NEW YORK, Dec. 14, 2010 /PRNewswire-FirstCall/ -- Investment Technology Group, Inc. (NYSE :ITG ), a leading agency research broker and financial technology firm, today announced the acquisition of the Clearvoyance settlement aggregation software from ESP Technologies Corp. The combination of the current ITG Single Ticket Clearing(SM) offering with Clearvoyance will be the industry's leading trade aggregation offering.
The new global offering consolidates allocation and settlements for institutional investors executing trades across multiple brokers and execution venues to a single aggregated allocation and delivery to each custodial account. This can provide significant savings in custodial ticket charges and back-office costs and creates a competitive sales advantage for ITG's institutional clients.
"This deal enables ITG to better serve its clients with a holistic view of trade cost management, from pre-trade analysis and decision support all the way through efficient settlement and clearing," said Stephen Alepa, Managing Director and head of ITG's broker-neutral ITG Net® business. "Our expanded Single Ticket Clearing offering empowers buyside traders to pursue their best execution goals in a fragmented marketplace, secure in the knowledge that their trade ticket costs will be contained."
Commenting on the deal, long-time ESP aggregation client Bill Stephenson, Head of Global Trading Strategy at Franklin Templeton, said, "As an early adopter of trade ticket aggregation services, we have achieved significant benefits in terms of lower costs, streamlined client servicing and increased trade flexibility. We look forward to employing ITG's enhanced Single Ticket Clearing solution and deriving even more benefit from the expanded offering."
Investment Technology Group, Inc., is an independent agency research broker that partners with asset managers globally to improve performance throughout the investment process. A leader in electronic trading since launching the POSIT® crossing network in 1987, ITG takes a consultative approach in delivering the highest quality institutional liquidity, execution services, analytical tools, and proprietary research insights grounded in data. Asset managers rely on ITG's independence, experience, and intellectual capital to help mitigate risk, improve performance, and navigate increasingly complex markets. The firm is headquartered in New York with offices in North America, Europe, and the Asia Pacific region. For more information on ITG, please visit www.itg.com.
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In addition to historical information, this press release may contain "forward-looking" statements that reflect management's expectations for the future. A variety of important factors could cause results to differ materially from such statements. These factors are noted throughout ITG's 2009 Annual Report, on its Form 10-K, and on its Form 10-Qs and include, but are not limited to, the actions of both current and potential new competitors, fluctuations in market trading volumes, financial market volatility, changes in commission pricing, potential impairment charges related to goodwill and other long-lived assets, evolving industry regulations, errors or malfunctions in our systems or technology, rapid changes in technology, cash flows into or redemptions from equity funds, effects of inflation, ability to meet liquidity requirements related to the clearing of our customers' trades, customer trading patterns, the success of our products and service offerings, our ability to continue to innovate and meet the demands of our customers for new or enhanced products, our ability to successfully integrate companies we have acquired, changes in tax policy or accounting rules, fluctuations in foreign exchange rates, adverse changes or volatility in interest rates, our ability to attract and retain talented employees, as well as general economic, business, credit and financial market conditions, internationally or nationally. The forward-looking statements included herein represent ITG's views as of the date of this release. ITG undertakes no obligation to revise or update publicly any forward-looking statement for any reason unless required by law.