Specialists Use Of Dark Pools Of Liquidity By Richard Ney
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For those individual investors who still believe that the stock market is an Auction Market with no manipulative forces working against it read the following information and then decide whether or not specialists and their associated companies, many of which are listed below are truly deceiving investors by selling stock and shorting stock without the publics knowledge on a daily basis.
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.
Major dark pools •
BNY ConvergEx Group (an affiliate of Bank of New York Mellon)
Independent dark pools • • • • • •
Instinet Investment Technology Group (ITG) Liquidnet NYFIX Millennium Pipeline Trading Systems Pulse Trading
Broker-dealer-owned dark pools • • • • • • • • • •
BLOCKalert Citi Markets and Banking 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 Direct Edge
Other dark pools •
Chi-X
Dark Pool Aggregators •
[1]ONEPIPE - Weeden & Co. & Pragma Financial
See also •
Electronic communication network
External links • • •
Global Investment Technology, Jan. 21, 2008, "2008 Is Set to Be a Pivotal Year for Innovative Technologies to Support Trading of Large Blocks." "NYFIX Launches Euro Millennium Pan-European Dark Pool" "Big Traders Dive Into Dark Pools"
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.
Major dark pools •
BNY ConvergEx Group (an affiliate of Bank of New York Mellon)
Independent dark pools • • • • • •
Instinet Investment Technology Group (ITG) Liquidnet NYFIX Millennium Pipeline Trading Systems Pulse Trading
Broker-dealer-owned dark pools • • • • • • • • • •
BLOCKalert Citi Markets and Banking 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 Direct Edge
Other dark pools •
Chi-X
Dark Pool Aggregators •
[1]ONEPIPE - Weeden & Co. & Pragma Financial
See also •
Electronic communication network
External links • • •
Global Investment Technology, Jan. 21, 2008, "2008 Is Set to Be a Pivotal Year for Innovative Technologies to Support Trading of Large Blocks." "NYFIX Launches Euro Millennium Pan-European Dark Pool" "Big Traders Dive Into Dark Pools"
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