Investment Technology Group (NYSE: ITG), a leading agency broker and financial technology firm, has extended the reach of POSITto cover equities from Greece and Cyprus. This brings the number of countries directly covered by POSIT in Europe, Middle East and Africa (EMEA) to 20. However, since last March 2009, connection to the London Stock Exchange’s International Order book (IOB) has given POSIT users access to key stocks from a further 30+ countries, including Poland, Russia and Turkey. The total numbers of stocks in the European POSIT universe now number over 13,000.
POSIT is an independent dark pool with diverse, high quality liquidity and is Europe’s longest running crossing system. It provides participants with opportunities to match equity orders at the mid-point price of the spread of the stock with complete confidentiality, anonymity and minimal market impact. The suite includes POSIT Alert (notifications-based crossing), POSIT Now (continuous crossing) and POSIT Match (scheduled crossing). Since the introduction of MiFID in November 2007, POSIT is categorised as a multilateral trading facility.
Commenting, David Stevens, CEO of ITG in Europe, said:
“Today’s announcement is in line with my comments in March, that we will continue to expand and augment POSIT in response to our clients’ requests. POSIT, and particularly POSIT Alert, are central components in the ITG offering as the need for sourcing liquidity in large size and without causing adverse market impact continues to be a major preoccupation of our buy-side users.”
POSIT can be accessed from the ITG Dark Algorithm and a number of ITG front ends, such as the Triton execution management system and ITG Channel, as well as FIX and directly from users’ own order management systems.
The 20 countries directly covered by POSIT in EMEA are: Austria, Belgium, Cyprus, Czech Rep., Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Netherlands, Norway, Portugal, South Africa, Spain, Sweden, Switzerland and UK.