Investment Technology Group (ITG), an agency-brokerage and technology firm, has introduced a new crossing time for its POSIT Match network, allowing traders to target block liquidity at one of the most illiquid times of the day.
POSIT Match, the firm’s point-in-time crossing network, will now include a crossing session at 13.00 ET daily, with a minimum order size of 10,000 shares. This is typically the time market liquidity tends to dip, as trading patterns usually peak at the start and close of each trading day. The other 10 intraday matches on POSIT Match only have a minimum order size of 100 shares.
“Clients utilise point-in-time crossing as a key aggregation tool for block liquidity in a fragmented marketplace,” said Chris Heckman, managing director at ITG, in a statement. “The addition of the ‘Power Match’ to the scheduled cross will provide a concentrated source of liquidity at an illiquid point in the trading day.”