interesting that on August 25th, ITG senior vice president recognizes ASTN and VWAP,
<<Investment Technology Group Inc.'s Posit introduced average price crossing systems several times in recent years with little success, said Tony Huck, an ITG senior vice president. ''In this market, with the volatility, there was little interest in people being locked into a VWAP,'' he said. ''So much can happen in the course of a trading day.'>>
And then today, the CEO says he unaware of any new competition for institutional trading pie:
<<''While cyclical trends in trading volume have effected our near-term performance, many of the secular changes occurring in the structure of the equity markets have not.'' Killian noted that many of the recent developments in electronic trading are focussed at the individual investor, currently not a target market for ITG. Thus, ITG has not seen any new competitive challenge to its role as an electronic facilitator in the institutional market. >>
Seems he sets ITG up for a shareholder suit. Of their 500 clients, only 7 make up
52 % of their volume, and losing one of more of them to Ashton could significantly impact earnings going forward. |
