ITG â which among other services operates the POSITÂ® suite of intraday equities crossing systems, offers transaction analysis tools such as ITG TCAÂ® and the TritonÂ® execution management system â said that commission revenue growth was driven by significant volume increases, despite lower share prices and market volumes throughout Europe. Share volume growth was driven primarily by growth in direct market access and increased algorithmic product offerings.
The launch of new products also added impetus in the period. During the first half, ITG enlarged its suite of POSIT crossing systems with the introduction of POSIT Alertâ¢ in February. The latest addition has all the benefits of the existing crossing products but with the added functionality of an alert system which notifies clients each time there is a natural matching opportunity. Another new product launch in the period was within the ITG Algorithmsâ¢ suite. Flexible Participation, launched in April, adapts its participation rate according to the price movement of a stock, while minimising transaction costs by intelligent trading in multiple liquidity pools.
Commenting, Alasdair Haynes, CEO of ITG International, said:
âI believe our performance has been a creditable one given the tough market conditions across the world and in particular here in Europe. The so-called âcredit-crunchâ has seen the market turnover on European exchanges drop by some 30%* since the second quarter last year and volatility has been high. We remain convinced that our product suite, which offers liquidity, connectivity, agency execution and analysis is the right one and are hopeful that with careful management we will fare well over the course of 2008 and beyond.â