ITG’s block crossing network set a trading record last month as the agency broker prepares for new regulations which limit trading volumes in dark pools from 2018.
On January 24 ITG tweeted: “ITG EMEA sets a new 1-day trading record for Posit Alert w/$940m (£750m) in value crossed.”
Posit Alert is ITG’s institutional block crossing network.
MiFID II, the new European Union regulations which come into effect in January next year, places volume caps on trading equities in a dark pool. However firms can apply for waivers which allows block trades above a specified minimum size to be exempt from the volume caps and also be exempt from pre-trade transparency requirements.
Rob Boardman, European chief executive of ITG, told Markets Media: “European equities volumes in dark pools have been rising and will become a premium after MiFID II. We have been taking preparatory steps for the dark volume caps by finding larger orders so they can trade under the large in scale waiver.” In its fourth quarter results ITG said total average daily value traded through Posit Alert in Europe increased 60% compared to the final three months of 2015. In Europe average daily value traded in Posit was $1.1bn compared to $1.2bn in the fourth quarter of 2015, including the effects of currency translation.