Submissions to the US securities regulator on a proposed alternative trading system reporting function have broadly welcomed greater transparency, but queried a suggested fee to recoup costs of the process.
Tag: Dark pools
New non-displayed US alternative trading system IEX, whose ownership consortium includes several buy-side firms, successfully launched Friday with one participant confirming successful test trades and no reported system errors.
The success of dark multilateral trading facilities and order books focused on smaller trades has contributed to smaller average trade sizes, according to research from Fidessa.
Comparing execution performance remains a major headache for institutional investors who use dark pools, according to theTRADEnews.com's May poll.
Dark pool operators must be more open to clients and regulators if they wish to regain trust following a renewed focus on order handling, according to Jamie Selway, head of liquidity management at agency broker ITG.
Two-fifths of buy-siders don’t bother to specify which dark pools they want to access, according to new research from TradeTech Pulse, an independent research services group from TradeTech.
Canadian financial watchdogs have set out a new regulatory framework for dark trading, giving execution priority to lit orders, requiring meaningful price improvement and giving themselves the power to impose a minimum size for dark orders.
Europe’s dark multilateral trading facilities are engaged in fierce competition, with new entrants SIGMA X MTF, launched by Goldman Sachs last year, and UBS MTF, launched in November 2010, gaining substantial market share, while established block-focused venues have witnessed lower volumes.
Canadian dark trading reached US$11 billion in February, the highest total ever recorded and over double the amount recorded in the same period last year, according to figures provided by Thomson Reuters.
Buy-side focused block trading platform Liquidnet has reported sharp increases in both US and European trading volumes for the start of 2012. In the US, Liquidnet traded a daily average of 1.2 billion shares in January, representing an 80% month-on-month increase. According to the firm, this outpaced overall m