Investment Technology Group, the technology-based equity trading services group, has announced that revenues in Europe for the year ended December 31, 2006, were 20% ahead of the previous year. Highlights of the year include significant new client wins and the creation of a European algorithmic development, sales and trading team.
ITG, which operates POSITÂ® â the intraday equities crossing system â and offers a range of transaction analysis tools such as TCAÂ® and ITG Logicâ¢, said revenues in Europe for 2006 were Â£25.3 million, up from Â£21.1 million in the previous 12 months. New products such as algorithms and the provision of direct market access helped strengthen the rise in revenue. Elsewhere, the portfolio-trading desk achieved a particularly strong performance and Tritonâ¢, the all-in-one multi-user trading system, has continued to attract new users.
On a quarterly basis, the last three months of 2006 saw revenues rise to Â£7.3 million â a record for ITG in Europe â and 29% ahead of the comparable period the previous year. All four quarters of 2006 were profitable.
In line with ITG's ongoing quest to provide its customers with innovative ways to pursue Best Execution, 2007 will see the introduction of a number of new products and initiatives in the European arena, including more algorithms and crossing products.
Commenting, Alasdair Haynes, Chief Executive Officer of ITG in Europe, said:
"During 2006 we invested a great deal of resource in growing our algorithmic offering in Europe as well as bolstering our information technology systems and teams to prepare for further expansion of crossing products in the coming months. We feel confident that we have developed new tools that will meet the marketâs requirements and result in revenue growth for ITG in Europe in the years to come. Independently of that, I believe there is an exciting period ahead for the European marketplace as we all gear up for the full implementation of MiFID later this year and the changes in the market structure that are likely to occur ahead of that.â