Virtu Financial Announces Enhancements to POSIT Alert Europe
January 16, 2020 at 10:01 pm IST
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Virtu Financial, Inc. announced significant enhancements to POSIT Alert Europe. POSIT Alert is Virtu’s global block indications network which brings together liquidity sourced directly from trader OMSs with conditional orders from electronic participants. Since the acquisition of ITG in March 2019, Virtu has made considerable investments to improve POSIT Alert’s back-end and front-end technologies. These investments have helped to improve the client experience by providing faster trade invitations and light up indications for Alert front-end users. By improving the client experience, POSIT Alert has seen increased order flow, leading to more liquidity and better fulfillment rates. Additionally, on November 19, 2019, POSIT Alert changed its indications logic to 1-to-1 light up functionality from multi-party light ups, where light up priority is given to POSIT Alert front-end users, followed by order size. This shift has resulted in the acceleration of the matching process through a simplified indication process, larger trade sizes, and fewer failed matches. These enhancements have produced an improved customer experience, as well as a 16% increase in the average trade size in POSIT Alert. Finally, the POSIT Alert front end now supports a broader range of network security options, in addition to the SOCKS protocol. These additional connectivity options provide clients with more flexibility in terms of how they can connect to POSIT Alert, as well as broadening further the potential user base for the platform. Examples of Virtu’s POSIT Alert latency reduction efforts include: Back-end latency improvements: Software enhancements and optimizations in the order matching logic, Hardware upgrades for the indications matching engine, New point of presence for the indications matching engine to a location closer to where the majority of conditional order routers are housed. As a result of these and other enhancements, latency has been improved by 60% and volume from external participants has increased by 59%.
Virtu Financial, Inc. is a financial services company that leverages technology to provide execution services and data, analytics and connectivity products to its clients and deliver liquidity to the global markets. The Company's segments include Market Making and Execution Services. The Market Making segment principally consists of market making in the cash, futures, and options markets across global equities, fixed income, currencies, cryptocurrencies, and commodities. The Execution Services segment offers agency execution services and trading venues that provide trading in global equities, exchange traded funds, fixed income, currencies, and commodities to institutions, banks and broker dealers. The Company's integrated, multi-asset analytics platform provides a range of pre- and post-trade services, data products and compliance tools. It provides a product suite, including offerings in liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology.