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ITG in talks with SEC to settle investigation into alternative trading system

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ITG in talks with SEC to settle investigation into alternative trading system

Investment Technology Group Inc. said it is in discussions with the SEC regarding the potential settlement of an investigation into operational features of its POSIT alternative trading system in the U.S. and access to U.S. POSIT data.

The potential resolution is focused on the technology used for POSIT from 2010 through mid-2014 that affected the ability of clients mainly engaged in low-latency trading to interact with other POSIT order flow.

ITG said it has taken remedial actions during the course of the SEC's investigation, including imposing additional limitations on access to U.S. POSIT data and enhancing POSIT's Form ATS, the disclosure that alternative trading systems must file with the SEC.

The potential resolution of the investigation, according to the company, does not involve proprietary trading, unlike the separate settlement the company reached with the SEC in 2015.

In addition to disclosing information related to the potential settlement, ITG reported second-quarter adjusted net income of $9.2 million, or 27 cents per share. There were no non-GAAP adjustments to the results in the year-ago quarter.

ITG reported a GAAP net loss of $3.0 million, or a loss of 9 cents per share for the second quarter, compared to net income of $4.6 million, or 14 cents per share in the year-ago quarter.