Investment Technology Group, a provider of technology-based tradingservices and transaction research, is adding POSIT Alert to its rangeof crossing products in Europe.
POSIT Alert is a new indications-based facility that seeks outcrossing opportunities among participating clients.
POSIT Alert will expand available liquidity by alerting clients tocrossing opportunities. Traders participating in POSIT Alert selectthe stocks they want to have available for crossing. POSIT Alert thensearches for trading opportunities with other clients that have optedto participate. When the system identifies a match, a pop-up messagealerts the trader, who can decide whether to trade and in whatquantity. The trade crosses at the midpoint price of the underlyingmarket price and there is no negotiation.
In addition to POSIT Alert, POSIT crossing applications includes POSITMatch and POSIT Now. POSIT Match offers scheduled crosses withconcentrated liquidity that enable institutional traders toanonymously match orders. POSIT Now provides continuous crossingthroughout the trading day. Since the introduction of MiFID inNovember 2007, POSIT is now categorised as a multilateral tradingfacility.
“ITG is committed to providing clients with innovative technologies toimprove the trading process. The POSIT suite of crossing productsenables our customers to trade anonymously and more efficiently andPOSIT Alert is a natural extension of the products we’ve developed tomeet the needs of our clients,” says David Stevens, CEO, ITG inEurope.