By E. Banks
Darkish swimming pools is a pragmatic textual content facing the more and more very important subject of darkish swimming pools, or non-displayed, off-exchange buying and selling and liquidity. It discusses the advance of the fairness buying and selling market over the last twenty years and the way darkish swimming pools may possibly evolve in a post-financial problem global.
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Extra info for Dark Pools: The Structure and Future of Off-Exchange Trading and Liquidity (Finance and Capital Markets)
A trailing stop order is similar to a stop order except that the order carries an attached trailing amount that moves with the market price of the security. Thus, a sell trailing stop order sets the stop price at a fixed amount below the market price with an attached trailing amount that causes the stop price to rise as the security price rises, but remains unchanged if the security price falls; once the stop is hit, the market order is created and submitted. A buy trailing stop order works in reverse.
Of course, it has also placed enormous pressures on the global IT infrastructure and the data handling capabilities of networks and storage repositories; it has also made it difficult for institutional players to use traditional venues to execute trades without leaving a footprint, and has created some degree of fragmentation and liquidity gaps—important issues which we shall consider later. REGIONA L MA RKETPL ACES With some background on the electronic trading sector and dark pool subsector in hand, let us briefly consider the state of play on a regional basis.
A block trade that is sliced into a number of different visible orders which are routed to multiple venues for execution can leave a trail that clearly indicates the activity that is occurring. Thus, if the trader slices the 10,000 shares of QRS into 10 trades of 1000 each and routes them to several platforms, clever electronic mechanisms may pick up on the trail and re-position to take advantage of the aggregated purchase interest in QRS. A human may not necessarily detect this, but certain algorithms can.
Dark Pools: The Structure and Future of Off-Exchange Trading and Liquidity (Finance and Capital Markets) by E. Banks