ITG's POSIT Stock Crossing System Adds Morning Session.Business and Technology Editors NEW YORK--(BUSINESS WIRE)--April 27, 2000 Investment Technology Group, Inc., (NYSE NYSE See: New York Stock Exchange : ITG ITG In the Groove ITG Investment Technology Group ITG Information Technology Group ITG International Trumpet Guild ITG Instituut Voor Tropische Geneeskunde (Dutch: Institute of Tropical Medicine; Antwerp, Belgium) ) today announced that effective May 1st it will add a 9:45 a.m. matching session to its POSIT (Profiles for Open Systems Internetworking Technologies) A set of voluntary standards published by the National Institute of Standards and Technology (NIST) for network equipment purchased by the U.S. government. It is the successor to GOSIP. (R) electronic stock crossing system, as well as move the 10 a.m. match to 10:15 a.m. This brings the total number of POSIT intra-day crossing sessions to seven, occurring at 9:45, 10:15, 11:00, 12:00, 1:00, 2:00 and 3:00 Eastern Time. "The establishment of an additional morning session is in direct response to the needs of our clients, who need greater access to the liquidity pool POSIT provides during the early part of the trading day In Business, the trading day is the time span that a particular stock exchange is open. For example, the New York Stock Exchange is, as of 2006, open from 09:30AM to 4:00PM. Trading days never take place on weekends. ," said Ray Killian, Chairman, President and Chief Executive Officer of ITG. POSIT, the world's largest intra-day trade matching system, is widely known in institutional trading circles. POSIT allows pension funds, money management firms and broker/dealers to cross stocks electronically and confidentially at low commission rates. Trades cross at the midpoint mid·point n. 1. Mathematics The point of a line segment or curvilinear arc that divides it into two parts of the same length. 2. A position midway between two extremes. of the bid/offer spread resulting in substantial cost savings and no market impact. After 13 years of rapid growth, POSIT provides a substantial pool of alternative liquidity with annual volume exceeding six billion shares in 1999. To date this year, an average of more than 30 million shares have been crossed daily. On April 18 of this year, POSIT crossed a record setting 63.7 million shares. ABOUT ITG As the leading provider of technology-based equity trading In finance, equity trading is the buying and selling of company stock shares. Shares in large publicly-traded companies are bought and sold through one of the major stock exchanges, such as the New York Stock Exchange, London Stock Exchange or Tokyo Stock Exchange, which serve as services and transaction research to institutional investors and brokers, ITG generates superior trading results for its clients. ITG's services help clients to access liquidity, execute trades more efficiently, and make better trading decisions. ITG's cutting edge trading tools are easy to use and interface seamlessly with clients' workflow. As an electronic broker, ITG differentiates itself with institutional customers via front-end or desktop services that provide unique content and connectivity. In the electronic trading  This article or section is in need of attention from an expert on the subject.Please help recruit one or [ improve this article] yourself. See the talk page for details. marketplace, through its POSIT system, ITG provides the premier confidential stock crossing system for the industry. For further information and historical POSIT volumes, please see ITG's website at www.itginc.com. POSIT is a registered service mark of the POSIT Joint Venture. |
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