Agency broker and technology provider ITG has added a new ‘dark’ algorithm to its suite of trading tools in Europe.
ITG Dark Algorithm provides access to multiple dark venues, including POSIT – ITG’s crossing network – and the dark books of multilateral trading facilities and broker-dealers.
According to ITG, the new algo seeks out hidden liquidity in dark venues with minimal information leakage. It also seeks to execute orders within the bid/offer spread and incorporates ITG’s proprietary anti-gaming logic. Users will have the ability to dynamically adjust their level of participation, depending on the degree of urgency required. ITG Dark Algorithm is also available in North America.
“Experience, and ITG’s latest research, has demonstrated that trading using dark liquidity has less impact on price than interacting with displayed liquidity,” said Rob Boardman, head of algorithmic sales for ITG in Europe, in a statement. “The introduction of the ITG Dark Algorithm reflects the ongoing evolution of electronic trading in the newly fragmented European marketplace and we are focused on providing clients with sophisticated tools to help them navigate the marketplace seamlessly and trade more efficiently.”