Investment Technology Group(R), the agency broker and financial technology firm, reports that revenues in Europe for 2008 were 42.3million up from 40.3 million the previous year. In 2009 ITG plans to expand its product and market offering.
ITG operates the POSIT(R) package of intraday equities crossing systems, offers transaction analysis tools such as ITG TCA™, the Triton(R) execution management system and various market algorithms.
These results were achieved against an unprecedented market downturn, with the value of the MSCI sinking 26% during the course of 2008.
Plans for 2009 include the expansion of ITG’s crossing system into new markets and also the introduction of new algorithms.
“The introduction of MiFID in late 2007 and the subsequent fragmentation in the markets has led to a surge in demand from institutional investors wanting intelligent trading tools, algorithms and smart routers, both to reduce costs and to demonstrate Best Execution,” says David Stevens, CEO, ITG, Europe.
“Naturally this trend works in our favour. Another plus has been our agency status, as ITG is perceived as a ‘safer’ counterparty than institutional brokerages with operations in ‘riskier’ areas of the market.I am pleased that we have been able to report solid results for 2008, and I am optimistic that our combination of trading and analytical products will stand us in good stead in 2009.”
L.D.