Dancing in the Dark: Fraud Shapes Dark Pools

Dark pools, with their anonymous members and clandestine dealings, have come in for a fair bit of stick in the last few years, especially from regulators on both sides of the Atlantic keen to shine a light on these increasingly popular execution venues.


In the post-financial crisis era, the stereotype of corrupt bankers and executives who make money on the back of other people’s savings has been widely accepted, and when exposed, the news is enthusiastically greeted by the public.

But not everyone in the financial services industry shares that sentiment, especially dark pool providers. Depending on the source, there are now upwards of 40 execution venues, comprising independent, broker-dealer-owned, consortium-owned and exchange-owned dark pool

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