Liquidity

Electronic block crossing and alternative trading systems in 35+ countries

POSIT*

Price improvement of $1bn+ in midpoint executions over 10 years

  • Global dark ATS/MTF, operating in 33 countries
  • Technology rejects trades that don’t meet our standards; for example, Liquidity Guard filters out 1 million shares a day in the U.S.
  • Rewards size over speed, using a size-based pro rata matching logic instead of the price-time method many other pools use
  • Minimized information leakage: We do not communicate IOIs or route orders outside POSIT
  • Access to unique institutional block liquidity, readily accessible at the BBO midpoint

ITG is at the forefront of the industry in our commitment to providing transparency. We have published a guide to POSIT as well as POSIT’s Form ATS.

Learn more about transparency at ITG >

*MATCHNow in Canada

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Source: ITG, Q1 2017

POSIT Alert

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Source: ITG, Q1 2017

Delivers $61bn in block opportunities in 37 countries to buy-side desktops daily

  • Differentiated liquidity from ITG’s algos, portfolio trades and POSIT ATS/MTF
  • Automatic midpoint pricing that aims to be faster and easier than negotiating
  • Predefined block thresholds for anonymous notification to trade
  • Multiparty crosses with pro rata executions that increase likelihood of getting a print

Thinking

Dark Trading and MiFID II: What You Need to Know

MiFID II implementation may significantly affect investors’ ability to source dark liquidity effectively. Broker crossing networks will disappear, and certain types of dark trading will be mostly restricted to midpoint. If triggered, the introduction of double volume caps will limit certain dark trading volumes per stock to 4% in a single dark pool and 8% across all dark pools. The double volume caps are likely to result in six-month dark trading suspensions for many stocks, increasing market complexity around trading suspended stocks and tracking the status of each stock.

RECENT AWARDS

  • 2014 – #1 in Satisfaction with Electronic Trading Client Services

    Greenwich Associates, Canada
  • 2014 – #1 in Overall Penetration in Canadian Equity Electronic Trading

    Greenwich Associates, Canada

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