ITG (NYSE:ITG), an independent broker and financial technology provider, today announced the launch of conditional orders for POSIT Alert® in 12 markets throughout the Asia Pacific region. This conditional order functionality, the first of its kind in the region, enables sell-side brokers to indicate electronic block size liquidity in POSIT Alert, providing a valuable source of additional liquidity for buy-side traders. Alert users who choose this feature will be alerted to block opportunities when matches are found. Conditional orders are already available for POSIT Alert in the U.S. and EMEA. In addition, ITG is raising the minimum notional order threshold for POSIT Alert trades in Asia Pacific from $250 thousand to $500 thousand.
The conditional order functionality adds to the significant buy-side block liquidity currently available in POSIT Alert. Indicated liquidity averaged up to $19 billion per day in the Asia Pacific region during the second quarter of 2018, with average daily turnover up more than 70% over the past year. POSIT Alert delivers average trade sizes of $1.2 million in Asia Pacific markets, up 20% from the average trade size in the second quarter of 2017.
“As institutional investors seek to unbundle execution from research and focus on improving trading performance, there is a greater emphasis on trading in larger size,” said Michael Corcoran, CEO for ITG in Asia Pacific. “Our new conditional order functionality and higher minimum thresholds enable POSIT Alert users to access quality block liquidity across the region. POSIT Alert also gives traders the opportunity to minimize their market impact, delivering average price improvement of 9 basis points and trade impact savings of 70 basis points.”[1]
POSIT Alert Momentum
The new conditional order functionality boosts the strength of POSIT Alert’s global crossing capabilities. POSIT Alert is available to buyside traders to execute in 38 markets worldwide. For more information on ITG’s full range of global electronic brokerage capabilities, please contact info@itg.com or call ITG’s Hong Kong electronic trading desk on +852 2846 3553 or New York trading desk +1 212 444 6100.
[1] Average price improvement is total spread savings. Average impact cost savings calculated using ITG’s Agency Cost Estimator (ACE). Estimates based on 2Q18 POSIT Alert trading.
