So they offer their Apple shares for sale in the dark pool of other institutions.
Problem is there is no way to distinguish one ATS dark pool trade from another!
There is no requirement for the public disclosure of how an ATS dark pool works.
Some 20%, or 225 million shares, were handled through through Sigma X, a dark pool closed off to anyone but Goldman customers.
With this, SGX will be Asia's first exchange-backed dark pool, which will complement exchange trading by reducing the market impact of large trades.
It says it is investigating to determine if dark pool activity detracts from the quality of publicly quoted prices of the stocks involved.
The exchange versus dark pool conversation continued between Larry Leibowitz, chief operating officer of NYSE Euronext, and Dan Mathisson, managing director at Credit Suisse Securities.
With the increasing demand for alternative trading platforms, SGX has recently tied up with Chi-X Global to set up Chi-East to cater to dark pool trading.
According to reports (Younglai and Spicer 2009), a surge in the dark pool volumes in U.S. markets is giving the Securities and Exchange Commission sleepless nights.
FORBES: Dark Pools: The Menace Of Rising Opacity In Financial Markets
On the one-year anniversary of the start up of POSIT Marketplace in the U.S., parent company Investment Technology Group has launched a dark pool under the same name in Asia.
For this reason alone, no one can do comparative analysis between dark pool trades, get a real understanding of dark pool volumes or even do their own trading cost analysis.
Anonymity and order opacity benefit all investors but not disclosing operational models and hiding ATS dark pool trades "in plain sight" on a TRF undermines our marketplace and impacts investors negatively and unnecessarily.
Millions of trades occur in over 50 different and unique dark pools, internalizers and ECNS (all of whom have different (undisclosed) operating and business models) and no one can determine which dark pool did the trade.
As I said earlier, it is imperative for traders and investors to be able to understand the particular benefits and costs of a dark pool so that they can make an informed decision about participating in it.
Buy-side firms are asking for more information on where trades are executed but the data from brokers is hard to use, not standardized and filled with gaps such as how long the broker held a trade to try executing it in its own dark pool before sending it on.
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The SEC staff is looking at requiring disclosure of post-trade information to show which dark-pool operator is executing which trades, according to people familiar with the matter.
The five rooms are impeccably styled with 1950s furnishings, yellow bedspreads and dark hardwood flooring, and the pool has a view.
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