Investment Technology Group said it is adding Japanese stocks to its POSIT dark pool.
The agency broker and financial technology developer said it expected strong demand for its "liquidity aggregation" platform in Japan, following launches in Hong Kong and Australia.
ITG said, by its calculations, it had "delivered an average of 13 basis points of price improvement on all trades" in those markets, for institutional customers.
"Finding liquidity continues to be a challenge for institutions trading Asia Pacific as the choice of off-exchange and dark pool liquidity grows,'' said Michael Corcoran, head of sales and trading for ITG in Asia Pacific. "Japan is a market where there is strong demand for liquidity aggregation given the growing number of liquidity pools and the higher level of average trading costs compared to markets such as the U.S."
The POSIT Marketplace now operates in 25 countries in Europe, Asia and North America.
ITG said POSIT has more than a 6 percent share of total European dark liquidity. In the US, POSIT's average daily volume was 83 million shares in the second quarter of 2011, up 20 percent over the prior year. Average trade size is on the order of 37,000 shares.
--This article first appeared on Securities Technology Monitor.
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