Investment Technology Group, the technology-based equity trading services group, announced yesterday that revenues in Europe for the year ended December 31, 2006, were 20 % ahead of the previous year.
New products such as algorithms and the provision of direct market access helped strengthen the rise in revenue, the firm says. Elsewhere, the portfolio-trading desk achieved a particularly strong performance and Triton, the all-in-one multi-user trading system, has continued to attract new users.
“During 2006 we invested a great deal of resource in growing our algorithmic offering in Europe as well as bolstering our information technology systems and teams to prepare for further expansion of crossing products in the coming months,” comments Alasdair Haynes, CEO, ITG.
ITG, which operates POSIT, the intraday equities crossing system, said revenues in Europe for 2006 were £25.3 million, up from £21.1 million in the previous 12 months. On a quarterly basis, the last three months of 2006 saw revenues rise to £7.3 million, a record for ITG in Europe, and 29 % ahead of the comparable period the previous year. All four quarters of 2006 were profitable.
ITG’s plans for 2007 include the introduction of a number of new products and initiatives in the European arena, including more algorithms and crossing products.
“We feel confident that we have developed new tools that will meet the market’s requirements and result in revenue growth for ITG in Europe in the years to come. Independently of that, I believe there is an exciting period ahead for the European marketplace as we all gear up for the full implementation of MiFID later this year and the changes in the market structure that are likely to occur ahead of that,” says Haynes.