New Source of Block Liquidity for Broker-Dealers
TORONTO and NEW YORK, Jan. 07, 2019 (GLOBE NEWSWIRE) -- TriAct Canada Marketplace LP, a subsidiary of ITG Canada Corporation, today announced the launch of conditional orders in MATCHNow®, Canada’s premier broker-neutral dark book. This conditional order functionality enables MATCHNow subscribers to electronically indicate block size liquidity in MATCHNow, providing a valuable source of additional liquidity. Conditional orders in MATCHNow have a minimum size of 51 standard trading units or C$100,000 notional value, and firmed-up orders are executed in accordance with existing MATCHNow logic, which includes mid-point execution on a pro rata basis, with broker preferencing.
“Given the growing complexities in equity execution, there is an increasing focus on improving overall trading performance, and on trading in larger sizes,” said Bryan Blake, CEO of TriAct Canada Marketplace LP. “We are excited to launch an innovative order type that gives traders the opportunity to seek price improvement on block-size orders while minimizing market impact.”
TriAct Canada Marketplace LP, a subsidiary of ITG Canada Corporation, offers specialized marketplaces and order execution services for Registered Canadian Investment Dealers and their clients to trade Canadian listed equities. TriAct operates MATCHNow, Canada’s premier broker-neutral dark book, with over 70% share of total Canadian dark trading as of 4Q 2018. Designed to offer better execution for institutional, proprietary and retail order flow, MATCHNow combines frequent call matches and continuous execution opportunities in a fully confidential trading book.
Investment Technology Group (NYSE: ITG) is a global financial technology company that helps leading brokers and asset managers improve returns for investors around the world. We empower traders to reduce the end-to-end cost of implementing investments via liquidity, execution, analytics and workflow technology solutions. ITG has offices in Asia Pacific, Europe and North America and offers execution services in more than 50 countries. Please visit www.itg.com for more information.
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Source: Investment Technology Group, Inc.