Itarle, a provider of high-performance best execution services to banks, is colocating within CME’s group data centre in Aurora, Illinois and hiring staff in New York.
The moves will complete its global data centre presence and, the company says, deliver sharper performance for its suite of algos, order routing and transaction cost analysis (TCA) solutions.
Itarle exclusively provides algos to banks and brokers and expanding its services addresses the growing demand from sell-side firms for more productive and compliant trade execution on behalf of their clients. In particular, the opening of a New York City office in Q2 2019 reflects the growing need for transparency and accountability from sell-side firms when trading assets. This comes as a natural response to RTS 28 under MiFID 2 that currently only requires banks to disclose the top five venues where they trade; this enables them to bypass the lit book to avoid exchange fees.
Similar moves are expected in the US, where many banks and brokers are already feeling the MiFID II impact. While increased regulatory scrutiny of client execution quality is driving demand for best execution services worldwide, so are banks’ desires for improved return on capital for their trading desks.
“Our expansion mirrors the consensus in the market – especially from large, global banks – that performance and cost benefits of outsourcing high-quality best execution services outweigh any gains from proprietary, in-house development,” says Paul Lynch (pictured), CEO of Itarle. “Regulatory compliance is not getting any easier, but we deliver the surety and confidence that allows banks to focus on driving productivity.”
Itarle’s suite of multi-asset class services covers a broad range of products, from the illiquid, such as Rouch Rice and Coca, to the most active contracts, such as 10-year bonds and S&P Minis. Established in 2005, Itarle’s clients include many of the most influential banks around the world.
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