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Hedgeweek Special Report: Dark Pools 2013
Dark Pools 2013

Thu, 06/06/2013 - 11:35

The 'Dark Pools 2013' special report comprises 5 separate articles listed below, these can be read individually or as a sequence.

James Williams, Hedgeweek

Volumes grow but will regulation dampen spirits?

Thu, 06/06/2013 - 11:40

By James Williams – Dark pools exist in a variety of forms to serve a variety of clients. In the US they are referred to as an alternative trading system (ATS). In Europe they include multilateral trading facilities (MTFs) – alternative trading venues that sprang out of MiFID regulation in 2007 – broker-owned pools called Broker Crossing Networks (BCNs) or “internalisers”. Not to mention independent dark pool operators like Liquidnet that connect buy-side to buy-side institutions. »

Per Loven, Liquidnet

Not all dark pools are created equal

Thu, 06/06/2013 - 11:44

Under current MiFID regulation, pre-trade transparency waivers are used to allow non-displayed trading venues to forego the need to publish bids and offers prior to execution. With average trade size falling on these venues, often referred to as dark pools, there is a feeling among regulators and indeed exchanges, that these venues are having a negative impact on price discovery and liquidity. »

Mark Goodman, head of quantitative electronic, Societe Generale

AlphaY plugs liquidity gap using derivatives & Delta One hedging flows

Thu, 06/06/2013 - 11:47

The decision for Société Générale to launch a dark pool trading platform, AlphaY, in April 2012 arose from a desire to access liquidity in a safe environment that the firm felt was not readily available externally. »

Gerrit van Wingerden, managing director Tora Trading, Japan

Dark Pools deliver price improvement and anonymity

Thu, 06/06/2013 - 11:50

By James Williams – With dark pools appearing a lot more in media headlines this year, understanding some of the benefits, and risks, for institutions who have yet to fully engage with them, is vital. »

Chris Jenkins, managing director, Tora Trading Asia

Using the right tools is vital in assessing toxicity

Thu, 06/06/2013 - 11:59

Interview with Chris Jenkins, managing director, Tora Trading Asia »

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