ITG to launch POSIT Match
First Published 1st November 2012
New point-in-time match for U.S. equities to take place daily at 9:45 ET, starting November 16
Jamie Selway, MD and head of liquidity management, ITG
"POSIT Match offers a solution to the problem of temporal fragmentation and expensive liquidity at an important time in the trading day."
New York - ITG the execution and research broker, has announced the upcoming launch of POSIT Match, a new point-in-time match for U.S. equities. POSIT Match will take place daily at 9:45 AM Eastern Time, starting on Friday, November 16.
POSIT Match is a solution for institutional investors seeking quality block liquidity early in the trading day, when price formation is still underway and volatility and trading costs are generally higher. POSIT Match builds on the ITG Dynamic Open algorithm, which can enable traders to tap the liquidity available in the NYSE and NASDAQ opening auctions while minimizing price impact from over- participation.
"Sometimes, we look to the past to solve the problems of the present," said Jamie Selway, ITG Managing Director and Head of Liquidity Management. "POSIT Match offers a solution to the problem of temporal fragmentation and expensive liquidity at an important time in the trading day."
POSIT Match also offers enhanced block trading opportunities for portfolio traders. Trading blocks in a list poses additional challenges given potential cash- and risk- management constraints. By offering portfolio constraints, POSIT Match enables list traders to cross offsetting positions conditionally in accordance with their risk and cash limits.