Virtu Changes Matching Rules for US POSIT ATS
Virtu Financial, a leading provider of global, multi-asset, financial services and products across the complete investment cycle, announced that Virtuâ€™s US POSIT alternative trading system (ATS) will make changes to its manner of operation, including new matching rules and the introduction of subscriber segmentation. The changes to POSIT ATS include:
- Price/size/time order priority
- Price improvement is given to the liquidity provider
- Subscribers will be segmented into three tiers: Neutral, Move Towards and Move Away using a markout methodology that employs long time horizons
- All subscribers will have the option to opt out of interacting with either the Move Towards or Move Away segments on an individual order basis
Additionally, POSIT ATS will undergo a technological rebuild through the rest of the year in order to enhance overall system performance for POSIT ATS subscribers. For a complete description of the changes to POSIT ATS, please refer to the Form ATS-N/UA and attachments filed on SEC EDGAR and available atÂ https://www.sec.gov/Archives/edgar/data/0001457716/000145771621000020/0001457716-21-000020-index.htm.
â€śThe new matching rules, subscriber segmentation and corresponding counter-party selection optionality for POSIT ATS were designed to align with the interests of institutional investors executing longer duration parent orders,â€ť said Brad Johmann, Global Head of POSIT Alert and US ATSs. â€śPOSITâ€™s enhanced subscriber segmentation logic based on long time horizon markouts provides participants with an alternative approach to the very short time horizons typically used in so many other ATSs today.â€ť
â€śThese enhancements represent the latest in our continued commitment to our clients,â€ť said Steve Cavoli, EVP & Global Head of Virtu Execution Services. â€śAs always, we listen to our clients and apply simple, straight forward solutions.â€ť
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