Delivers 35% Average Size Improvement over Displayed Quantity
ITG (NYSE:ITG), a leading independent broker and financial technology provider, today announced the launch of a newly enhanced version of its smart order router. In early tests, ITG’s smart order router (SOR) returned 35% size improvement over the displayed quantity and $0.0015 per share price improvement if routed to dark and lit venues*.
“This enhanced smart order router delivers market-leading size and price improvement, plus customization and transparency features, giving clients more control,” said Raj Jain, Head of U.S. Liquidity Products at ITG. “It offers multi-broker conditional orders, on an opt-in basis, which can route outsized, trade-now orders to the largest block crossing networks, including POSIT Alert®. In addition, real-time monitoring tools and detailed performance reports provide full visibility into the routing process.”
Also commenting on the launch, ITG’s Head of U.S. Execution Services, Jamie Selway, said “this enhancement to our routing capabilities is particularly important given the heightened market volatility and the increased use of conditional orders to execute blocks electronically. It is another demonstration of our commitment to invest in our core client execution capabilities.”
Powered by an event-driven routing model, SOR also has Slimit, ITG’s advanced order handling logic, built in to maximize passive fill rates while also maximizing take rates. The routing logic accesses multiple destinations to exhaust all quantities at the best available price before moving on to the next price level, resulting in execution prices equal to or better than the NBBO. A dedicated team at ITG is available to tailor SOR to interact with client-specified destinations and venues, ensuring fills are based on the chosen parameters.
In addition to Smart Order Router, ITG’s execution capabilities include DMA, algorithms, POSIT® crossing and high touch trading.
*Based on Total Fills Received / Total Displayed Quantity for parent orders with limit price equal to far-end BBO and size greater than or equal to total displayed at far-end BBO. Orders not routed to market makers. Conditional orders not enabled.
ITG applies technology and trading expertise to reduce implementation costs, helping clients improve investment performance. An independent broker established in 1987, 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.