ITG â which among other services operates the POSITÂ® suite of intraday equities crossing systems, offers transaction analysis tools such as ITG TCAâ¢, the TritonÂ® execution management system and various market leading algorithms â said that revenues in Europe for 2008 were Â£42.3million up from Â£40.3 million the previous year. Pre-tax profits for the period were broadly unchanged at Â£3.9 million. These results were achieved against an unprecedented market downturn, with the value of the MSCI sinking 26% during the course of 2008.
Plans for 2009 include the expansion of ITGâs crossing system into new markets and also the introduction of new algorithms.
Commenting, David Stevens, CEO of ITG in Europe, said:
âThe introduction of MiFID in late 2007 and the subsequent fragmentation in the markets has led to a surge in demand from institutional investors wanting intelligent trading tools, algorithms and smart routers, both to reduce costs and to demonstrate Best Execution. Naturally this trend works in our favour. Another plus has been our agency status, as ITG is perceived as a âsaferâ counterparty than institutional brokerages with operations in âriskierâ areas of the market.
I am pleased that we have been able to report solid results for 2008, and I am optimistic that our combination of trading and analytical products will stand us in good stead in 2009.â