BURLINGTON, MA and NEW YORK, NY â April 14, 2005 âInvestment Technology Group, Inc. (NYSE:ITG), a leading provider of technology-based equity trading and transaction research services to institutional investors, and Charles River Development, a leading provider of global investment management software and services, today announced an agreement that provides users of the Charles River Investment Management System (Charles River IMS) with integration to Channel ITGÃ and access to ITGâs SmartServerÂ® algorithms directly from the Charles River Trader blotter.
"Clients are becoming increasingly sophisticated in their use of algorithmic trading," stated Peter K. Lambertus, CEO and President at Charles River Development. "The seamless connectivity between the two systems provides traders with another market-leading option for execution and liquidity."
Channel ITG is a powerful, easy-to-use tool that traders can set to automatically sweep orders from Charles River Trader blotters to POSITÂ®, TriActSM, ITG SmartServers and the ITG Trading Desk. Channel ITG is fully customizable with dynamic filtering, providing complete control over orders with no information leakage.
ITGâs SmartServer algorithms systematically place orders into the market that match client benchmarks and trading objectives. Algorithmic trading automates the trading process for securities that are easier to buy and sell, allowing traders to focus on securities that are more difficult to trade. ITG pioneered the use of algorithmic trading, and each SmartServer is the product of years of development and refinement that provide state-of-the-art technologies in automated trading intelligence. Charles River IMS clients will have full, direct access to ITGâs Volume Participation, activePegÂ®, Float, Implementation Shortfall, VWAP, and TWAP SmartServers.
Charles River Trader provides comprehensive order management, electronic trading and liquidity access capabilities across all security types. Charles River Trader integrates with Charles River Manager (portfolio management and modeling) and Charles River Compliance (real-time and portfolio level compliance monitoring) to comprise the full Charles River IMS front and middle-office software suite.
"Seamless integration and ease-of-use are essential components to being part of a traderâs workflow," stated Mark Wright, ITGâs Managing Director of Direct Access and Consulting Services. "Channel ITG provides clients with efficient access to anonymous trading in POSIT and TriAct with no information leakage, as well as access to the sophisticated trading strategies of our Algorithmic SmartServers."
POSIT, the worldâs largest equity matching system, concentrates liquidity at 12 specific match times during the day. TriAct offers anonymous, continuous equity trading with three paths to execution. All orders filled in POSIT and TriAct are executed between the bid and ask spread, for a cost savings to clients.