New Algos Seek to Capture End-of-Session Liquidity
ITG (NYSE:ITG), a leading independent broker and financial technology provider, today announced the launch of new Close algorithms for Brazilian and Mexican equities.
The Brazil Close and Mexico Close algorithms incorporate order imbalance information and adapt to changing intra-day market conditions to help capture the substantial liquidity available late in the trading session and in the closing prints of these key markets. In Brazil the closing auction frequently represents 9-10% of total daily trading volume, while in Mexico the closing print is often 6-7%.
“These algorithms draw upon ITG’s deep expertise in efficiently sourcing liquidity in volatile or rapidly changing market conditions,” said Ben Polidore, Head of U.S. and Latin America Algorithmic Trading at ITG. “We have adapted our techniques to local market structure to deliver an innovative solution for our institutional investor clients.”
In addition to the new Close algorithms, ITG is preparing to launch electronic direct market access (DMA) for Colombian equities this fall. These capabilities build on ITG’s current suite of execution services for Latin America, including POSIT Alert® on-exchange block crossing for Brazil and Mexico, algorithmic trading for Brazil, Mexico and Chile and single-stock trading for Brazil, Mexico, Chile, Colombia and Peru.
“The Brazil Close and Mexico Close algorithms are key additions to the electronic, portfolio and single-stock trading services we provide across all of the countries included in the MSCI Latin America Index,” said Eric Blake, Managing Director at ITG. “We are committed to helping our clients solve operational problems and achieve best execution worldwide.”
ITG’s Latin America algorithms are available via ITG’s award-winning Triton® execution management system and also via FIX connection to ITG from third-party trading systems. ITG's global execution services platform includes industry-leading algorithms in 40 markets across the Americas, Asia Pacific and the EMEA region and POSIT® crossing in 36 markets worldwide.
ITG applies technology and trading expertise to reduce implementation costs, helping clients improve investment performance. ITG provides liquidity, execution, analytics and workflow solutions to leading asset management and brokerage firms. Investment Technology Group, Inc. (NYSE:ITG) has offices in Asia Pacific, Europe and North America and offers trading services in more than 50 countries.