ITG Sees Muted Change in Volumes during October, Revenues Decline in Q3

ITG (NYSE:ITG), an independent Execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term broker and financial technology provider, has reported its latest tranche of statistics, this time corresponding to the month of October 2016. Its latest US trading volumes were characterized by a general downturn in figures relative to the month prior, according to a recent ITG report.

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ITG’s total trading volumes had previously managed to see a slight boost, helped by Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad Read this Term in September and heightened trading across markets. During October 2016 however, ITG reported its total volumes at 2.63 billion shares, compared with just 2.69 billion in September 2016 or -2.2% MoM.

This also was reflective of an average daily volume (ADV) of 125.3 million during October 2016, relative to 128.3 million in ADV during September 2016 – this was also indicative of a change of -2.3% MoM, given a differential in trading days from 22 in September to 21 in October. However, year-to-date, the ADV was lower, constituting an average of 134.8 million, or -7.4%.

During October 2015, ITG’s average daily trading commissions across its Canadian, European, and Asia-Pacific (APAC) businesses were also up approximately 14.0% in US dollar terms on a combined basis, relative to Q3 2016.

Q3 Overview

ITG also reported its Q3 financial results, which saw a GAAP net loss of $23.9 million, or $0.73 per share. This compared to a GAAP net income of $2.7 million of in Q3 2015, and $0.08 per share. One of the primary drivers of these results was the establishment of a reserve for the potential settlement of an SEC inquiry into activity involving pre-release American Depositary Receipts (ADRs) - ITG also previously paid a substantial fine.

In addition, ITG yielded revenues of $104.2 million in Q3 2016, which were lower by a factor of -13.5% YoY from $120.4 million in Q3 2015.