NEW YORK (HedgeWorld.com)–Investment Technology Group announced plans to boost its ownership interest in POSIT, an equity matching system.
The POSIT deals adds to ITG’s direct electronic access trading business, which includes hedge funds. Earlier this month, ITG said it was considering a deal with E-Crossnet, which would help boost its business in Europe (see
Ray Killian, ITG chairman, president and chief executive, said in a statement that the POSIT acquisition was a strategic one for ITG and would result in savings from decreased royalty payments.
POSIT was created as a joint venture 1986 in an agreement between ITG (which at the time was a unit of Jefferies & Co) and Barr Rosenberg Associates. An acronym for “Portfolio System for Institutional Trading,” POSIT was the first electronic, intra-day equity matching system in the world.