Well, someone had a good month. Investment Technology Group (ITG), the agency research broker and financial technology firm, announced that average daily volume in its Posit crossing network was 96 million shares in January 2011.
This is a 26 percent increase over the fourth quarter of 2010 and a new monthly volume record, the agency claims.
Overall block average daily volume from Posit Alert was up 80 percent last month compared to the fourth quarter of 2010. ITG's Posit Alert executed the largest midpoint block crossed in the entire U.S. equity market in January, with a print of 10 million shares (counted single-sided), the company claims.
During the month, Posit Alert crossed nearly 700 trades, which were 10 percent or greater than the stock's ADV and 20 trades which were 100 percent or more of the stock's ADV.
ITG also announced forthcoming internal research measuring the use of Posit Alert in conjunction with ITG's suite of algorithms. The research, analyzing over one year of trade data, indicates that orders distributed evenly between Posit Alert and the algorithm suite experience average trade performance improvements of 10 basis points.
ITG's head of liquidity management, Hitesh Mittal, says, "This research quantifies the value for buy side institutions in accessing Posit Alert liquidity, either directly or through our algorithms. We believe our philosophy of focusing on natural buy side liquidity is helping to grow the POSIT Alert network."
Posit Alert is an institutional block crossing network, with more than 600 million shares of standing buy side liquidity and an average trade size of 41,000 shares.