Enlightening the Dark Pools

It's clear that the SEC is looking to protect the block-trading venues by inserting exemptions for trades valued higher than $200,000 with appropriate counterparties that can transact the deal. The ATSes that find much of their liquidity in order sizes that closely match trade sizes on the displayed markets should be nervous.

Dark liquidity has always been used to lessen the market impact of the large institutional block orders, but the industry saw a good thing, took the ball and ran with it

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Crypto exchange EDX takes its tech into its own hands

The crypto exchange and clearinghouse, founded in 2022 by industry heavyweights, has built out its technology to meet the needs of the institutional market. In the process, it has learned important lessons about partnering with vendors, building in-house, and, ultimately, control.

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