Investment Technology Group has launched POSIT Marketplace, a dark pool for Asia. Claiming to be the first of its kind, POSIT Marketplace will combine institutional liquidity from POSIT, ITG's crossing network, with dark liquidity from large internalisation pools and external venues in Asia.
POSIT Marketplace is designed to aggregate liquidity and reduce the costs of trading for fund managers and institutional firms. It does so by addressing the three largest cost factors: spreads, market impact and delay costs.
The Asian platform will bring together dark liquidity from multiple sources in the region and aims to replicate the cost savings already delivered in the US which averaged 11.5bps across all market caps in Q3 09. Average trading costs are around 66% higher in developed Asia versus the US according to ITG.
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