ITG, the independent execution broker, is opening its flagship POSIT dark pool to FX matching. The POSIT dark pool has been a liquidity venue for equities matching since 1987. John Colasanti, who leads the FX execution initiative at ITG, says, “POSIT provides anonymous, peer-to-peer [FX] matching at the market mid. It allows customers to trade blocks anonymously and to avoid slippage and market impact on a continuous crossing basis.” He adds that POSIT FX has been well received by clients since it’s beta launch in May of last year.
In addition ITG has also launched its suite of FX algorithms. “These allow customers to trade passively and anonymously in order to capture spread,” Colasanti explains. “They can validate their execution quality through our venue analysis and FX TCA tools.” The algos use the POSIT dark pool in addition to a number of ECNs as execution venues.