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broker systems intercept market-bound orders and instead cross them with the buyer/seller. This disappearance of the opposite side liquidity as it trades with the buyer/seller and leaves the market will cause impact. In addition, the order will slow down the market movement in the direction favorable to the buyer/seller and speed it up in the unfavourable direction. The market impact of the hidden liquidity is greatest when all of the public liquidity has a chance to cross with the user and least when the user is able to cross with ONLY other hidden liquidity that is also not represented on the market. In other words, the user has a tradeoff: reduce the speed of execution by crossing with only dark liquidity or increase it and increase their market impact.
808:. Fulfillment of an order implies that the seller actually had more liquidity behind their order than the buyer. If the seller was making many small orders across a long period of time, this would not be relevant. However, when large volumes are being traded, it can be assumed that the other side—being even larger—has the power to cause market impact and thus push the price against the buyer. Paradoxically, the fulfillment of a large order is actually an indicator that the buyer would have benefitted from not placing the order to begin with—he or she would have been better off waiting for the seller's market impact, and then purchasing at the new price.
47:
770:. When the order reaches the front of its price queue, only the display quantity is filled before the order is automatically put at the back of the queue and must wait for its next chance to get a fill. Such orders will, therefore, get filled less quickly than the fully public equivalent, and they often carry an explicit cost penalty in the form of a larger execution cost charged by the market. Iceberg orders are not truly dark either, as the trade is usually visible after the fact in the market's public trade feed.
917:
the
Securities and Exchange Commission flagged a series of violations from 2008 to 2012. It said UBS let customers submit orders at prices denominated in increments smaller than a penny, something SEC rules prohibit because it can be used to get a better place in line when buying or selling stock. The ability to trade in sub-penny increments also wasn’t widely disclosed to UBS customers, and was instead pitched secretly to market makers including high-frequency traders, according to the
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with as large a delay as legally possible—all to reduce the market impact of any trade. Dark pools are often formed from brokers' order books and other off-market liquidity. 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.
908:. In July 2014 Barclays filed a motion for the suit to be dismissed, saying there had been no fraud, no victims and no harm to anyone. The New York Attorney General's office said it was confident the motion would not succeed. In January 2016, Barclays agreed to pay a fine of $ 35 million to SEC and $ 70 million to NYAG for its dark pool wrongdoings.
681:(National Market System), which allowed investors to bypass public exchanges to gain price improvements. The effect of this was to attract a number of new players to the market and a large number of dark pools were created over the next 10 years. This was spurred on with the improvements of technology and increasing speed of execution as
879:(SEC) announced that it was proposing measures to increase the transparency of dark pools, "so investors get a clearer view of stock prices and liquidity". These requirements would involve that information about investor interest in buying or selling stock be made available to the public, instead of to only the members of a dark pools.
824:
parent broker gets tape revenue for printing the trade on an exchange. For this reason, it is recommended that when entities transact in smaller sizes and do not have short-term alpha, do not add liquidity to dark pools; rather, go to the open market where the short-term adverse selection is likely to be less severe.
716:
types, pricing rules and prioritization rules. However, the liquidity is deliberately not advertised—there is no market depth feed. Such markets have no need of an iceberg-order type. In addition, they prefer not to print the trades to any public data feed, or if legally required to do so, will do so
648:
These systems and strategies typically seek liquidity among open and closed trading venues, such as other alternative trading systems. Dark pools have grown in importance since 2007, with dozens of different pools garnering a substantial portion of U.S. equity trading. Dark pools are of various types
644:
and priority access. High frequency traders may obtain information from placing orders in one dark pool that can be used on other exchanges or dark pools. Depending on the precise way in which a "dark" pool operates and interacts with other venues, it may be considered, and indeed referred to by some
916:
In
January 2015 the U.S. regulators imposed a fine on UBS Group AG’s dark pool for failing to follow rules designed to ensure stock trades are executed fairly. In ordering UBS to pay $ 14.4 million, including a $ 12 million fine that exceeds all prior penalties against an alternative trading system,
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alleging the bank defrauded and deceived investors over its dark pool. A central allegation of the suit is that
Barclays misrepresented the level of aggressive HFT activity in its dark pool to other clients. The state, in its complaint, said it was being assisted by former Barclays executives and it
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started the first dark pool trading venue known as "After Hours Cross". However it was not until the next year that ITG created the first intraday dark pool "POSIT", both allowed large trades to be executed anonymously which was attractive to sellers of large blocks of shares. For the next 20 years
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access fee to take the liquidity in the displayed market. On the other hand, if the buy-side institution were floating their order in the prop desk's broker dark pool, then the economics make it very favorable to the prop desk—they pay little or no access fee to access their own dark pool, and the
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LLC, a company offering its services as a dark pool, contracted an affiliate that transacted the trades. In the
Pipeline case, the firm attempted to provide a trading system that would protect investors from the open, public electronic marketplace. In that system, investors' orders would be made
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While it is safe to say that trading on a dark venue will reduce market impact, it is very unlikely to reduce it to zero. In particular the liquidity that crosses when there is a transaction has to come from somewhere—and at least some of it is likely to come from the public market, as automated
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process has the best chance of making the public price approximately "correct" or "fair". However, very few assets are in this category, since most can be traded off market without revealing the trade publicly. As long as non-public trades are only a small fraction of trading volumes, the public
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adopted rules, as amendments to
Regulation ATS, to require disclosures about dark pools in 2018. Known as Rule 304 of Regulation ATS, it requires the filing of Form ATS-N which includes a variety of disclosures including conflicts of interest, methods, fees, and so on. A review of these forms
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and the lack of human interaction have reduced the time scale on market movements. This increased responsiveness of the price of an equity to market pressures has made it more difficult to move large blocks of stock without affecting the price. Thus dark pools may protect traders from market
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public on the consolidated tape as soon as they were announced, which traders characterized as "playing poker with your cards face up". The service
Pipeline offered was to find counterparties for various trades in a private manner. The firm was subsequently investigated and sued by the
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Hypothetically, a retail "everyday" shareholder in any company could be disadvantaged if a dark pool trade is executed by a seller within the dark pool getting rid of a large number of that company's shares, which would thereby cause the price to drop.
731:. However, they are recorded as over-the-counter transactions. Therefore, detailed information about the volumes and types of transactions is left to the crossing network to report to clients only if they desire or are contractually obliged to do so.
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reports data on ATS systems quarterly for free, which it began doing in July 2015. When FINRA released this data, it showed that trades averaged 187 shares, which suggests that the pools were not used for large trades by institutional shareholders.
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To lessen this adverse impact on price discovery, off-market venues can still report consolidated data on trades publicly. By this route, the trades occurring in dark pools can continue to contribute to price discovery, albeit with a little delay.
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In turn, if dark pool trades were publicly viewable in the same way, a retail shareholder could prevent loss by selling at the same time, before the price went any lower (assuming that shareholder is confident the price won't go back up).
1008:
Share trading performed on platforms available to the public usually come with functionality allowing any user to see how many "now" and "sell" orders are in the pipeline that day for any individual security on the platform (i.e. NASDAQ).
832:
The use of dark pools for trading has also attracted controversy and regulatory action in part due to their opaque nature and conflicts of interest by the operator of the dark pool and the participants, a subject that was the focus of
661:
The origin of dark pools date back to 1979 when financial regulation changed in the United States that allowed securities listed on a given exchange to be actively traded off the exchange in which it was listed. Known as reg 19c3 the
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or directly among market participants via private contractual arrangements. Generally, dark pools are not available to the public, but in some cases, they may be accessed indirectly by retail investors and traders via retail brokers.
929:
In August 2015, ITG (and its affiliate AlterNet
Securities) settled with SEC for $ 20.3 million due to operating a secret trading desk and misusing the confidential trading information of dark pool subscribers.
766:. Iceberg orders generally specify an additional "display quantity"—i.e., smaller than the overall order quantity. The order is queued along with other orders but only the display quantity is printed to the
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The new regulation allowed the emergence of dark pools through the 1980s that allowed investors to trade large block orders while retaining privacy and avoiding market impact. In 1986,
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price might still be considered fair. However, the greater the proportion of trading volume that happens non-publicly, the less confident we can be that the public price is "fair".
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By 2012, 40% of trading volume in equities took place in dark pools (of which there were more than 50 in the US) and internalizers. Most dark pools were run by large banks like
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867:(SEC) for misleading its clients. Following its 2011 settlement of the SEC's claims against it, the firm rebranded itself as Aritas Securities LLC in January 2012.
2277:"Reforming the Murky Depths of Wall Street: Putting the Spotlight on the Security and Exchange Commission's Regulatory Proposal concerning Dark Pools of Liquidity"
1805:
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but without showing their actions to others. Dark liquidity pools avoid this risk because neither the price nor the identity of the trading company is displayed.
617:, as neither the size of the trade nor the identity are revealed until some time after the trade is filled. However, it also means that some market participants—
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revealed a number of differences, including "tiering", "pegging", and "immediate-or-cancel (IOC)" orders, as well as a special features such as a speed bump by
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is caused on a very short-term basis by the economics of dark pools versus displayed markets. If a buy-side institution adds liquidity in the open market, a
674:
trades executed on dark pools represented a small fraction of the market, between 3–5% of all trades. This was sometimes referred to as "upstairs trading".
544:
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Broker-owned dark pools where clients of the broker interact, most commonly with other clients of the broker (possibly including its own
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Dark pools are run by private brokerages which operate under fewer regulatory and public disclosure requirements than public exchanges.
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Dark pools allow funds to line up and move large blocks of equities without tipping their hands as to what they are up to. Modern
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and can execute trades in multiple ways, such as through negotiation or automatically (e.g., midpoint crosses, staggered crosses,
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2127:"Barclays, Credit Suisse Charged With Dark Pool Violations - Firms Collectively Paying More Than $ 150 Million to Settle Cases"
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Dark pools were largely motivated by the trades of large blocks and participants who did not want to move the market and cause
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Dark liquidity pools offer institutional investors many of the efficiencies associated with trading on the exchanges' public
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Because they are private and withheld from the public, in this way, they pose some risk for traders outside the dark pool.
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at a bank may want to take that liquidity because they have a short-term need. The prop desk would have to pay an
Exchange/
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597:, so that such trades remain confidential and outside the purview of the general investing public. The fragmentation of
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and
Regulation ATS of 1998, off-exchange trading was allowed for up to five percent of the national volume of a stock.
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was seeking unspecified damages. The bank's shares dropped 5% on news of the lawsuit, prompting an announcement to the
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FIXGlobal. Control and
Flexibility: How Trading Can Add Value to the Investment Process. Retrieved 12 October 2012.
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before they are executed. Prices are agreed upon by participants in the dark pools, so the market is no longer
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2195:"SEC Charges ITG With Operating Secret Trading Desk and Misusing Dark Pool Subscriber Trading Information"
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One of the main advantages for institutional investors in using dark pools is for buying or selling large
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http://fixglobal.com/home/control-and-flexibility-how-trading-can-add-value-to-the-investment-process/
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2333:"SEC.gov | SEC Adopts Rules to Enhance Transparency and Oversight of Alternative Trading Systems"
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set up their own dark pools to allow their clients the benefits of anonymity and non-display of
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1967:"New York State AG Eric Schneiderman: Some high-frequency trading practices "may be illegal""
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1721:
Dark Pools: High-Speed Traders, A.I. Bandits, and the Threat to the Global Financial System
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by the bank saying it was taking the allegations seriously, and was cooperating with the
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estimates trading on the dark pools accounts for 32% of trades in 2012 vs 26% in 2008.
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2455:"Downloadable ATS Data Available at no Charge on FINRA.org July 13, 2015 | FINRA.org"
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based APIs. Dark pools are generally very similar to standard markets with similar
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567 (2014); Temple University Legal Studies Research Paper No. 2014-11; via SSRN.
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Independent companies set up to offer a unique differentiated basis for trading
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or ATS) for trading securities, derivatives, and other financial instruments.
17:
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http://www.quantprinciple.com/invest/index.php/docs/realworld/darkpools/#tape
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has allowed dark pools to be created, and they are normally accessed through
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2713:
1398:
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announced in January 2013 that it will expand its monitoring of dark pools.
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27:
Institutional share trading syndicate not accessible to the general public
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http://www.quantprinciple.com/invest/index.php/docs/realworld/darkpools/
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The next big development in dark pools came in 2007 when the SEC passed
2906:
1387:
1054: in this section. Unsourced material may be challenged and removed.
558:
473:
416:
2649:
1306:
704:
Truly dark liquidity can be collected off-market in dark pools using
594:
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1878:
FIXGlobal. Dark Pools: What Lies Beneath. Retrieved 12 October 2012.
1789:"Dark Pools" In Equity Trading: Significance and Recent Developments
1536:
758:
Some markets allow dark liquidity to be posted inside the existing
2572:
155:
650:
381:
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alongside public liquidity, usually through the use of iceberg
1470:
1453:. In the United States, however, these trades were stymied by
1023:
937:
804:
One potential problem with crossing networks is the so-called
2309:"15 U.S. Code § 78e - Transactions on unregistered exchanges"
2249:
2150:"UBS Hit With Record Dark Pool Fine for Breaking U.S. Rules"
2037:"New Leadership, New Name, Pipeline Struggles to Start Over"
666:
passed the regulation which would start on April 26, 1979.
2220:
1869:
http://fixglobal.com/content/dark-pools-what-lies-beneath
1857:
The Impact of Dark Pools on Access to Desirable Liquidity
581:. The bulk of dark pool trades represent large trades by
2431:"ATS Transparency Data Quarterly Statistics | FINRA.org"
2062:
SEC Issues Proposals to Shed Greater Light on Dark Pools
613:
without showing their hand to others and thus avoiding
2075:"Dark pool fraud lawsuit filed against Barclays in US"
2011:"Pipeline Settles With U.S. SEC Over Dark Pool Claims"
1911:"Weil on Finance: FBI Hops on Michael Lewis Bandwagon"
778:
If an asset can be traded only publicly, the standard
2174:"SEC Other Release No.: 34-74060, UBS Securities LLC"
2101:"Barclays seeks dismissal of New York dark pool suit"
1706:"Dark Pools Part I: What Is It And How Does It Work?"
1324:
Wells Fargo Securities LLC – WELX (has since closed)
3040:
2915:
2814:
2734:
2642:
2609:
2570:
2536:
2480:"FLASH FRIDAY: Turning the Spotlight On Dark Pools"
2407:"Are Dark Pools All the Same? Form ATS-N Says "No""
653:, etc.), throughout the day or at scheduled times.
1425:ONEPIPE – Weeden & Co. & Pragma Financial
2381:"SEC to adopt transparency rules for dark pools"
1261:Global Markets – DBA (Europe), SuperX ATS (U.S.)
1942:"FBI Investigating High-Frequency Traders: WSJ"
1692:"What Are Dark Pools? - History of dark pools"
621:—are disadvantaged, since they cannot see the
2514:
538:
8:
1651:
1649:
1799:
1797:
1309:Investment Bank – UBS ATS, UBS MTF, UBS PIN
1148:while offering an exchange "infrastructure"
972:. Unsourced material may be challenged and
2521:
2507:
2499:
2060:U.S. Securities and Exchange Commission, "
1199:Codestreet Dealer Pool for Corporate Bonds
839:, a non-fiction book published in 2014 by
545:
531:
29:
2064:", 21 October 2009, accessed 25 May 2012.
2009:Gallu, Joshua; Mehta, Nina; Baker, Nick.
1657:Soft Dollars and Other Trading Activities
1457:in 2004. However, under section 5 of the
1114:Learn how and when to remove this message
992:Learn how and when to remove this message
2181:Administrative Proceedings Archive 2015
1806:"Where Has All the Stock Trading Gone?"
1598:
1596:
1529:
1126:Three major types of dark pools exist:
877:U.S. Securities and Exchange Commission
865:U.S. Securities and Exchange Commission
664:U.S. Securities and Exchange Commission
353:
325:
286:
183:
125:
76:
37:
1991:Scott Patterson and Jenny Strasburg, "
1708:. Wall Street Oasis. October 29, 2012.
1659:, §2:28 (Thomson West, 2013-2014 ed.).
640:for those operating dark pools due to
2270:
2268:
2266:
2103:. The London News.Net. Archived from
1431:Crossfire – Credit Agricole Cheuvreux
1227:BNY ConvergEx Group (an affiliate of
1224:– BNP Paribas Internal eXchange (BIX)
7:
2357:"Form ATS-N Filings and Information"
2077:. New York Telegraph. Archived from
1723:. Crown Publishing. pp. 44–45.
1052:adding citations to reliable sources
970:adding citations to reliable sources
685:took advantage of these dark pools.
2242:"Tradeweb Markets :: Tradeweb"
1605:Flash Boys: Cracking the Money Code
1993:Traders Navigate a Murky New World
25:
2478:D'Antona, John Jr. (2020-01-03).
2313:LII / Legal Information Institute
1940:Bradford, Harry (April 1, 2014).
1804:Philips, Matthew (May 10, 2012).
1787:Congressional Research Service, "
1356:International Securities Exchange
1249:Credit Agricole Cheuvreux – BLINK
2777:Electronic communication network
1909:Weil, Jonathan (April 1, 2014).
1888:Lewis, Michael (31 March 2014).
1765:Consolidated tape and DARK Pools
1509:Electronic communication network
1028:
942:
45:
1459:Securities Exchange Act of 1934
1039:needs additional citations for
891:In June 2014 the U.S. state of
727:Dark pools are recorded to the
632:Dark pools are heavily used in
288:Over-the-counter (off-exchange)
1204:Broker-dealer-owned dark pools
1:
2771:Multilateral trading facility
2405:Bacidore, Jeff (2019-11-26).
514:Sustainable development goals
3194:Returns-based style analysis
2990:Post-modern portfolio theory
2896:Security characteristic line
2284:George Washington Law Review
1859:" Retrieved 12 October 2012.
1577:. AT Monitor. Archived from
1537:"The New Financial Industry"
1137:) in conditions of anonymity
736:electronic trading platforms
599:electronic trading platforms
2948:Efficient-market hypothesis
2852:Capital asset pricing model
2789:Straight-through processing
2275:Hatch, Robert (2009–2010).
1629:"Glossary | ATMonitor"
1329:Consortium-owned dark pools
1285:– Knight Link, Knight Match
1179:Investment Technology Group
934:Impact to outside investors
645:vendors, as a "grey" pool.
585:that are offered away from
3321:
2765:Alternative Trading System
1973:. CBS News. March 31, 2014
1504:Alternative trading system
729:national consolidated tape
636:, which has also led to a
575:Liquidity on these markets
571:alternative trading system
1778:Dark Pools: Some Reasons"
1719:Patterson, Scott (2012).
1440:Wells Fargo – Komodo Dark
1345:Exchange-owned dark pools
1240:Citadel Connect – Citadel
1184:State Street's BlockCross
906:New York attorney general
397:Diversification (finance)
2829:Arbitrage pricing theory
1791:", Accessed 8 Sept 2014.
1246:– Citi Match, Citi Cross
895:filed a lawsuit against
860:Pipeline Trading Systems
855:Pipeline LLC controversy
3108:Initial public offering
2969:Modern portfolio theory
2864:Dividend discount model
2747:List of stock exchanges
2183:. SEC. 15 January 2015.
1603:Lewis, Michael (2014).
1575:"Glossary - Dark Pools"
1554:"Glossary - Dark Pools"
1407:– Crossfinder Plus
1334:BIDS Trading – BIDS ATS
1229:Bank of New York Mellon
743:in a predatory manner.
591:New York Stock Exchange
2996:Random walk hypothesis
2290:: 1032. Archived from
2129:. SEC. 31 January 2016
1810:Bloomberg Businessweek
1694:. FXCM. June 25, 2016.
1607:. London: Allen Lane.
1519:Payment for order flow
1475:high-frequency trading
1340:Luminex (Buyside Only)
1153:Independent dark pools
845:high-frequency trading
683:high-frequency trading
642:payment for order flow
634:high-frequency trading
583:financial institutions
569:) is a private forum (
362:Alternative investment
3134:Market capitalization
2943:Dollar cost averaging
2197:. SEC. 12 August 2015
1539:(March 30, 2014). 65
1382:Dark pool aggregators
1187:RiverCross Securities
902:London Stock Exchange
871:Regulatory statements
739:participants who use
494:Investment management
407:Environmental finance
3305:Securities (finance)
2954:Fundamental analysis
2938:Contrarian investing
2901:Security market line
2806:Liquidity aggregator
2783:Direct market access
2694:Quantitative analyst
1890:"The New York Times"
1434:Instinet – Nighthawk
1283:Knight Capital Group
1218:– LX Liquidity Cross
1177:Posit/MatchNow from
1048:improve this article
966:improve this section
638:conflict of interest
611:blocks of securities
3199:Reverse stock split
3144:Market manipulation
3068:Dual-listed company
2928:Algorithmic trading
2858:Capital market line
2660:Inter-dealer broker
1997:Wall Street Journal
1672:. TheFreeDictionary
1394:Bloomberg Tradebook
1135:proprietary traders
579:dark pool liquidity
519:Sustainable finance
33:Part of a series on
3239:Stock market index
3078:Efficient frontier
3017:Technical analysis
2975:Momentum investing
2797:(private exchange)
2687:Proprietary trader
2629:Shares outstanding
2619:Authorised capital
2246:www.codestreet.com
2035:Armstrong, James.
1874:2013-07-30 at the
1749:2020-08-01 at the
1541:Alabama Law Review
1437:Bernstein – Shadow
1020:List of dark pools
509:Speculative attack
274:Structured product
3300:Financial markets
3287:
3286:
3088:Flight-to-quality
2840:Buffett indicator
2530:Financial markets
2385:Finextra Research
1921:on April 25, 2015
1581:on April 27, 2011
1428:Xasax Corporation
1267:– Capital Markets
1237:– Aqua Securities
1235:Cantor Fitzgerald
1124:
1123:
1116:
1098:
1002:
1001:
994:
849:financial markets
813:adverse selection
800:Adverse selection
722:limit order books
603:crossing networks
555:
554:
382:Banks and banking
372:Asset (economics)
198:Credit derivative
166:Stock certificate
39:Financial markets
16:(Redirected from
3312:
3204:Share repurchase
2916:Trading theories
2801:Crossing network
2759:Over-the-counter
2596:Restricted stock
2552:Secondary market
2523:
2516:
2509:
2500:
2494:
2493:
2491:
2490:
2484:Traders Magazine
2475:
2469:
2468:
2466:
2465:
2451:
2445:
2444:
2442:
2441:
2427:
2421:
2420:
2418:
2417:
2411:Traders Magazine
2402:
2396:
2395:
2393:
2392:
2377:
2371:
2370:
2368:
2367:
2353:
2347:
2346:
2344:
2343:
2329:
2323:
2322:
2320:
2319:
2305:
2299:
2298:
2296:
2281:
2272:
2261:
2260:
2258:
2257:
2248:. Archived from
2238:
2232:
2231:
2229:
2228:
2219:. Archived from
2213:
2207:
2206:
2204:
2202:
2191:
2185:
2184:
2178:
2170:
2164:
2163:
2161:
2160:
2145:
2139:
2138:
2136:
2134:
2123:
2117:
2116:
2114:
2112:
2107:on 6 August 2014
2097:
2091:
2090:
2088:
2086:
2071:
2065:
2058:
2052:
2051:
2049:
2047:
2041:Traders Magazine
2032:
2026:
2025:
2023:
2021:
2006:
2000:
1999:, April 9, 2012.
1989:
1983:
1982:
1980:
1978:
1971:CBS This Morning
1963:
1957:
1956:
1954:
1952:
1937:
1931:
1930:
1928:
1926:
1917:. Archived from
1906:
1900:
1899:
1897:
1896:
1885:
1879:
1866:
1860:
1853:
1847:
1846:
1844:
1843:
1834:. Archived from
1824:
1818:
1817:
1816:on May 11, 2012.
1812:. Archived from
1801:
1792:
1785:
1779:
1772:
1766:
1760:
1754:
1741:
1735:
1734:
1716:
1710:
1709:
1702:
1696:
1695:
1688:
1682:
1681:
1679:
1677:
1666:
1660:
1655:Lemke and Lins,
1653:
1644:
1643:
1641:
1640:
1631:. Archived from
1625:
1619:
1618:
1600:
1591:
1590:
1588:
1586:
1571:
1565:
1564:
1562:
1561:
1550:
1544:
1534:
1494:Crossing network
1351:ASX Centre Point
1313:Societe Generale
1216:Barclays Capital
1174:NYFIX Millennium
1119:
1112:
1108:
1105:
1099:
1097:
1056:
1032:
1024:
997:
990:
986:
983:
977:
946:
938:
887:Barclays lawsuit
811:Another type of
760:limit order book
619:retail investors
587:public exchanges
547:
540:
533:
489:Impact investing
484:Growth investing
217:Foreign exchange
203:Futures exchange
151:Registered share
49:
30:
21:
3320:
3319:
3315:
3314:
3313:
3311:
3310:
3309:
3290:
3289:
3288:
3283:
3274:Voting interest
3184:Public offering
3119:Mandatory offer
3093:Government bond
3073:DuPont analysis
3036:
3032:Value investing
3027:Value averaging
3022:Trend following
3007:Style investing
3002:Sector rotation
2917:
2911:
2890:Net asset value
2816:Stock valuation
2810:
2730:
2638:
2605:
2591:Preferred stock
2566:
2532:
2527:
2497:
2488:
2486:
2477:
2476:
2472:
2463:
2461:
2453:
2452:
2448:
2439:
2437:
2429:
2428:
2424:
2415:
2413:
2404:
2403:
2399:
2390:
2388:
2379:
2378:
2374:
2365:
2363:
2355:
2354:
2350:
2341:
2339:
2331:
2330:
2326:
2317:
2315:
2307:
2306:
2302:
2294:
2279:
2274:
2273:
2264:
2255:
2253:
2240:
2239:
2235:
2226:
2224:
2215:
2214:
2210:
2200:
2198:
2193:
2192:
2188:
2176:
2172:
2171:
2167:
2158:
2156:
2147:
2146:
2142:
2132:
2130:
2125:
2124:
2120:
2110:
2108:
2099:
2098:
2094:
2084:
2082:
2081:on 28 June 2014
2073:
2072:
2068:
2059:
2055:
2045:
2043:
2034:
2033:
2029:
2019:
2017:
2008:
2007:
2003:
1990:
1986:
1976:
1974:
1965:
1964:
1960:
1950:
1948:
1946:Huffington Post
1939:
1938:
1934:
1924:
1922:
1908:
1907:
1903:
1894:
1892:
1887:
1886:
1882:
1876:Wayback Machine
1867:
1863:
1854:
1850:
1841:
1839:
1826:
1825:
1821:
1803:
1802:
1795:
1786:
1782:
1773:
1769:
1761:
1757:
1751:Wayback Machine
1742:
1738:
1731:
1718:
1717:
1713:
1704:
1703:
1699:
1690:
1689:
1685:
1675:
1673:
1668:
1667:
1663:
1654:
1647:
1638:
1636:
1627:
1626:
1622:
1615:
1602:
1601:
1594:
1584:
1582:
1573:
1572:
1568:
1559:
1557:
1552:
1551:
1547:
1535:
1531:
1527:
1490:
1447:
1384:
1347:
1331:
1206:
1193:TORA Crosspoint
1155:
1120:
1109:
1103:
1100:
1057:
1055:
1045:
1033:
1022:
998:
987:
981:
978:
963:
947:
936:
927:
914:
889:
873:
857:
830:
802:
793:
780:price discovery
776:
774:Price discovery
756:
702:
659:
551:
392:Climate finance
321:
307:
235:
234:
214:
213:
208:Hybrid security
146:Preferred stock
116:
107:High-yield debt
102:Government bond
28:
23:
22:
15:
12:
11:
5:
3318:
3316:
3308:
3307:
3302:
3292:
3291:
3285:
3284:
3282:
3281:
3276:
3271:
3266:
3261:
3256:
3251:
3246:
3241:
3236:
3234:Stock exchange
3231:
3229:Stock dilution
3226:
3221:
3216:
3211:
3206:
3201:
3196:
3191:
3186:
3181:
3176:
3171:
3166:
3161:
3156:
3154:Mean reversion
3151:
3146:
3141:
3136:
3131:
3129:Market anomaly
3126:
3121:
3116:
3111:
3105:
3100:
3095:
3090:
3085:
3080:
3075:
3070:
3065:
3060:
3055:
3050:
3048:Bid–ask spread
3044:
3042:
3038:
3037:
3035:
3034:
3029:
3024:
3019:
3014:
3009:
3004:
2999:
2993:
2987:
2982:
2977:
2972:
2966:
2961:
2956:
2951:
2945:
2940:
2935:
2930:
2924:
2922:
2913:
2912:
2910:
2909:
2904:
2898:
2893:
2887:
2882:
2877:
2875:Earnings yield
2872:
2870:Dividend yield
2867:
2861:
2855:
2849:
2843:
2837:
2832:
2826:
2820:
2818:
2812:
2811:
2809:
2808:
2803:
2798:
2792:
2786:
2780:
2774:
2768:
2762:
2761:(off-exchange)
2756:
2755:
2754:
2749:
2738:
2736:
2735:Trading venues
2732:
2731:
2729:
2728:
2723:
2722:
2721:
2711:
2706:
2701:
2696:
2691:
2690:
2689:
2684:
2674:
2669:
2664:
2663:
2662:
2657:
2646:
2644:
2640:
2639:
2637:
2636:
2634:Treasury stock
2631:
2626:
2621:
2615:
2613:
2607:
2606:
2604:
2603:
2601:Tracking stock
2598:
2593:
2588:
2583:
2577:
2575:
2568:
2567:
2565:
2564:
2559:
2554:
2549:
2547:Primary market
2543:
2541:
2534:
2533:
2528:
2526:
2525:
2518:
2511:
2503:
2496:
2495:
2470:
2446:
2422:
2397:
2372:
2348:
2324:
2300:
2297:on 2020-03-29.
2262:
2233:
2208:
2186:
2165:
2140:
2118:
2092:
2066:
2053:
2027:
2001:
1984:
1958:
1932:
1915:Bloomberg News
1901:
1880:
1861:
1848:
1819:
1793:
1780:
1767:
1755:
1736:
1730:978-0307887177
1729:
1711:
1697:
1683:
1661:
1645:
1620:
1613:
1592:
1566:
1556:. Investopedia
1545:
1528:
1526:
1523:
1522:
1521:
1516:
1511:
1506:
1501:
1496:
1489:
1486:
1455:Regulation NMS
1446:
1443:
1442:
1441:
1438:
1435:
1432:
1429:
1426:
1423:
1414:
1413:– SuperX+
1408:
1402:
1396:
1391:
1383:
1380:
1379:
1378:
1373:
1368:
1363:
1358:
1353:
1346:
1343:
1342:
1341:
1338:
1335:
1330:
1327:
1326:
1325:
1322:
1316:
1310:
1304:
1298:
1295:Morgan Stanley
1292:
1286:
1280:
1274:
1268:
1262:
1256:
1250:
1247:
1241:
1238:
1232:
1225:
1219:
1213:
1205:
1202:
1201:
1200:
1197:
1194:
1191:
1188:
1185:
1182:
1175:
1172:
1167:
1164:
1159:
1154:
1151:
1150:
1149:
1138:
1131:
1122:
1121:
1036:
1034:
1027:
1021:
1018:
1000:
999:
950:
948:
941:
935:
932:
926:
923:
913:
910:
888:
885:
872:
869:
856:
853:
829:
826:
806:winner's curse
801:
798:
792:
789:
775:
772:
755:
754:Iceberg orders
752:
701:
698:
679:Regulation NMS
658:
655:
553:
552:
550:
549:
542:
535:
527:
524:
523:
522:
521:
516:
511:
506:
501:
496:
491:
486:
481:
476:
471:
470:
469:
464:
459:
454:
449:
444:
439:
434:
429:
424:
414:
409:
404:
399:
394:
389:
384:
379:
374:
369:
367:Angel investor
364:
356:
355:
351:
350:
349:
348:
343:
338:
330:
329:
323:
322:
320:
319:
314:
308:
306:
305:
300:
294:
291:
290:
284:
283:
282:
281:
279:Swap (finance)
276:
271:
266:
261:
256:
251:
246:
241:
233:
232:
226:
219:
215:
212:
211:
205:
200:
193:
189:
186:
185:
181:
180:
179:
178:
173:
171:Stock exchange
168:
163:
158:
153:
148:
143:
138:
130:
129:
123:
122:
121:
120:
118:Securitization
114:
112:Municipal bond
109:
104:
99:
94:
92:Corporate bond
89:
87:Bond valuation
81:
80:
74:
73:
72:
71:
59:
51:
50:
42:
41:
35:
34:
26:
24:
18:Dark liquidity
14:
13:
10:
9:
6:
4:
3:
2:
3317:
3306:
3303:
3301:
3298:
3297:
3295:
3280:
3277:
3275:
3272:
3270:
3267:
3265:
3262:
3260:
3257:
3255:
3252:
3250:
3247:
3245:
3242:
3240:
3237:
3235:
3232:
3230:
3227:
3225:
3222:
3220:
3217:
3215:
3212:
3210:
3209:Short selling
3207:
3205:
3202:
3200:
3197:
3195:
3192:
3190:
3187:
3185:
3182:
3180:
3177:
3175:
3172:
3170:
3167:
3165:
3162:
3160:
3157:
3155:
3152:
3150:
3147:
3145:
3142:
3140:
3137:
3135:
3132:
3130:
3127:
3125:
3122:
3120:
3117:
3115:
3112:
3109:
3106:
3104:
3101:
3099:
3098:Greenspan put
3096:
3094:
3091:
3089:
3086:
3084:
3083:Financial law
3081:
3079:
3076:
3074:
3071:
3069:
3066:
3064:
3061:
3059:
3058:Cross listing
3056:
3054:
3051:
3049:
3046:
3045:
3043:
3041:Related terms
3039:
3033:
3030:
3028:
3025:
3023:
3020:
3018:
3015:
3013:
3012:Swing trading
3010:
3008:
3005:
3003:
3000:
2997:
2994:
2991:
2988:
2986:
2983:
2981:
2980:Mosaic theory
2978:
2976:
2973:
2970:
2967:
2965:
2964:Market timing
2962:
2960:
2957:
2955:
2952:
2949:
2946:
2944:
2941:
2939:
2936:
2934:
2931:
2929:
2926:
2925:
2923:
2921:
2914:
2908:
2905:
2902:
2899:
2897:
2894:
2891:
2888:
2886:
2883:
2881:
2878:
2876:
2873:
2871:
2868:
2865:
2862:
2859:
2856:
2853:
2850:
2847:
2844:
2841:
2838:
2836:
2833:
2830:
2827:
2825:
2822:
2821:
2819:
2817:
2813:
2807:
2804:
2802:
2799:
2796:
2793:
2790:
2787:
2784:
2781:
2778:
2775:
2772:
2769:
2766:
2763:
2760:
2757:
2753:
2752:Trading hours
2750:
2748:
2745:
2744:
2743:
2740:
2739:
2737:
2733:
2727:
2724:
2720:
2717:
2716:
2715:
2712:
2710:
2707:
2705:
2702:
2700:
2697:
2695:
2692:
2688:
2685:
2683:
2680:
2679:
2678:
2675:
2673:
2670:
2668:
2667:Broker-dealer
2665:
2661:
2658:
2656:
2653:
2652:
2651:
2648:
2647:
2645:
2641:
2635:
2632:
2630:
2627:
2625:
2624:Issued shares
2622:
2620:
2617:
2616:
2614:
2612:
2611:Share capital
2608:
2602:
2599:
2597:
2594:
2592:
2589:
2587:
2584:
2582:
2579:
2578:
2576:
2574:
2569:
2563:
2562:Fourth market
2560:
2558:
2555:
2553:
2550:
2548:
2545:
2544:
2542:
2540:
2535:
2531:
2524:
2519:
2517:
2512:
2510:
2505:
2504:
2501:
2485:
2481:
2474:
2471:
2460:
2459:www.finra.org
2456:
2450:
2447:
2436:
2435:www.finra.org
2432:
2426:
2423:
2412:
2408:
2401:
2398:
2386:
2382:
2376:
2373:
2362:
2358:
2352:
2349:
2338:
2334:
2328:
2325:
2314:
2310:
2304:
2301:
2293:
2289:
2285:
2278:
2271:
2269:
2267:
2263:
2252:on 2015-01-27
2251:
2247:
2243:
2237:
2234:
2223:on 2013-05-30
2222:
2218:
2212:
2209:
2196:
2190:
2187:
2182:
2175:
2169:
2166:
2155:
2154:Bloomberg.com
2151:
2148:Mamudi, Sam.
2144:
2141:
2128:
2122:
2119:
2106:
2102:
2096:
2093:
2080:
2076:
2070:
2067:
2063:
2057:
2054:
2042:
2038:
2031:
2028:
2016:
2015:Bloomberg L.P
2012:
2005:
2002:
1998:
1994:
1988:
1985:
1972:
1968:
1962:
1959:
1947:
1943:
1936:
1933:
1920:
1916:
1912:
1905:
1902:
1891:
1884:
1881:
1877:
1873:
1870:
1865:
1862:
1858:
1852:
1849:
1838:on 2007-09-30
1837:
1833:
1829:
1828:"www.tsx.com"
1823:
1820:
1815:
1811:
1807:
1800:
1798:
1794:
1790:
1784:
1781:
1777:
1771:
1768:
1764:
1759:
1756:
1752:
1748:
1745:
1740:
1737:
1732:
1726:
1722:
1715:
1712:
1707:
1701:
1698:
1693:
1687:
1684:
1671:
1665:
1662:
1658:
1652:
1650:
1646:
1635:on 2010-10-30
1634:
1630:
1624:
1621:
1616:
1614:9780241003633
1610:
1606:
1599:
1597:
1593:
1580:
1576:
1570:
1567:
1555:
1549:
1546:
1542:
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1259:Deutsche Bank
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1255:– CrossFinder
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1253:Credit Suisse
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184:Other markets
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3259:Tender offer
3179:Public float
3149:Market trend
3139:Market depth
2959:Growth stock
2933:Buy and hold
2842:(Cap-to-GDP)
2794:
2682:Floor trader
2672:Market maker
2655:Floor broker
2643:Participants
2586:Golden share
2581:Common stock
2557:Third market
2487:. Retrieved
2483:
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2387:. 2018-07-19
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1851:
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1831:
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1670:"Rule 19c-3"
1664:
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1633:the original
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1579:the original
1569:
1558:. Retrieved
1548:
1540:
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1479:
1463:
1448:
1366:BATS Trading
1291:– Instinct-X
1273:– GETMatched
1158:Chi-X Global
1140:Some public
1125:
1110:
1101:
1091:
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1077:
1070:
1058:
1046:Please help
1041:verification
1038:
1015:
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964:Please help
952:
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875:In 2009 the
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768:market depth
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504:Market trend
479:Greenwashing
336:Participants
141:Growth stock
136:Common stock
127:Stock market
97:Fixed income
65:
3264:Uptick rule
3244:Stock split
3224:Squeeze-out
3219:Speculation
3164:Open outcry
3053:Block trade
2985:Pairs trade
2361:www.sec.gov
2337:www.sec.gov
2201:15 November
2133:15 November
2046:28 February
2020:28 February
1514:All or none
1473:to prevent
1417:Software AG
1390:– Spotlight
1376:XTX Markets
1303:– Nomura NX
1222:BNP Paribas
1063:"Dark pool"
982:August 2023
828:Controversy
627:transparent
499:Market risk
312:Spot market
269:Reinsurance
264:Real estate
254:Mutual fund
191:Derivatives
161:Stockbroker
78:Bond market
3294:Categories
3269:Volatility
3249:Stock swap
3169:Order book
2920:strategies
2846:Book value
2714:Arbitrager
2709:Speculator
2489:2020-03-29
2464:2020-03-29
2440:2020-03-29
2416:2020-03-30
2391:2020-03-29
2366:2020-03-29
2342:2020-03-29
2318:2020-03-29
2256:2015-02-02
2227:2013-07-22
2159:2016-05-09
1895:2014-04-11
1842:2007-08-21
1639:2011-01-27
1560:2011-06-20
1525:References
1445:Regulation
1074:newspapers
836:Flash Boys
748:Tabb Group
577:is called
567:black pool
341:Regulation
69:Securities
2885:Fed model
2880:EV/EBITDA
2795:Dark pool
2726:Regulator
2571:Types of
2537:Types of
1401:– LN Dark
1399:Liquidnet
1371:Turquoise
1337:LeveL ATS
1315:– ALPHA Y
1279:– SIGMA X
1210:JP Morgan
1190:SmartPool
1170:Liquidnet
1166:SygnumOTC
1142:exchanges
1104:July 2021
953:does not
847:(HFT) in
817:prop desk
700:Operation
589:like the
563:dark pool
442:corporate
417:Financial
239:Commodity
3214:Slippage
3174:Position
3159:Momentum
3063:Dividend
2742:Exchange
2699:Investor
2217:"ETFONE"
1977:April 1,
1951:April 1,
1925:April 1,
1872:Archived
1747:Archived
1585:June 18,
1499:Lit pool
1488:See also
1466:U.S. SEC
1297:– MSPOOL
1265:Fidelity
1162:Instinet
925:ITG fine
912:UBS fine
897:Barclays
893:New York
671:Instinet
593:and the
467:services
457:personal
452:forecast
422:analysis
346:Clearing
298:Forwards
224:Currency
62:Exchange
3103:Haircut
2907:T-model
2719:Scalper
2539:markets
2111:25 July
2085:27 June
1832:tsx.com
1676:June 5,
1388:Fidessa
1321:– DRECT
1196:ETF One
1088:scholar
974:removed
959:sources
657:History
559:finance
474:Fintech
437:betting
427:analyst
327:Trading
303:Options
3124:Margin
2992:(PMPT)
2854:(CAPM)
2704:Hedger
2677:Trader
2650:Broker
2573:stocks
1727:
1611:
1301:Nomura
1212:– JPMX
1146:orders
1090:
1083:
1076:
1069:
1061:
843:about
764:orders
623:orders
595:NASDAQ
565:(also
462:public
259:Option
64:
3279:Yield
3254:Trade
3189:Rally
3110:(IPO)
2998:(RMH)
2971:(MPT)
2950:(EMH)
2903:(SML)
2892:(NAV)
2866:(DDM)
2860:(CML)
2831:(APT)
2824:Alpha
2791:(STP)
2785:(DMA)
2779:(ECN)
2773:(MTF)
2767:(ATS)
2295:(PDF)
2280:(PDF)
2177:(PDF)
1481:FINRA
1421:Apama
1319:Daiwa
1271:GETCO
1181:(ITG)
1095:JSTOR
1081:books
881:FINRA
714:order
447:crime
432:asset
317:Swaps
249:Money
156:Stock
3114:Long
2918:and
2848:(BV)
2835:Beta
2203:2017
2135:2017
2113:2014
2087:2014
2048:2015
2022:2015
1979:2014
1953:2014
1927:2014
1725:ISBN
1678:2019
1609:ISBN
1587:2011
1464:The
1244:Citi
1067:news
957:any
955:cite
708:and
692:and
651:VWAP
561:, a
387:Bull
1995:",
1471:IEX
1307:UBS
1050:by
968:by
919:SEC
821:ECN
741:HFT
706:FIX
629:.
557:In
412:ESG
244:ETF
3296::
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