Investment Technology Group (ITG), a provider of technology-based trading services and transaction research, has announced that its POSIT Alert equity crossing network has grown significantly in Australia. Since its launch in March 2007, over twenty domestic Australian funds managers have confirmed support of the system and POSIT Alert has crossed over AUD 18.5million in one day.
Between them, the supporting funds have over AUD 210 billion of Australian equities under management which can be accessed via POSIT Alert.
Michael Corcoran, sales director, ITG Australia says, “The demand we’re seeing from the Australian buy-side for POSIT Alert is significant. The industry is realising that trading costs can have a direct impact on portfolio performance, and an indications-based crossing network is a key weapon in the battle to reduce these costs. In Australia there is a clear need for venues where large block trades can be executed. We have seen an explosion of dark liquidity venues in the US and Europe, and in Australia support is strong. POSIT Alert is proving to be a vital liquidity source for both domestic and global funds managers trading Australian equities.”
In addition to domestic Australian managers, POSIT Alert is also gaining support from international funds who are increasingly investing in Australian equities. To date, ten further international funds managers have committed support to POSIT Alert to assist their Australian equity trading strategies.