ITG to offer conditional orders for posit alert in Europe
ITG (NYSE:ITG), a leading independent broker and financial technology provider, today announced plans to offer conditional orders for POSIT Alert® in Europe. POSIT Alert clients who choose to enable this functionality will have the option to interact with sell-side conditional orders, providing the opportunity to execute in the POSIT MTF against block liquidity from participating institutional brokers. Buy-side users who choose this feature will be alerted to block opportunities when matches are found.
The conditional order functionality can enhance the significant buy-side block liquidity currently available in POSIT Alert, which averaged $18 billion in indicated daily liquidity in the EMEA region during the first quarter of 2017. Conditional orders are already available as an opt-in feature to POSIT Alert in the U.S. and the functionality will be rolled out for POSIT Alert in EMEA during the second quarter of 2017.
“With the MiFID II trading rules nearing on the horizon, there is a greater focus on block trading,” said Duncan Higgins, Head of Electronic Products for ITG in Europe. “Investors are looking to interact with non-displayed liquidity in a more deliberate way and the conditional orders functionality enables users to access new block liquidity sources while still minimizing their market impact.”