The head of Virtu Financial’s new outsourced trading business tells The TRADE that the launch was a natural progression for the firm after its takeover of ITG.
Virtu Financial will target the buy-side with an outsourced trading desk and will bring the ITG Triton EMS to FX markets.
Morgan Stanley came first for commissions, while the combined Virtu/ITG algos are considered top by investment firms.
David Fellah will head up quantitative trading strategy research and execution consulting at Instinet, after just over a year at ITG.
Research says that buy-side firms spent over $1 billion on OMS and EMS last year, as Bloomberg leads list of primary platforms.
Agency broker ITG has been acquired by Virtu Financial for $1 billion after confirming plans to merge late last year. Â
Virtu has obtained certain regulatory approvals for ITG takeover with completion of the deal expected in the first quarter this year.
SEC hands ITG $12 million fine for disclosing information on client activity within POSIT to HFTs and misleading investors on how the dark pool operates.
ITG agrees to be acquired by high speed trading firm Virtu for $30.30 a share.
TradingScreen will integrate ITG POSIT Alert with its OEMS to provide clients with additional block liquidity.