EUROPE - POSIT, the European intra-day crossing system for institutional investors is to increase the number of matches it operates per day from four to six, in a move it says will allow clients to match trades on an hourly basis.
ITG Europe, the equity trading services group which runs POSIT says the changeover brings it in line with the practice of its parent company ITG in the US.
As of Monday March 19, POSIT will run matches at 9am, 10am, 11am, 12 noon, 2pm and 3pm.
The first two matches will replace the existing 9.30am match, while the 2pm match is a new addition. There will be a break at 1pm.
Alisdair Haynes, chief executive of ITG Europe, comments: “Our decision to add more POSIT matches is a direct response to calls from our clients for more opportunities to use our anonymous crossing system to trade shares in Europe.”
POSIT matches deal in equities from the UK, France, Germany, Switzerland, the Netherlands, Spain, Italy and Belgium.