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 anti-gaming, 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.
To clearly demonstrate how we provide the highest quality liquidity experience, we publish POSIT’s Form ATS as well as a guide to how POSIT handles client orders.
POSIT is a pioneer (since 1987) in institutional crossing, helping institutions anonymously source diverse block liquidity with minimal market impact. Not only does it deliver cost-effective execution with price improvement under an agency-only model, it employs Liquidity Guard* a powerful and proprietary set of dynamic and scientific safety measures to maintain liquidity quality.
- Trade blocks globally. Available in 34 markets**, POSIT is one of the most universally-accessible and free-flowing dark pools.
- Straightforward access. POSIT uses price/size pro rata matching logic (does not incentivize speed) and offers basic order types (does not support complex/exotics).
- Tap into liquidity. Resting orders in POSIT enter the pool directly while additional liquidity continually flows via POSIT Alert®, POSIT Marketplace®, ITG Algorithms®, ITG Smart Router™, and client FIX connections.
- Enjoy price improvement. Orders cross at the midpoint, so both sides of the transaction receive the best possible price.
- Avoid bad fills. Liquidity Guard*, embedded in POSIT’s matching logic, proactively avoids bad fills with a real-time mathematical comparison of current market activity against historical trading activity to flag outlier pricing. Operating on a per security basis, it identifies potentially poor fills in-the-moment and prevents a match.
- Inoculate yourself from toxicity. Liquidity Guard* methodically analyzes just-completed trades to identify instances of manipulation, fishing or gaming. In the event of a bad fill, we take action to prevent further occurrences, continually applying new insights to our prevention logic.
*Liquidity Guard available only in the US.
**Canadian crossing available through ITG subsidiary Triact Canada Marketplace LP and MATCH Now.
ITG has applied its award-winning POSIT® infrastructure to build a new dark pool and crossing network for fixed income, offering bid/offer spread compression and market pricing on more than 14,000 corporate bonds. Now fund managers and other investors, large and small, can reap the benefits of midpoint pricing or negotiated settlements on fixed income instruments from the convenience of their desktops.
Close the ask/bid gap for better pricing.
In an opaque market with limited access to the full range of liquidity, at least 50% of fixed income executions have been taking place at prices higher than the ask/bid midpoint.* POSIT FI compresses spreads and offers a choice of automated midpoint pricing that benefit both parties or easy-to-execute negotiated trades.
Choose your access point. You can access POSIT FI from your EMS and OMS via your FIX network or download our dedicated interface to expose your order to our POSIT Alert® network and place orders to other destinations, including POSIT’s scheduled match.
Avoid adverse pricing. ITG becomes the listed counterparty. Our far-reaching relationships with fixed income liquidity providers broaden your reach and preserve your anonymity, helping to minimize the impact even your large volume trades have on the price.
* FINRA Trace Data, 2014
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.
*In Mexico, POSIT Alert allows buyside traders to anonymously cross blocks of shares on the Bolsa Mexicana de Valores (BMV).
ITG’s next-generation global dark aggregator, POSIT Marketplace®, disproves the myth that high quality liquidity and high fill rates are mutually exclusive. In the latest release, ITG has created an elegant solution for quickly filling orders that is consistent with our high standards for quality. Available on all major EMS and OMS platforms, POSIT Marketplace 3.0 goes beyond dark aggregation to dark optimization, using over 100 different order type and dark pool combinations to find order-appropriate liquidity, while avoiding information-seeking contras.
- Fill more orders. POSIT Marketplace seeks to improve fill rates by using complex order types to extract high quality flow from any dark pool and provides exclusive access to POSIT Alert® along with third-party block networks.
- Filter toxic liquidity. The latest generation ITG Liquidity Filter employs a preemptive anti-gaming capability, plus insulation from information leakage.
- Move faster. Extremely low latency, that looks to exceed high frequency trading (HFT) standards, helps you capture quality liquidity faster.
- Maintain anonymity. Experience complete privacy while accessing nearly every dark venue.
- Gain transparency. Prism for ITG Algorithms® lets you see exactly what our algorithms are doing in real-time, including the current open orders to dark pools. The exclusive ITG execution venue report card details how, when, and where you traded, and additional reports evaluate the performance of each dark venue and order type.
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.
ITG offers broker dealers several opportunities to participate in the unique liquidity and crossing potential of POSIT. Reach diverse global liquidity from large blocks to small illiquid names 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.
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.