POSIT: Building Liquidity With Foreign Partners
Traders Magazine, December 1997
POSIT, the Portfolio System for Institutional Trading, wanted to hit the international ground running. The electronic auction, run by New York-based ITG, said strong partners in global markets get results, attract major clients and build liquidity.
POSIT was jointly launched in 1987 by the Los Angeles-based third-market broker dealer Jefferies & Company, and BARRA, a California software and investment research firm. Jefferies holds an 80 percent share in ITG. The system, originally only accessible by institutions, came a long way like Instinet crossing single orders or portfolios twice daily. Broker dealers were first allowed to use POSIT in 1995.
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