Beware the elephant in the room Many column inches have been filled with the growing phenomenon of dark liquidityas a smart way of trading. But as new dark pools are launched and more established ones start to open their doors to each other, there remain

Imagine ten rooms in total darkness. Inside one of those rooms is a large pink elephant seeking a soul-mate. On the outside is an equally large blue elephant, also looking for love. The blue elephant hopes he will find his match somewhere inside those ten rooms, but he knows that time is short and the best partners are quickly snapped up. He trumpets into each of the ten rooms in turn, but by the time he reaches the room where his match had been waiting, a rival bull has whisked the lucky

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