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	<title>Investment Technology Group, Inc. &#187; Blotter</title>
	<atom:link href="http://www.itg.com/blotter-feed/" rel="self" type="application/rss+xml" />
	<link>http://www.itg.com</link>
	<description>Building the New Buyside</description>
	<lastBuildDate>Mon, 04 Oct 2010 18:13:00 +0000</lastBuildDate>
	
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	<item>
		<title>Canadian Market Microstructure Review Q2 2010: Have some new HFT strategies come to town?</title>
				<link>http://www.itg.com/blog/form2.php?permalink=https://blotter.itginc.com/index.php/2010/07/30/canadian-market-microstructure-review-q2-2010-have-some-new-hft-strategies-come-to-town/</link>
		<comments>http://www.itg.com/2010/07/30/canadian-market-microstructure-review-q2-2010-have-some-new-hft-strategies-come-to-town/#comments</comments>
		<pubDate>Fri, 30 Jul 2010 13:11:13 +0000</pubDate>
		<dc:creator>ITG</dc:creator>
		<category><![CDATA[Blotter]]></category>
		<guid isPermaLink="false">http://www.itg.com/?p=3882</guid>

		<description><![CDATA[ITG’s Canadian Market Microstructure Review for Q2 2010 includes the following highlights:
• Volume is higher, spreads are tighter, but tick volatility has increased. Quote size has also increased. The increased tick volatility combined with increased message traffic indicates that new HFT strategies may have arrived. 
• When Exchange Traded Funds are excluded, quote size has [...]]]></description>

		<wfw:commentRss>http://www.itg.com/2010/07/30/canadian-market-microstructure-review-q2-2010-have-some-new-hft-strategies-come-to-town/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>

	</item>
	
	<item>
		<title>ITG Global Trade Cost and Flows Analysis</title>
				<link>http://www.itg.com/blog/form2.php?permalink=https://blotter.itginc.com/index.php/2010/07/27/itg-global-trade-cost-and-flows-analysis/</link>
		<comments>http://www.itg.com/2010/07/27/itg-global-trade-cost-and-flows-analysis/#comments</comments>
		<pubDate>Tue, 27 Jul 2010 19:00:15 +0000</pubDate>
		<dc:creator>ITG</dc:creator>
		<category><![CDATA[Blotter]]></category>
		<guid isPermaLink="false">http://www.itg.com/?p=3876</guid>

		<description><![CDATA[This month we will look at the trends in global trading costs and trade flows in the developed and emerging markets. Running through these two case studies, we see a common theme: sometimes whatever trading strategy you employ, trading costs will be determined by overwhelming economic or structural factors. We use the MSCI World Index [...]]]></description>

		<wfw:commentRss>http://www.itg.com/2010/07/27/itg-global-trade-cost-and-flows-analysis/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>

	</item>
	
	<item>
		<title>Next Generation Transaction Cost Analysis</title>
				<link>http://www.itg.com/blog/form2.php?permalink=https://blotter.itginc.com/index.php/2010/07/26/next-generation-transaction-cost-analysis/</link>
		<comments>http://www.itg.com/2010/07/26/next-generation-transaction-cost-analysis/#comments</comments>
		<pubDate>Mon, 26 Jul 2010 19:23:35 +0000</pubDate>
		<dc:creator>ITG</dc:creator>
		<category><![CDATA[Blotter]]></category>
		<guid isPermaLink="false">http://www.itg.com/?p=3868</guid>

		<description><![CDATA[Whether you are a board member, trader or compliance officer, transaction cost analysis (TCA) has become an integral component of the investment management industry. The challenge for the next generation of TCA is to provide focused, analytical frameworks targeted at unique users across an entire organization so that by collective effort a firm is empowered [...]]]></description>

		<wfw:commentRss>http://www.itg.com/2010/07/26/next-generation-transaction-cost-analysis/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>

	</item>
	
	<item>
		<title>ITG&#8217;s Global Commission Review:  Up All Around</title>
				<link>http://www.itg.com/blog/form2.php?permalink=https://blotter.itginc.com/index.php/2010/07/22/itgs-global-commission-review-up-all-around/</link>
		<comments>http://www.itg.com/2010/07/22/itgs-global-commission-review-up-all-around/#comments</comments>
		<pubDate>Thu, 22 Jul 2010 20:33:57 +0000</pubDate>
		<dc:creator>ITG</dc:creator>
		<category><![CDATA[Blotter]]></category>
		<guid isPermaLink="false">http://www.itg.com/?p=3861</guid>

		<description><![CDATA[ITG Peer Analysis™ introduces ITG’s Global Commission Review (GCR), a profile of global commission statistics organized by region, market capitalization and traded value then presented from both BPS and CPS perspectives. The ITG Peer Analysis transaction universe (The Peer Universe) is composed of trade data originating from more than 300 clients including 38 of the [...]]]></description>

		<wfw:commentRss>http://www.itg.com/2010/07/22/itgs-global-commission-review-up-all-around/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>

	</item>
	
	<item>
		<title>Russell Recap: Big Changes But More Normal Returns</title>
				<link>http://www.itg.com/blog/form2.php?permalink=https://blotter.itginc.com/index.php/2010/07/20/russell-recap-big-changes-but-more-normal-returns/</link>
		<comments>http://www.itg.com/2010/07/20/russell-recap-big-changes-but-more-normal-returns/#comments</comments>
		<pubDate>Tue, 20 Jul 2010 13:44:13 +0000</pubDate>
		<dc:creator>ITG</dc:creator>
		<category><![CDATA[Blotter]]></category>
		<guid isPermaLink="false">http://www.itg.com/?p=3838</guid>

		<description><![CDATA[ITG&#8217;s Portfolio Trading Desk presents its review of Russell Reconstitution 2010.
Highlights:
• Modest returns on effective date of rebalance – several categories
going the “wrong way” until late in the trading day – concentration
of activity towards the close due to early reversal concerns and
large cap liquidity
• Russell 2000 adds outperform Russell 2000 deletes by 2.3% on
trade date [...]]]></description>

		<wfw:commentRss>http://www.itg.com/2010/07/20/russell-recap-big-changes-but-more-normal-returns/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>

	</item>
	
	<item>
		<title>Asia Pacific Liquidity: Down Sharply</title>
				<link>http://www.itg.com/blog/form2.php?permalink=https://blotter.itginc.com/index.php/2010/07/19/asia-pacific-liquidity-down-sharply/</link>
		<comments>http://www.itg.com/2010/07/19/asia-pacific-liquidity-down-sharply/#comments</comments>
		<pubDate>Mon, 19 Jul 2010 21:23:21 +0000</pubDate>
		<dc:creator>ITG</dc:creator>
		<category><![CDATA[Blotter]]></category>
		<guid isPermaLink="false">http://www.itg.com/?p=3834</guid>

		<description><![CDATA[Blame it on the sunshine, blame it on the World Cup, blame it on vacations, blame the renminbi? 
However you want to look at it, Asia Pacific liquidity hit twelve month lows in June:
•	Investor uncertainty in June drove Asian liquidity down, with fears over China&#8217;s growth outlook and global credit concerns dampening equity trading activity.
•	Both [...]]]></description>

		<wfw:commentRss>http://www.itg.com/2010/07/19/asia-pacific-liquidity-down-sharply/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>

	</item>
	
	<item>
		<title>Asia Pacific Liquidity Adapts As Europe Struggles</title>
				<link>http://www.itg.com/blog/form2.php?permalink=https://blotter.itginc.com/index.php/2010/06/30/asia-pacific-liquidity-adapts-as-europe-struggles/</link>
		<comments>http://www.itg.com/2010/06/30/asia-pacific-liquidity-adapts-as-europe-struggles/#comments</comments>
		<pubDate>Wed, 30 Jun 2010 21:18:24 +0000</pubDate>
		<dc:creator>ITG</dc:creator>
		<category><![CDATA[Blotter]]></category>
		<guid isPermaLink="false">http://www.itg.com/?p=3804</guid>

		<description><![CDATA[ITG&#8217;s Asia Pacific Liquidity Barometer shows a dramatic shift in intra-day volume profiles across the region, as traders waited until later in the day to gauge European reactions to the ongoing credit crisis.  This shift was particularly evident in Hong Kong and Japan.  Overall, Asia Pacific trading costs remained relatively stable while overall [...]]]></description>

		<wfw:commentRss>http://www.itg.com/2010/06/30/asia-pacific-liquidity-adapts-as-europe-struggles/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>

	</item>
	
	<item>
		<title>Why the Flash Crash Is History</title>
				<link>http://www.itg.com/blog/form2.php?permalink=https://blotter.itginc.com/index.php/2010/06/22/why-the-flash-crash-is-history/</link>
		<comments>http://www.itg.com/2010/06/22/why-the-flash-crash-is-history/#comments</comments>
		<pubDate>Tue, 22 Jun 2010 16:56:56 +0000</pubDate>
		<dc:creator>ITG</dc:creator>
		<category><![CDATA[Blotter]]></category>
		<guid isPermaLink="false">http://www.itg.com/?p=3786</guid>

		<description><![CDATA[The May 6th &#8220;flash crash&#8221; was tumultuous, but it was hardly without precedent.  ITG&#8217;s head of Analytic Products and Research, Ian Domowitz, notes the similarities to a flash crash which occurred in May of 1962.  He writes about both crashes &#8211; and what lessons they may offer us &#8211; in this week&#8217;s edition [...]]]></description>

		<wfw:commentRss>http://www.itg.com/2010/06/22/why-the-flash-crash-is-history/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>

	</item>
	
	<item>
		<title>2010 Russell Reconstitution: ITG&#8217;s Analysis</title>
				<link>http://www.itg.com/blog/form2.php?permalink=https://blotter.itginc.com/index.php/2010/06/20/2010-russell-reconstitution-itgs-analysis/</link>
		<comments>http://www.itg.com/2010/06/20/2010-russell-reconstitution-itgs-analysis/#comments</comments>
		<pubDate>Sun, 20 Jun 2010 16:45:19 +0000</pubDate>
		<dc:creator>ITG</dc:creator>
		<category><![CDATA[Blotter]]></category>
		<guid isPermaLink="false">http://www.itg.com/?p=3561</guid>

		<description><![CDATA[After the turbulence surrounding last year’s annual Russell Reconstitution, ITG once again strives to provide a useful and accurate Reconstitution analysis for 2010. This year, several factors have led ITG to project increased turnover, pronounced sector weight changes, and a greater likelihood of speculative activity.
This is an updated ITG analysis reflecting Russell&#8217;s preliminary list release [...]]]></description>

		<wfw:commentRss>http://www.itg.com/2010/06/20/2010-russell-reconstitution-itgs-analysis/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>

	</item>
	
	<item>
		<title>What&#8217;s Your Trigger?</title>
				<link>http://www.itg.com/blog/form2.php?permalink=https://blotter.itginc.com/index.php/2010/06/16/whats-your-trigger/</link>
		<comments>http://www.itg.com/2010/06/16/whats-your-trigger/#comments</comments>
		<pubDate>Wed, 16 Jun 2010 13:19:26 +0000</pubDate>
		<dc:creator>ITG</dc:creator>
		<category><![CDATA[Blotter]]></category>
		<guid isPermaLink="false">http://www.itg.com/?p=3764</guid>

		<description><![CDATA[ITG Fair Value®  helps eliminate stale pricing of mutual funds by establishing fair value prices for international stocks and equity index futures.  ITG&#8217;s service helps hundreds of mutual funds meet regulatory requirements and prevent market timing trading issues.
In a recent survey, ITG polled asset managers as to when they used fair value pricing. [...]]]></description>

		<wfw:commentRss>http://www.itg.com/2010/06/16/whats-your-trigger/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>

	</item>
	
	<item>
		<title>Why ETFs Plunged During The Flash Crash</title>
				<link>http://www.itg.com/blog/form2.php?permalink=https://blotter.itginc.com/index.php/2010/06/04/why-etfs-plunged-during-the-flash-crash/</link>
		<comments>http://www.itg.com/2010/06/04/why-etfs-plunged-during-the-flash-crash/#comments</comments>
		<pubDate>Fri, 04 Jun 2010 05:19:04 +0000</pubDate>
		<dc:creator>ITG</dc:creator>
		<category><![CDATA[Blotter]]></category>
		<guid isPermaLink="false">http://www.itg.com/?p=3685</guid>

		<description><![CDATA[We are pleased to present ITG&#8217;s newest research paper: Liquidity and Price Discovery in Exchange-Traded Funds: One of Several Possible Lessons from the Flash Crash.
Here&#8217;s a brief summary of our findings:
• Exchange-Traded Funds (ETFs) were disproportionately affected during the May 6th &#8220;flash crash&#8221; (approximately 2:40-3:00pm ET). ETFs represented over 70% of all the equity trades [...]]]></description>

		<wfw:commentRss>http://www.itg.com/2010/06/04/why-etfs-plunged-during-the-flash-crash/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>

	</item>
	
	<item>
		<title>Sticking To Our Guns</title>
				<link>http://www.itg.com/blog/form2.php?permalink=https://blotter.itginc.com/index.php/2010/06/04/sticking-to-our-guns/</link>
		<comments>http://www.itg.com/2010/06/04/sticking-to-our-guns/#comments</comments>
		<pubDate>Fri, 04 Jun 2010 04:15:47 +0000</pubDate>
		<dc:creator>ITG</dc:creator>
		<category><![CDATA[Blotter]]></category>
		<guid isPermaLink="false">http://www.itg.com/?p=3718</guid>

		<description><![CDATA[Amid falling share prices, gushing Gulf Coast oil and panicky European bondholders, ITG&#8217;s Chief Economist, Bob Barbera, maintains his above-consensus forecast for US employment and GDP growth.  Despite the lackluster May payroll numbers, Bob notes that total hours worked continue to grow strongly, and he believes that below the surface of the fear, the fundamentals [...]]]></description>

		<wfw:commentRss>http://www.itg.com/2010/06/04/sticking-to-our-guns/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>

	</item>
	
	<item>
		<title>ITG Global Trading Cost Review</title>
				<link>http://www.itg.com/blog/form2.php?permalink=https://blotter.itginc.com/index.php/2010/06/03/itg-global-trading-cost-review/</link>
		<comments>http://www.itg.com/2010/06/03/itg-global-trading-cost-review/#comments</comments>
		<pubDate>Thu, 03 Jun 2010 18:45:48 +0000</pubDate>
		<dc:creator>ITG</dc:creator>
		<category><![CDATA[Blotter]]></category>
		<guid isPermaLink="false">http://www.itg.com/?p=3706</guid>

		<description><![CDATA[U.S. trading costs stayed basically flat when comparing the first quarter of 2010 to the previous quarter, but decreased by 28 percent on a year-over-year basis, due in large part to a decrease in implementation shortfall costs. In the UK, trading costs increased in the first quarter of 2010 by 14 bps from the previous [...]]]></description>

		<wfw:commentRss>http://www.itg.com/2010/06/03/itg-global-trading-cost-review/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>

	</item>
	
	<item>
		<title>No Sugar High Here</title>
				<link>http://www.itg.com/blog/form2.php?permalink=https://blotter.itginc.com/index.php/2010/06/01/no-sugar-high-here/</link>
		<comments>http://www.itg.com/2010/06/01/no-sugar-high-here/#comments</comments>
		<pubDate>Tue, 01 Jun 2010 13:54:12 +0000</pubDate>
		<dc:creator>ITG</dc:creator>
		<category><![CDATA[Blotter]]></category>
		<guid isPermaLink="false">http://www.itg.com/?p=3680</guid>

		<description><![CDATA[The bear case for U.S. equities claims that the rally would fizzle when the effects of the government stimulus wore off.  While the recent correction in the face of European sovereign debt woes is understandable, ITG&#8217;s Chief Economist, Bob Barbera thinks the corporate profits recovery is sustainable, not just an artificial sugar high.  [...]]]></description>

		<wfw:commentRss>http://www.itg.com/2010/06/01/no-sugar-high-here/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>

	</item>
	
	<item>
		<title>ITG&#8217;s Asia Pacific Liquidity Barometer</title>
				<link>http://www.itg.com/blog/form2.php?permalink=https://blotter.itginc.com/index.php/2010/05/25/itgs-asia-pacific-liquidity-barometer/</link>
		<comments>http://www.itg.com/2010/05/25/itgs-asia-pacific-liquidity-barometer/#comments</comments>
		<pubDate>Tue, 25 May 2010 19:48:44 +0000</pubDate>
		<dc:creator>ITG</dc:creator>
		<category><![CDATA[Blotter]]></category>
		<guid isPermaLink="false">http://www.itg.com/?p=3634</guid>

		<description><![CDATA[ITG&#8217;s Asia Pacific Liquidity barometer rose in April despite the turmoil in European Union equity markets.  Trading costs ticked down slightly to an average of 46 basis points across developed Asia, according to ITG&#8217;s TCA database, which covers almost 30% of total Asia ex-Japan equity turnover.  Japan and Australia both saw an increased [...]]]></description>

		<wfw:commentRss>http://www.itg.com/2010/05/25/itgs-asia-pacific-liquidity-barometer/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>

	</item>
	
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