Best ex in the dark Longstanding issues of knowing which dark venues to tap, when to execute, and with what degree of anonymity, continue to weigh heavily on investment managers' minds. But in order to meet best execution mandates in terms of price and m

Sometimes even trading is better with the lights off. Persistent turmoil in financial markets has made life more complicated for investment managers and their counterparties, but current difficulties do not relieve them of their best execution obligations. Neither does emerging fragmentation in the US and European equity markets fostered in part by regulations such as Reg NMS and Mifid. The advent and proliferation of dark pools and alternative liquidity venues in the wake of fragmentation add

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