ITG, an agency broker and trading technology firm, will extend its product range to new European markets as part of its 2009 expansion plans.
An ITG spokesperson told www.thetradenews.com that the firm plans to add a number of Europe’s emerging equities markets to its POSIT crossing network.
The spokesperson also confirmed that ITG plans to rollout algorithms from its US suite to other parts of the world, particularly Europe, where strategies are compatible. Both developments are expected in the first half of this year.
The firm released its 2008 results today, which showed an increase in revenue and a pre-tax profit of £3.9 million, despite unfavourable market conditions.
“The introduction of MiFID in late 2007 and the subsequent fragmentation in the markets has led to a surge in demand from institutional investors wanting intelligent trading tools, algorithms and smart routers, both to reduce costs and to demonstrate best execution,” said David Stevens, CEO of ITG Europe.