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NEW YORK, Sept. 21, 2016 -- ITG (NYSE:ITG), a leading independent broker and financial technology provider, today provided an update on its PowerMatch functionality, which provides POSIT Alert’s highest-performing users with notification of larger trading opportunities. PowerMatch is delivering average block sizes of 66,000 shares in the U.S. and 85,000 shares in Canada, about 2x larger than average human trade sizes in POSIT Alert overall. For small-cap names, PowerMatch offered average block sizes equal to 39% of average daily volume (ADV) in the U.S. and 27% of ADV in Canada during the month of August 2016.
PowerMatch notifications are available to all POSIT Alert participants with PowerScores of at least 75 on a scale of 100. All Alert participants are scored on an average of several block crossing participation factors, weighted to reflect relative importance. The highest PowerScores are given to traders who respond quickly, firm up an order, and firm up in size. The PowerScore methodology has been improved based on client feedback collected since the successful launch of PowerMatch in May.
“The PowerScore approach has been a clear success, improving the quality of interactions in POSIT Alert overall and offering PowerMatch opportunities to our best block traders,” said Andrew Larkin, Managing Director in charge of POSIT Alert coverage at ITG.
ITG also announced today that it will be launching new Broker Block functionality in POSIT Alert in October. POSIT Alert participants who choose to enable Broker Block functionality will have the option to trade with sell-side conditional orders, providing the opportunity to source block liquidity from a curated list of institutional brokers. In this fashion, Broker Blocks enhances the significant buy-side block liquidity currently available in POSIT Alert. At launch, Broker Blocks will be available in the U.S.
Commenting on these enhancements, ITG’s Head of Execution Services, Jamie Selway, said, “We are dedicated to providing clients with access to quality block liquidity and to continually improving outcomes for the POSIT Alert community.”
About POSIT Alert
POSIT Alert is an indications system that anonymously delivers institutional block crossing opportunities to a client’s desktop from the uncommitted shares of participating buy-side clients, combined with order flow in POSIT and ITG Algorithms. Available in 36 countries worldwide, POSIT Alert seeks to eliminate time-consuming negotiations, reduce costs, and improve performance, all while maintaining anonymity. For more on POSIT Alert visit http://www.itg.com/product/posit-alert/
About ITG
ITG applies technology and trading expertise to reduce implementation costs, helping clients improve investment performance. An independent broker established in 1987, ITG provides liquidity, execution, analytics and workflow solutions to leading asset management and brokerage firms. Investment Technology Group, Inc. (NYSE:ITG) has offices in Asia Pacific, Europe and North America and offers trading services in more than 50 countries. For more information, please visit www.itg.com.
ITG Media/Investor Contact: J.T. Farley (212) 444-6259 [email protected]
