Liquidity Lost: What's Next for Dark Pools?
In November 2011, the Securities and Exchange Commission (SEC) charged Pipeline Trading Systems, with failing to disclose to the firm’s dark pool customers that the “vast majority” of orders were filled by Milstream Strategy Group, a Pipeline affiliate.
Milstream tried to predict the trading intentions of Pipeline’s customers and trade elsewhere in the same direction as customers before filling their orders on Pipeline’s platform. Milstream was provided with distinct advantages, including
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