ITG Launches POSIT Pre-Open Crossing Session
NEW YORK, September 28, 2007 - Investment Technology Group, Inc. (NYSE: ITG), a leading provider of technology-based trading services and transaction research, today announced the launch of its first continuous pre-market open crossing session. The initial crossing session, POSIT VWAPSM, will utilize the volume weighted average price (VWAP) benchmark. POSIT VWAP allows clients to easily and anonymously cross single names or lists of names at the end-of-day VWAP price before the market opens.
The crossing session will run continuously between 8:00 AM and 9:27 AM EST. Participants' orders match during the morning pre-open session, and then receive the full day's VWAP price at approximately 4:10pm EST. POSIT VWAP is accessible through Triton®, Radical™, ITG Channel™, Macgregor XIP™, or any FIX connection.
"The introduction of a continuous pre-open crossing session represents the continued evolution of ITG's POSIT® crossing suite," said Chris Heckman, Managing Director at ITG. "POSIT VWAP is ITG's first benchmark-based continuous crossing session and is geared toward providing our clients with more efficient pre-open matching opportunities."
POSIT VWAP is currently available to all ITG clients. The VWAP benchmark is commonly used by traders to execute an order or portfolio. It is calculated by determining the ratio of value traded to the total volume traded over the course of the day. It is a favored execution benchmark for many institutional investors who are seeking to minimize market impact and execution costs while avoiding the risks of point in time execution.
For more information contact your ITG account manager or email firstname.lastname@example.org.
Investment Technology Group, Inc. (NYSE:ITG), is a specialized agency brokerage and technology firm that partners with clients globally to provide innovative solutions spanning the entire investment process. A pioneer in electronic trading, ITG has a unique approach that combines pre-trade analysis, order management, trade execution, and post-trade evaluation to provide clients with continuous improvements in trading and cost efficiency. The firm is headquartered in New York with offices in North America, Europe and the Asia Pacific regions. For more information on ITG, please visit www.itg.com, or email email@example.com for specific details on POSIT VWAPSM.
In addition to historical information, this press release may contain "forward-looking" statements, as defined in the Private Securities Litigation Reform Act of 1995, that reflect management's expectations for the future. A variety of important factors could cause results to differ materially from such statements. These factors include the company's ability to achieve expected future levels of sales; the actions of both current and potential new competitors; rapid changes in technology; financial market volatility; general economic conditions in the United States and elsewhere; evolving industry regulation; cash flows into or redemption from equity funds; effects of inflation; customer trading patterns; and new products and services. These and other risks are described in greater detail in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2006, and other documents filed with the Securities and Exchange Commission and available on the company's web site.
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