New York - ITG, the independent broker and financial technology provider, has announced the launch of new Close algorithms for Brazilian and Mexican equities.
The Brazil Close and Mexico Close algorithms incorporate order imbalance information and adapt to changing intra-day market conditions to help capture the liquidity available late in the trading session and in the closing prints of these key markets. In Brazil the closing auction frequently represents 9-10% of total daily trading volume, while in Mexico the closing print is often 6-7%.
ITG is also preparing to launch electronic direct market access (DMA) for Colombian equities this fall. These capabilities build on ITG's current suite of execution services for Latin America, including POSIT Alert on-exchange block crossing for Brazil and Mexico, algorithmic trading for Brazil, Mexico and Chile and single-stock trading for Brazil, Mexico, Chile, Colombia and Peru.