Dark pools of liquidity

Dark pools of liquidity

Dark pools of liquidity (also dark pools or dark liquidity) are crossing networks that provide liquidity that is not displayed on order books. This is useful for traders who wish to move large numbers of shares without revealing themselves to the open market.

Dark liquidity pools offer institutional investors many of the efficiencies associated with trading on the exchanges' public limit order books but without showing their hands to others. Dark liquidity pools avoid this risk because neither the price nor the identity of the trading company is displayed.

Independent dark pools

* Instinet
* Investment Technology Group (ITG)
* Liquidnet
* NYFIX Millennium
* Pipeline Trading Systems
* Pulse Trading

Broker-dealer-owned dark pools

* BNP Paribas
* BNY ConvergEx Group (an affiliate of Bank of New York Mellon)
* Citi - Citi Match
* Credit Suisse
* Fidelity Capital Markets Services
* Goldman Sachs Execution and Clearing
* Knight Capital Group
* Lehman Brothers
* Merrill Lynch
* Morgan Stanley
* UBS Investment Bank

Consortium-owned dark pools

* BIDS Trading
* eBX LLC

Exchange-owned dark pools

* International Securities Exchange
* The NASDAQ Stock Market
* NYSE Euronext
* BATS Trading
* Direct Edge

Other dark pools

* Chi-X

* Mismi

Dark Pool Aggregators

* [http://www.onepipeliquidity.com] ONEPIPE - Weeden & Co. & Pragma Financial

ee also

*Algorithmic trading
*Electronic communication network

External links

* [http://www.globalinv.com/Jan21-08abstract.htm Global Investment Technology, Jan. 21, 2008, "2008 Is Set to Be a Pivotal Year for Innovative Technologies to Support Trading of Large Blocks."]
* [http://www.globalinv.com/031708NYFIXEuroMillennium.htm "NYFIX Launches Euro Millennium Pan-European Dark Pool"]
* [http://www.businessweek.com/investor/content/oct2007/pi2007102_394204.htm "Big Traders Dive Into Dark Pools"]


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