ITG to Launch POSIT Auction in EMEA
POSIT Auction will operate with controls to help traders protect themselves during price discovery, including price collars, limit and peg order types. Pre-trade transparency will be limited to indicative price and volume. Auction periods will commence as soon as a matching opportunity is found, and will initially be set to run for a fixed call period of 50 milliseconds plus a random call period of up to 50 milliseconds before the uncross/auction completion.
“With the MiFID II trading caps taking effect in January, there is an intense focus on sourcing high-quality liquidity,” said
Subject to successful regulatory approval, POSIT Auction is expected to launch in the fourth quarter of 2017. It will be available for the same universe of stocks traded in the POSIT dark segment. It will also operate a post-close trading session.
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