Agency broker ITG has unveiled a revamped version of its POSIT Alert buy-side crossing tool, offering a single point of access to liquidity across 28 countries and improved functionality.
POSIT Alert is ITG’s buy-side only liquidity pool that actively informs buy-side traders to potential matches for orders they hold on their blotters and offers trading at the mid-point. It aims to offer larger size executions compared to other types of trading venue, while enabling institutional investors to limit market impact.
In addition to improved access, the new version of the system offers improved customisation options, enhanced blotter sweep filtering and new hot button capabilities to streamline trading workflow. It has also been integrated with most major third-party trading systems.
“The next generation of POSIT Alert streamlines and globally consolidates our buy-side-only block marketplace,” said Jamie Selway, managing director and head of electronic brokerage at ITG.
Selway added that the new version of POSIT Alert also offers the buy-side the ability to set rules that determine which of their orders are exposed to the system, for example orders over a certain percentage of average daily volume only. Previously, buy-side traders could opt to have all the orders on their blotter included in POSIT Alert, or pick orders manually.
According to ITG’s own data, POSIT Alert offers more than 1.1 billion shares of active liquidity in the US, with an average trade size of 33,000 shares, compared to around 300 on US stock exchanges. The system has an average trade size of US$1.1 million in Europe.
In the past 12 months, POSIT Alert has added Hong Kong, Japanese, Australian, Indonesian and Malaysian equities, with more markets to follow this year.