ITG algorithms give users the option of accessing both lit and dark venues simultaneously. Most strategies are able to access the dark routing capabilities of POSIT Marketplace as well as the lit market routing logic of ITG Smart Router. When accessing dark venues via POSIT Marketplace, the user is also interacting with institutional block crossing opportunities available within POSIT Alert.
POSIT Marketplace and Allocator exclusively source
liquidity from non-displayed venues. They connect over 31 different dark pools
across seven Asia Pacific markets enabling institutional traders to efficiently
find liquidity and achieve price improvement. Additionally, ITG Algorithms
connect to 15 lit market venues in 11 Asia Pacific countries, applying ITG’s
Smart Router capabilities where multiple exchanges/ ATSs are available.
POSIT Marketplace is guided in the first instance
by the intention to access as many non-displayed venues as possible. However,
if liquidity is present in one pool, it uses proprietary ‘pounce logic’ to
allocate more shares to the pool with liquidity. For lit markets, ITG Smart
Router allocates orders across venues to maximise the chances of executing
passive fills for its posted orders, or to minimise the cost of execution for
its liquidity taking orders.
ITG Algorithms and Smart Router embed anti-gaming
measures. Additionally, when accessing dark liquidity via POSIT Marketplace,
the user has the option of setting minimum execution sizes on their order.
The firm’s algorithms can be customised to meet
client needs. Clients may opt in or out of any available venue.
ITG will continue to connect to alternative liquidity sources as they become available in Asia Pacific, including expanding POSIT dark liquidity sourcing to additional emerging AP markets.