POSIT Canada is being licensed from the POSIT Joint Venture, a joint venture between a subsidiary of Investment Technology Group (NYSE: ITG) and a subsidiary of Barra, Inc. (Nasdaq: BARZ). POSIT is the world's largest system for electronic matching of equities during the market day.
Initially, there will be two POSIT Canada matches per day at 10:30am and 2:30pm Eastern Time. Trades will be matched at the mid-point of the bid/ask spread. Institutions will be able to send their orders directly to POSIT Canada with zero information disclosure.
"The TSE recognizes the need to remain on the leading edge of innovation and is committed to a future of providing consistently high quality, competitively priced products and services," said Richard Nesbitt, President of TSE CDNX Markets Inc. "POSIT Canada is an example of this. It is another alternative trading feature for large investors. The TSE's continuous market is one of the most efficient in the world but there is a requirement from some investors for a deep and liquid call market. This initiative helps us achieve our goals of providing a Faster, Better and Cheaper marketplace for investors."
"The availability of POSIT Canada will allow institutions to trade larger blocks of stock with minimal market impact. We are pleased to be working with the Toronto Stock Exchange to bring this successful technology to the Canadian marketplace. This adds another market to the 12 countries ITG currently supports POSIT in," stated Raymond L. Killian, Jr., Chairman, President, and Chief Executive Officer of ITG.
*POSIT is a service mark of the POSIT Joint Venture, a joint venture between Barra POSIT, Inc., a subsidiary of Barra, Inc., and ITG Software, Inc., a subsidiary of ITG.
About the Toronto Stock Exchange
The TSE group of companies includes The Toronto Stock Exchange Inc., Canadian Venture Exchange Inc., and TSE CDNX Market Services Inc., which collectively manage all aspects of Canada's senior and junior capital markets. The TSE is headquartered in Toronto and maintains offices in Montreal, Winnipeg, Calgary and Vancouver.
TSE/CDNX Markets Inc. is a wholly owned subsidiary of the Toronto Stock Exchange that manages all trading services and market data for both large and small cap equity markets in Canada. The division develops and implements innovative products and services for all aspects of Canadian Capital Markets.
About ITG
ITG is headquartered in New York with offices in Boston, Los Angeles, Dublin, London, Melbourne, Sydney, Tel Aviv and Toronto. As a leading provider of technology-based equity-trading services and transaction research to institutional investors and brokers, ITG services help clients to access liquidity, execute trades more efficiently, and make better trading decisions. ITG generates superior trading results for its clients through three lines of business. POSITtm, the world's largest equity matching system, allows clients to trade confidentially. The Electronic Trading Desk is recognized as one of the leading program trading operations in the U.S. ITG's leading-edge client site products allow users to implement their own trading strategies by providing direct electronic access to most sources of market liquidity. For additional information, visit itginc.com.
