Agency broker and technology supplier ITG has acquired the Clearvoyance settlement aggregation software from systems vendor ESP Technologies.
Clearvoyance offers centralised trade and settlement data for buy-side traders with reporting and analytics based on trading and allocation information.
It will be combined with the existing ITG Single Ticket Clearing system, which consolidates executions across destinations to reduce the number of tickets for settlement purposes, to create a new trade aggregation solution.
The new global offering will consolidate allocation and settlements for institutional investors executing trades across multiple brokers and execution venues to a single aggregated allocation and delivery to each custodial account. This can provide savings in custodial ticket charges and back-office costs and create a potential competitive sales advantage for ITG's institutional clients.
“This deal enables ITG to better serve its clients with a holistic view of trade cost management, from pre-trade analysis and decision support all the way through efficient settlement and clearing,” said Stephen Alepa, managing director and head of ITG’s broker-neutral ITG Net business. “Our expanded Single Ticket Clearing offering empowers buy-side traders to pursue their best execution goals in a fragmented marketplace, secure in the knowledge that their trade ticket costs will be contained.”
Commenting on the deal, long-time ESP aggregation client Bill Stephenson, head of global trading strategy at Franklin Templeton, said, “As an early adopter of trade ticket aggregation services, we have achieved significant benefits in terms of lower costs, streamlined client servicing and increased trade flexibility.”