Buyside Crossing Network Accesses Scarce Block Liquidity in Region's Largest Market
NEW YORK, Oct. 2, 2014 (GLOBE NEWSWIRE) -- ITG (NYSE:ITG), a leading independent execution and research broker, today provided an update on POSIT Alert®Brazil, the first fully electronic block crossing network for Brazilian equities. Since the general release in late May 2014, the pool of liquidity in POSIT Alert Brazil has grown to a daily average of $200 million, with average executed trade size of approximately $900,000. POSIT Alert Brazil is not a dark pool; it employs ITG's advanced trade matching technology to execute crosses on Bovespa, adding to exchange liquidity. It is a modern version of the traditional "upstairs block cross" executed on exchange.
Brazil represents approximately two-thirds of the value traded in Latin America, and while average trading costs are lower than other regional markets at around 50 basis points, they are still significantly higher than U.S. trading costs. Liquidity is also concentrated, with the top 10 listed companies accounting for over 50% of exchange trading volumes.
"Traders in Brazilian equities are faced with concentration of liquidity and lack of market depth for many stocks," said Eric Blake, ITG Managing Director and Head of Latin America. "POSIT Alert Brazil offers an efficient, cost-effective solution to maximize liquidity while also managing the market impact of trades."
Also commenting on POSIT Alert, ITG's Head of Electronic Brokerage, Jamie Selway, said, "The development of POSIT Alert Brazil demonstrates ITG's commitment to innovating for the benefit of our clients. Where trading costs are high, we will work to develop more efficient solutions."
POSIT Alert is a successful tool for buyside traders in 33 countries across the Americas, Europe and the Asia Pacific region, seamlessly connecting the trade blotters of over 2500 traders across more than 560 firms. For more information about accessing POSIT Alert and ITG's full suite of global electronic brokerage capabilities, please contact firstname.lastname@example.org or call ITG's New York Trading Desk at +1-212-444-6100.
ITG is an independent execution and research broker that partners with global portfolio managers and traders to provide unique data-driven insights throughout the investment process. From investment decision through settlement, ITG helps clients understand market trends, improve performance, mitigate risk and navigate increasingly complex markets. ITG is headquartered in New York with offices in North America, Europe, and Asia Pacific. For more information, please visit www.itg.com.
CONTACT: Media/Investor Contact:
J.T. Farley, ITG
+1 212 444 6259
Investment Technology Group Inc.