US Exchanges and Darkpools

A look at how and where stocks trade in the USA

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    Dark Pools Definition from Financial Times Lexicon

    A dark pool is the romantic - or sinister, depending on your viewpoint - name given to a network that allows traders to buy or sell large orders without running the risk that other traders will work out what is going on and put the price up, or down, to take advantage of the order.

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    Dark Pools - QuickTake

    Dark pools have a scary name, and to critics they're scary places: private stock markets housed inside some of Wall Street's biggest banks. Created to let big investors swap large blocks of shares in secret, they've expanded to become a significant part of daily stock trading.

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    "Dark Pools" In Equity Trading: Significance and Recent Developments by Shorter and Miller (2014)

    Short, but very well done. Not flashy, but highly recommended

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    Shedding Light on Dark Pools

    Shedding Light on Dark Pools by Commissioner Luis A. Aguilar on November 18, 2015

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    What are dark pools, and why are they dangerous?

    Last week, Goldman Sachs ( GS) said its U.S. alternative trading system has been added to the list of things governmental and regulatory bodies are investigating.

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    Shining a light on dark pools

    SINISTER as they may sound, dark pools perform a simple task. They allow institutional investors, who manage huge investment portfolios, to take or dispose of sizeable positions in a company's shares without suffering adverse price movements as they carry out the trade. Let's say that a pension fund wants to sell one million shares in Microsoft.

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    Are You in the Dark About Dark Pool Trading?

    A dark pool is an electronic platform where investors trade shares privately, away from more transparent stock exchanges. What do they have to hide? Lam Thuy Vo shines a light on dark pools.

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    10 Things People Don't Get About Dark Pools

    5) Users "opt-in" to placing their orders in a Dark Pool. The users are intelligent traders who understand the advantages of not displaying their orders at an exchange. 6) Dark Pool trades are bound by the "NBBO" or National Best Bid and Offer.

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    Dark pool

    A dark pool (or dark pool of liquidity ) is a private electronic transaction network, typically maintained by major banks and securities companies, where stocks are bought and sold by clients of those companies. Because the matching of buyer and seller is done entirely within the control of the bank, the bid, offer and sale prices are not published to exchanges (such as the NYSE).

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    How High-Frequency Traders Use Dark Pools to Cheat Investors

    High-frequency trading ( HFT) has an evil cousin: dark pools. While dark pools are not inherently bad, the abuse of dark pools by high-frequency traders has made it easier to exploit everyone else in the market, and increases the odds that a market downturn could quickly become a stock market crash.

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    Dark Pools deliver price improvement and anonymity

    By James Williams - With dark pools appearing a lot more in media headlines this year, understanding some of the benefits, and risks, for institutions who have yet to fully engage with them, is vital. Such has been the media coverage recently that last month Credit Suisse took the decision to stop publishing data on their CrossFinder dark pool to Rosenblatt Securities.

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    Case Studies

    Now that you know what a dark pool is, let's jump in (sorry I couldn't resist the pun) and take a look at a few. 

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    I just love how this one works, we will discuss in class! © 2015 PDQ ATS All Rights Reserved. *PDQ ATS is a member of FINRA & SIPC.

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    Into the dark pool

    One of the main problems with the current equity market structure that pushed Brad Katsuyama, global head of electronic sales and trading at RBC Capital Markets, to apply for a new exchange, ironically enough, is that there are too many trading venues.

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    Keith Ross on Market Structure

    This week on our Masters in Business podcast, we speak with Keith Ross, chief executive officer of PDQ Enterprises, owner of a so-called alternative-trading system and a dark pool. Previously, he was CEO of high-frequency trading firm Getco.

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    Is the U.S. stock market rigged?

    The following script is from "Rigged" which aired on March 30, 2014. Steve Kroft is the correspondent. Draggan Mihailovich, producer. This month marks the fifth anniversary of the current bull market on Wall Street, making it one of the longest and strongest in history. Yet U.S.

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    IEX is a dark pool, more formally known as an alternative trading system, based in the United States. Started by Brad Katsuyama, it opened for its first day of trading on October 25, 2013. The company's offices are located at 4 World Trade Center in New York City.

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    Brad Katsuyama's Next Chapter

    Photographer: Alan Clarke/Bloomberg Markets Brad Katsuyama never thought he'd be famous. Not even famous-for-Wall-Street famous. He was Canadian, for heaven's sake. He'd worked at Royal Bank of Canada, not Goldman Sachs or JPMorgan. He was running a startup-and not one that made anything you could download from the App Store.

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