Eliminate information leakage. With no public book display, you can confidently trade without fear of disclosure. Participate anonymously and improve size on large orders with zero market impact.
- Maintain control. Order Expiration Time, Price Protection, and other unique features help you minimize risk and achieve your trading goals.