Investment Technology Group ITG reported a drop in its trading volume for the month of March. In a statement, the company said it recorded trading volume of 3.5 billion shares in March, down from 4.6 billion shares in the year-ago month. Similarly, the average daily volume fell to 159 million shares from 208 million shares in March 2015, according to the company.
Sequentially, Investment Technology reported a drop in the average daily volume. For instance, February recorded 168 million shares. However, trading volume was modestly higher from February's 3.4 billion shares.
The company disclosed that there was increased volume from lower-priced market-on-close (MOC) orders in respect of portfolio rebalancing, reducing average revenue per share. Its average daily trading commissions were up approximately 18 percent on a combined basis in March from the fourth quarter in its Canadian, European and Asia Pacific businesses.
Shares of the company lost 6.99 percent on Thursday.
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