Agency broker and technology provider Investment Technology Group (ITG) has added POSIT Alert to its suite of crossing products in Europe. POSIT Alert is a new indications-based facility that seeks out crossing opportunities among participating clients.
ITG says POSIT Alert will expand available liquidity by alerting clients to crossing opportunities. Traders participating in POSIT Alert select the stocks they want to have available for crossing. POSIT Alert then searches for trading opportunities with other clients that have opted to participate. When the system identifies a match, a pop-up message alerts the trader, who can decide whether to trade and in what quantity. The trade crosses at the midpoint price of the underlying market price, and there is no negotiation.
“The POSIT suite of crossing products enables our customers to trade anonymously and more efficiently and POSIT Alert is a natural extension of the products we’ve developed to meet the needs of our clients,” says David Stevens, CEO of ITG in Europe.
Other products in ITG’s POSIT suite are POSIT Match and POSIT Now.
POSIT Match offers scheduled crosses with concentrated liquidity that enable institutional traders to anonymously match orders. POSIT Now provides continuous crossing throughout the trading day.
Since the introduction of MiFID in November 2007, POSIT is now categorised as a multilateral trading facility.