Investment Technology Group (ITG) Europe, the equity trading group and operator of the Posit equities crossing network, has hired Frances Smyth, former senior consultant at Mercer, the consultancy firm, to the new post of director of research sales.

She will promote the company's analytical products in Europe, with particular emphasis on the trade impact measurement system called transaction cost analysis. This is a web-based tool that allows fund managers and dealers to analyse their trading results against a range of benchmarks and to compare the performance of various brokers. The feedback on all components of the transaction cycle, such as opportunity, delay and market impact costs is immediate and customised to each user's requirements.