Advanced Trading

Archive: dark pools
» Weblog Main | » View Entries By Topic | » View Entries By Date

Will LSE and Lehman’s Dark Pool Weather Latest Sale Rumors?

Jul 1, 2008 @ 05:52 PM By Ivy Schmerken,

The London Stock Exchange Group plc's plans to form a Pan European dark liquidity pool with Lehman Brothers Holdings Inc. as its joint venture partner could be overshadowed by the potential sale of the firm.

NYSE MatchPoint Offers Free Internalization to Sell-Side DMA Providers

Feb 12, 2008 @ 05:35 PM By Ivy Schmerken,

NYSE MatchPoint is talking to several of the largest broker dealer members of the exchange about connecting their direct market access (DMA) trading systems up to the new portfolio-based crossing system.

Citi Brings Together ATD and Citi Liquidity with Launch of Citi Match

Feb 6, 2008 @ 03:22 PM By Kerry Massaro,

Citi has quietly launched Citi Match, an anonymous crossing network that brings together the order flow of Automated Trading Desk and Citi. Tim Reilly, Managing Director and Head of Electronic Sales, says, "This is a game changer. One of the biggest challenges for any of the bulge bracket firms is to create a single point of access to their consolidated liquidity. There is a short list of firms that can offer one stop shopping for their non displayed liquidity." He explains that although most of the broker-dealers have matching networks, they don’t have the critical mass that he expects Citi Match to have, nor do they pull together all liquidity types. "We have the three legs of the stool, which is unique," noting that Citi Match pulls together institutional, broker-dealer and retail order flow. He says, "This is very different from simply pulling flow together from an algo, cash and program trading desk and calling it a crossing engine."

BIDS Trading Integrates with Fidessa LatentZero

Feb 5, 2008 @ 02:01 PM By Ivy Schmerken,

BIDS Trading, an alternative trading system (ATS) focusing on U.S. equity block trading, has now connected to the Fidessa Latent Zero’s buy-side order execution management system (OEMS), called Minerva. Both companies announced the systems connectivity today, reflecting the need to provide institutions with access to new trading venues that are proliferating in the U.S. equity trading space.

Market Tumult Lifts Volume at Liquidnet and Pipeline

Jan 22, 2008 @ 07:07 PM By Ivy Schmerken,

Fears of a U.S. recession that sparked a global sell-off in European and Asian stocks over the past two days, led to a rocky day in U.S. stock trading and an aggressive rate cut by the Federal Reserve, But the jittery behavior of institutional investors and hedge funds could be good for alternative trading systems (ATSs) judging from the recent highs in dark pools. Two of the dark pools, Liquidnet and Pipeline, announced record high volumes last week.

Aqua ATS Joins Tradeware Network to Access Block Liquidity

Jan 16, 2008 @ 12:45 PM By Ivy Schmerken,

Aqua, a new alternative trading system that is trying to solve the block liquidity problem for the buy side and mid-tier brokers, has joined Tradeware Global Corp.’s FIXLink, global connectivity network.

“Tradeware has a platform that is used by a lot of brokers,” says Kevin Foley, president and CEO of Aqua, a new electronic trading platform for block liquidity that is backed by Cantor Fitzgerald and eSpeed. Aqua did its first trades in December. “People aren’t going to trade unless it’s seamless and paperless. You’ve got to integrate where the source is and where the liquidity is,” says Foley.

Portware Connects to NYSE MatchPoint

Jan 15, 2008 @ 12:39 PM By Cristina McEachern,

In preparation for the January 22nd launch of NYSE MatchPoint, Portware announced it has integrated with the portfolio-based point-in-time electronic trading facility. Portware’s buy- and sell-side clients will have full access to the centralized matching environment.

LongView and BIDS Announce Connectivity

Nov 27, 2007 @ 02:14 PM By Cristina McEachern,

Linedata Services announced connectivity between its LongView Trade Order Management System (OMS) and the BIDS altnerative trading system (ATS) for anonymous block trading.

ITG Drops Sell SIde Algo Access to POSIT

Nov 1, 2007 @ 12:30 PM By Cristina McEachern,

In a letter sent to clients today, ITG informed its user base that sell-side algorithmic access to POSIT will be discontinued as of November 8, 2007.

NYSE Euronext to Form Block Trading Venture with BIDS

Oct 30, 2007 @ 04:33 PM By Ivy Schmerken,

NYSE Euronext said it plans to form a joint venture with a dozen Wall Street firms that own BIDS Trading, an alternative trading system (ATS), to help re-aggregate block liquidity.

Canadian ATSs To Make A Splash in 2008

Oct 9, 2007 @ 05:54 PM By Ivy Schmerken,

Canada is experiencing a boom in alternative trading systems (ATSs) that is going to transform the behavior of the buy-side equity traders next year as they turn to technology to source liquidity.
According to a recent report by Toronto-based Competitive Metrics Inc., Canada is undergoing a dramatic shift from a dual market place structure dominated by the Toronto Stock Exchange (TSX), and upstairs block trading desks to more of a multi-market structure.

STA Panel: Bright Future for Dark Pools

Oct 5, 2007 @ 08:07 AM By Cristina McEachern,

Finding and tapping liquidity is obviously a vital issue affecting traders across the board and at the Security Traders Association's (STA) 74th Annual Conference in Boca Raton, Florida, it was the focus of a key panel discussion.

TradeTech West: Dark Pools Rising

Sep 26, 2007 @ 05:34 PM By Cristina McEachern,

Dark pools were the order of business for an intriguing panel discussion at TradeTech West today. The discussion, moderated by Douglas Engmann, senior executive vice president and managing director of equities at Fimat USA, touched on dark pool strategies, trends and one panelist even took it so far as to say that displayed markets are not necessary for buy side traders.

BIDS Trading Passes A Billion Shares with Utility Model

Sep 18, 2007 @ 05:40 PM By Ivy Schmerken,

As the ongoing battle for liquidity heats up among the major U.S. equity block trading platforms, BIDS Trading appears to be making rapid inroads with its open access, utility pricing model. In a sign that its model is catching on, yesterday, the BIDS alternative trading system, announced it has traded one billion shares since its formal launch this past April, only six months ago.

Options Dark Pool Readies for Launch

Sep 14, 2007 @ 03:10 PM By Cristina McEachern,

While dark pools have popped up like crazy on the equities side, bringing the total somewhere close to 40, there will soon be a new dark pool dimension. U.S equity options.

BIDS Hooks Up the Buy Side

Aug 15, 2007 @ 02:45 PM By Cristina McEachern,

BIDS Trading announced connections to Goldman Sach’s REDIPlus, JP Morgan’s Neovest and Morgan Stanley’s Passport Connect electronic trading platforms.

BIDS Reports Jump in July Trading Numbers

Aug 1, 2007 @ 02:07 PM By Cristina McEachern,

BIDS Trading announced its anonymous alternative trading system (ATS) for U.S. equity block trading saw 355.2 million shares traded during the month of July. On average the system saw about 16.9 million shares crossing per day in July.

ITG Launches Canadian Dark Book

Jul 16, 2007 @ 03:35 PM By Cristina McEachern,

Investment Technology Group (ITG) has launched its Match Now dark book for Canadian equities.

Pulse Trading Launches Dark Book

May 23, 2007 @ 04:34 PM By Kerry Massaro,

And now there are 41…Pulse Trading has entered the fray of dark pool trading with the launch BlockCross, which had its first day of trading today (May 23). I talked to Mark Enriquez, managing partner of Pulse a few weeks ago and he told me a little about the system. He was hesitant to say too much because it had not yet launched. What he did tell me is that the system is open to both buy and sell side traders and they can determine with whom they want to cross. The system is geared toward block trades and is for US equity trading only. It will compete directly with Liquidnet and Pipeline, as well as some of the other dark pools in the market.

Instinet and Credit Suisse Link Dark Pools in Japan

May 23, 2007 @ 10:58 AM By Cristina McEachern,

Instinet and Credit Suisse announced an agreement to link their respective dark liquidity pools in Japan. Through an algorithm, customers of Instinet’s CBX for Japanese Securities and Credit Suisse’s CrossFinder will have access to each other’s dark pools of liquidity.

Harvey Pitt: SEC Looking, Not Acting on Dark Pool Explosion

Apr 19, 2007 @ 10:48 AM By Kerry Massaro,

The question is constantly out there—Will the SEC place new regulations on non displayed pools of liquidity otherwise known as “dark books?” That was the topic of discussion at a Liquidnet press breakfast (April 18)featuring Seth Merrin, Liquidnet’s founder, and Harvey Pitt, former SEC Chairman and now consultant of Kalorama Partners based in Washington, D.C.

Old Mutual Asset Managers (London)
Eoin Murray
Chief Investment Officer

In the last six months -- and probably the six to come -- the No. 1 industry trend definitely has been MiFID, the European regulation around defining what equates to best execution and best practice for trading. It is definitely requiring us ... More >>