Investment Technology Group has signed 20 Australian funds managers to POSIT Alert, the indications-based equity crossing system which alerts its users when trade matches are found.

The funds managers signed up to use the service have a collective $210 billion in funds under management, which ITG sales director, Michael Corcoran, said was a good start for the mass the product needed. Corcoran would not name the managers but said ITG had targetted the larger funds managers to ensure core support in the number of order sizes and the funds under management. ITG charges managers a commission on each transaction, and has crossed up to $18.5 million in one day. Corcoran said the network was the only one of its kind up and running in Australia, and managers were attracted to the anonymity and security with which crosses could be made.