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ITG drops after taking Q2 charge on potential settlement with SEC

Published 08/08/2018, 01:05 PM
Updated 08/08/2018, 01:05 PM
© Reuters. ITG drops after taking Q2 charge on potential settlement with SEC
  • Investment Technology Group (ITG -6.6%) sank as much as 9.7% after disclosing a Q2 charge of $12M for a potential settlement of an SEC investigation into U.S. POSIT operational features and data access.
  • Potential resolution is focused on discontinued access items including:
  • "Overbroad internal access to U.S. POSIT data" and internal sharing of that data;
  • External distribution of some reports on a delayed basis that includes anonymized, aggregated U.S. POSIT data;
  • Instances of sharing anonymized U.S. POSIT execution information with clients.
    • Potential resolution doesn't involve proprietary trading.
    • Q2 EPS, excluding the accrual and related expenses was 27 cents, exceeding consensus by a penny.Year-ago EPS was 14 cents.
    • Q2 revenue rose 5.7% to $128.5M from $121.6M.
    • Average daily trading volume in the U.s. was 133M shares vs. 148M Y/Y.
    • Separately, ITG reported July average daily volume fell to 127M shares from 157M in June.
    • Source: Press Release
    • Previously: ITG volume lower 18.2% in July (Aug. 8)
    • Now read: MedEquities Realty dives after year FFO guidance cut due to transaction costs


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