Trading begins in Seven New European Markets on ITG Europe's POSIT Trading System.Business Editors NEW YORK--(BUSINESS WIRE)--March 30, 2000 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) Europe began simultaneous trading today on 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. matching system for equities listed in France, Germany, Spain, Italy, Switzerland, the Netherlands and Belgium. ITG Europe is a joint venture between Investment Technology Group, Inc. and Societe Generale, one of Europe's largest financial institutions. Traders throughout Europe and the UK will now have access to POSIT's anonymous matching Anonymous matching is a matchmaking method facilitated by computer databases, in which each user confidentially selects people they are interested in dating and the computer identifies and reports matches to pairs of users who share a mutual attraction. system for over 6,000 different stocks. Effective today, four daily POSIT matches will run simultaneously across eight European markets, at 10:30 a.m., 12:00 p.m., 1:00 p.m. and 4:00 p.m. Central European Time Central European Time Noun the standard time adopted by Western European countries one hour ahead of Greenwich Mean Time, corresponding to British Summer Time Abbrev: (CET) . The recent inclusion of POSIT as a Bloomberg destination will enable traders in Europe to enter orders directly and receive execution reports on their terminals. "When we initiated POSIT(R) trading in the UK, we were surprised at how quickly it transcended thinly traded Thinly traded Infrequently traded. issues to become an important source of additional liquidity, especially for mid-sized stocks," says Alasdair Haynes, Chief Executive Officer of ITG Europe. "We anticipate a replication of that experience in our new markets to prove very attractive to institutions and brokers across continental Europe Continental Europe, also referred to as mainland Europe or simply the Continent, is the continent of Europe, explicitly excluding European islands and, at times, peninsulas. ." Commenting on POSIT's European expansion, ITG Inc.'s Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Raymond Killian said, "We have high expectations for the success of POSIT and ITG across Europe, given ITG's rapid ascent in the UK. Considering the increasing globalization globalization Process by which the experience of everyday life, marked by the diffusion of commodities and ideas, is becoming standardized around the world. Factors that have contributed to globalization include increasingly sophisticated communications and transportation of the markets and growing competition in 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. , we think the timing of our move into Europe couldn't be better." ITG Europe Shows Impressive Growth Since Launch Since beginning operations in the UK 16 months ago, ITG Europe's UK POSIT equities crossing system has doubled its client base and now serves more than 120 active clients. During that time, daily matches also increased from two to four. On March 16, UK POSIT recorded a record volume of 23 million shares at its first crossing session, or nine percent of the total UK market volume by that time. About ITG As the leading provider of technology-based equity trading 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 marketplace, through its POSIT system, ITG is 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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