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08-Aug-2020 10:39

Justin Schack, vice president of market structure analysis at Rosenblatt, said broker-run dark pools had grown because they're faster, cheaper and open to algorithms -- the computerized trading programs that dominate the market, especially during volatile periods such as last year's crash."Market structure has changed over the last five or six years in ways that favor small size, rapid-fire trading," Schack said. market share of larger exchange operators NYSE Euronext and Nasdaq OMX, which run the New York Stock Exchange and Nasdaq Stock Market, respectively, has dropped in the last year as BATS Exchange, Direct Edge, and the dark pools gained ground.The most successful bank-run dark pools have steady participation from individuals, or retailers, whose standing trade orders are gobbled up by high-frequency players who use algorithms and account for about 65 percent of the market. While the competition has driven down trading fees, an internal pool also reduces the parent bank's exchange costs by integrating orders from customers and in-house trading desks.[which means their control and ability to manipulate the market has increased enormously.Now imagine someone else raving how wonderful this is and hoping that more firms start offering this option. Traditional financial markets generate liquidity by openly advertising buy and sell interest in a given venue, with real time liquidity data provided by publishing market depth (think Level 2).Dark Pools, or Dark Liquidity, as they are sometimes known, have been used more and more by brokers and funds in transacting off market in increasingly greater volume.Lately, companies have jumped into fixed income dark pools as well, with TMC LLC being an early adopter of the idea of providing off-market corporate bond transactions, having over

Justin Schack, vice president of market structure analysis at Rosenblatt, said broker-run dark pools had grown because they're faster, cheaper and open to algorithms -- the computerized trading programs that dominate the market, especially during volatile periods such as last year's crash."Market structure has changed over the last five or six years in ways that favor small size, rapid-fire trading," Schack said. market share of larger exchange operators NYSE Euronext and Nasdaq OMX, which run the New York Stock Exchange and Nasdaq Stock Market, respectively, has dropped in the last year as BATS Exchange, Direct Edge, and the dark pools gained ground.The most successful bank-run dark pools have steady participation from individuals, or retailers, whose standing trade orders are gobbled up by high-frequency players who use algorithms and account for about 65 percent of the market. While the competition has driven down trading fees, an internal pool also reduces the parent bank's exchange costs by integrating orders from customers and in-house trading desks.[which means their control and ability to manipulate the market has increased enormously.Now imagine someone else raving how wonderful this is and hoping that more firms start offering this option. Traditional financial markets generate liquidity by openly advertising buy and sell interest in a given venue, with real time liquidity data provided by publishing market depth (think Level 2).Dark Pools, or Dark Liquidity, as they are sometimes known, have been used more and more by brokers and funds in transacting off market in increasingly greater volume.Lately, companies have jumped into fixed income dark pools as well, with TMC LLC being an early adopter of the idea of providing off-market corporate bond transactions, having over $1 billion in bond inventory.[not me.

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Justin Schack, vice president of market structure analysis at Rosenblatt, said broker-run dark pools had grown because they're faster, cheaper and open to algorithms -- the computerized trading programs that dominate the market, especially during volatile periods such as last year's crash."Market structure has changed over the last five or six years in ways that favor small size, rapid-fire trading," Schack said. market share of larger exchange operators NYSE Euronext and Nasdaq OMX, which run the New York Stock Exchange and Nasdaq Stock Market, respectively, has dropped in the last year as BATS Exchange, Direct Edge, and the dark pools gained ground.

The most successful bank-run dark pools have steady participation from individuals, or retailers, whose standing trade orders are gobbled up by high-frequency players who use algorithms and account for about 65 percent of the market. While the competition has driven down trading fees, an internal pool also reduces the parent bank's exchange costs by integrating orders from customers and in-house trading desks.[which means their control and ability to manipulate the market has increased enormously.

Now imagine someone else raving how wonderful this is and hoping that more firms start offering this option. Traditional financial markets generate liquidity by openly advertising buy and sell interest in a given venue, with real time liquidity data provided by publishing market depth (think Level 2).

Dark Pools, or Dark Liquidity, as they are sometimes known, have been used more and more by brokers and funds in transacting off market in increasingly greater volume.

Lately, companies have jumped into fixed income dark pools as well, with TMC LLC being an early adopter of the idea of providing off-market corporate bond transactions, having over $1 billion in bond inventory.[not me.

This is just one in a long list of insane/illigal activities which were never investigated: gold manipulation, massive off-balance sheet leverage, deliberate misrepresentation of risk virtually everywhere, etc]Unlike many other dark pools operating in the United States, MS POOL does not solicit order flow from external parties by leaking information regarding current client order flow.

Market Impact Whilst it is safe to say that trading on a dark venue will reduce market impact it must be noted that it is very unlikely to reduce it to zero.

In particular the liquidity that crosses with you has to come from somewhere - and at least some of it is likely to come from the public market, as automated broker systems intercept market-bound orders and instead cross them with you.

billion in bond inventory.[not me.

When comparing pools careful checks should be made as to how liquidity numbers were calculated - some venues count both sides of the trade, or even count liquidity that was posted but not filled.

The market impact of your hidden liquidity is greatest when all of the public liquidity has a chance to crosswith you and least when you are only able to cross with other hidden liquidity that isn't also represented on the market.