A growing percentage of trade volumes is moving off-exchange every year, whether it’s through broker dark pools, internalized on a firm’s own desks, or elsewhere. Along with declining liquidity in equities markets and higher trading costs, the increasing technology sophistication is driving strategies to opt for dark first and lit last. By James Rundle
Whether it’s an entirely electronic order book with hidden participants and prices, or a room upstairs from the pit, off-exchange trading has always been a part of the industry. Recently, though, with declining liquidity and sensitivity to price movement in regulated markets, as well as increasing costs for participants, more activity is moving to the dark. This isn’t just restricted to dark...
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