To this end, ITG, the pioneer of automated trading intelligence, has integrated its SmartServer(R) algorithms and its POSIT(R) and TriAct(SM)
crossing networks with ESP's Global Direct Market Access (DMA) and Electronic
Algorithm Routing Network (EARN(TM)). ITG's SmartServer algorithms allow
sophisticated trading strategies to be executed electronically. POSIT and
TriAct anonymously match equity buy and sell orders automatically.
"Now clients across ESP's network can access ITG's algorithms and crossing
networks through any of the 20 integrated trading applications that we
support," says Scott Kurland, senior managing director of ESP. "We believe
that the addition of ITG's $18.4 billion in average daily institutional match
liquidity through POSIT and TriAct, collectively, will provide an extremely
valuable source of liquidity for clients on our DMA Network."
ITG's SmartServers provide a set of electronic trading algorithms designed
to meet multiple benchmarks and automate trading tactics, saving traders time
and giving them greater control. POSIT, the world's largest equity crossing
system, matches institutional buyers and sellers anonymously and provides
patented optimization capabilities for traders to manage portfolio risk
characteristics. TriAct offers anonymous, continuous equity crossing with
opportunities for price and size improvement. All orders filled in POSIT and
TriAct are executed between the bid and ask spread, which equates to cost
savings to ITG's customers.
"In this era of heightened market scrutiny and transparency, customers are
increasingly demanding broker-neutral solutions," says Tony Huck, managing
director of Sales and Trading at ITG. "Connecting to ESP demonstrates ITG's
commitment to provide more flexible access to our algorithmic servers and our
cornerstone POSIT crossing network." Additionally, the integration of the two
networks will broaden the customer base of both ITG and ESP.
Of particular benefit to the investment community, the teaming of ITG with
ESP will now allow clients to aggregate their ITG trade executions submitted
through ESP's DMA or EARN Portal with ESP's other DMA and algorithmic trading
executions as a single or allocated block trade. ESP provides centralized
clearing, settlement and delivery across all market destinations. ESP's EARN
Portal currently offers clients anonymous, centralized access to more than 40
algorithmic strategies from some of the leading providers of financial services.