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Lesli Fairchild
Traders Magazine Online News

What Next for Traders Saying Goodbye to AOL Instant Messenger?

In this exclusive to Traders Magazine, Lesli Fairchild discusses how the DEC 15 shutdown of AOL Messenger will affect traders and what alternatives are out there.

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January 1, 2005

ITG Eyes Savings From POSIT Deal

By Gregory Bresiger

Investment Technology Group (ITG) will soon be the sole owner of the POSIT joint venture, a large equity crossing system. This is an acquisition that ITG officials say will provide new savings and growth opportunities. "This was the right time to do this. We can now act unilaterally. We can be more nimble," Ray Killian, ITG chairman and CEO, told Traders Magazine.

ITG bought out the remaining 50 percent stake in POSIT from BARRA, a subsidiary of Morgan Stanley Capital International, for $90 million plus contingency payments.

ITG will now push ahead with Channel, a system that will allow traders - by looking at their blotters - to decide which stocks are ready for the POSIT system.