List2.pwc.fr/quand-lopacite-des-dark-pools-met-a-mal-lobjectif-de-transparence-de-la-mif.html. Paradoxe de la crise ou simple effet collatéral imprévisible ?
Alors que les régulateurs s'efforcent de rendre plus transparent le shadow banking system en l'intégrant au système financier officiel, notamment en s'efforçant de rapatrier les transactions de gré à gré sur des marchés organisés avec chambres de compensation, il semblerait que la directive MIF ait bien involontairement favorise l’essor inquiétant d’un shadow market system. L’objectif initial de la directive MIF était de supprimer le monopole des marchés réglementés nationaux sur les transactions boursières en actions en suscitant la concurrence de plates-formes de transactions alternatives ou multilateral trading facilities (MTFs).
Moins de trois ans après son entrée en vigueur en Europe, la MIF a effectivement permis le développement de nombreux lieux d’exécution alternatifs aux bourses traditionnelles – MTFs et internalisateurs systématiques[1] – mais aussi l’émergence des dark pools. Dark pools of liquidity. One of the main advantages for institutional investors in using dark pools is for buying or selling large blocks of securities without showing their hand to others and thus avoiding market impact as neither the size of the trade nor the identity are revealed until the trade is filled.
However, it also means that some market participants are disadvantaged as they cannot see the trades before they are executed; prices are agreed upon by participants in the dark pools, so the market becomes no longer transparent.[4] These systems and strategies typically seek liquidity among open and closed trading venues, such as other alternative trading systems. As such, they are particularly useful for computerized and quantitative strategies. Dark liquidity. Wall Street's Secretive and Dangerous Dark Pools. Few things on Wall Street are as secretive and mysterious as "Dark Pools" - stock crossing networks that provide liquidity not displayed in market order books.
The biggest implication of this is that an outsized bid can be matched up with an offer in a private transaction without disclosing the transaction at all. Traditional financial markets generate liquidity by openly advertising buy and sell interest in a given venue, with real time liquidity data provided by publishing market depth (think Level 2). Look deep into my dark pools. It’s a line I’ve wanted to use in conversation for a long-time but never found the opportunity and now here it is: “look deep into my dark pools”.
No, I haven’t made a mess or done something socially unacceptable. I’m just looking at the latest trading phenomena where buyers can place large trades into a market exchange and they sit there until sellers offer a good enough price for the volume. Ker-ching, trade executes. It works the same vice-versa and is well illustrated by Turquoise’s “How it Works” page. Some people believe that dark pools are a worryingly new phenomena but it is not. Then, the head of the trading floor would receive a large block order that needed trading in the dark and so he would split the order. Don't Be Afraid Of The Dark Pools - Forbes.com. Dark Pools Grow Scrutiny Does Not - News Markets. Goldman Now Dominating Dark Pool Trading; Who Is Sigma X? The last time I discussed dark pools, it was in the context of SEC regulation due to the increasing sense of opacity of what happens in this subset of the stock market.
A new Reuters article adds fuel to the fire, indicating that not only are dark pools aggressively taking away from exchange trading action, but it is in fact bank-run dark pools that are the primary culprit. "Dark pools," where orders are anonymously matched so that traders do not alert the wider market to their intentions, have triggered concerns that stock pricing may not be transparent.
But the growth of those run by broker-dealers such as Goldman Sachs and Credit Suisse are squeezing other "dark" electronic trading venues, as well as exchanges, resulting in lower fees. " As frequent Zero Hedge readers know, when it comes to program trading on a traditional exchange such the NYSE, Goldman Sachs is by far the most dominant force. Goldman Sachs Responds To Dark Pool Impropriety Allegations.
It is good that Goldman at least acknowledges the issue of perceived "dark pool"/Sigma X impropriety.
I hope Mr. Ed Canaday can now respond in a comparable fashion to the Zero Hedge queries about Program Trading/SLP issues presented here over the past 2 months: after all such disclosures would go a long way toward increasing "transparency, confidence in our industry, and the understanding of our complex market structure. " Emphasis mine. Valued Clients:We live in a complex world where technology is driving the evolution of market structure at an exponentially increasing pace.
Improved technology has fostered greater competition, lowered barriers to entry for new participants, and increased the total amount of liquidity available in the market. Europe Must ‘Catch Up’ on Dark Pool Rule, Jouyet Says (Update1) Trading in a Dark Pool? Watch for Sharks - MarketBeat. Dark pool : Le trading haute fréquence poursuit son essor en Eur. Dark pools : Les bourses occultes ont le vent en poupe.
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Players. Liquidity. Optimizing dark pool liquidity by Advanced Trading. Over the last six years, liquidity has been an increasingly difficult commodity to detect and access in an electronic trading landscape that has become more and more fragmented.
Jim Leman is managing director and principal of Westwater Corp., a New York-based management and technology consulting firm focusing on the financial services industry. Before becoming head of Westwater's Capital Markets Practice, Leman was head of programme and algorithmic trading initiatives at HSBC Securities. Prior to that, he was president of SunGard BRASS and was managing director of Electronic Trading and Connectivity at Citigroup.
Ravi Manchi is a principal and head of Westwater Corp.'s Global Delivery & Business Strategy. Over the last six years, liquidity has been an increasingly difficult commodity to detect and access in an electronic trading landscape that has become more and more fragmented. The Buy Side's Challenge 1 of 3 More Insights. Dark Pools' Role In Liquidity Provision. NYSE Euronext’s SmartPool to Introduce Dark Pool Data Service - March 15 (Bloomberg) -- NYSE Euronext’s SmartPool European block trading system will introduce a service to allow traders and fund managers to view and interpret post-trade data from dark pools as regulators call for greater transparency.
SmartPool, a dark pool that the world’s largest stock exchange owns with BNP Paribas SA, HSBC Holdings Plc and JPMorgan Chase & Co., will offer its MatchView product from the second quarter, Lee Hodgkinson, chief executive officer of London-based SmartPool, said in an interview. Credit Suisse's Take on Flash Trading, Dark Pools and National M. Dan Mathisson of Credit Suisse (CS) held a conference call with clients yesterday, providing an update on his views of Flash Trading and Dark Pools.
The debate over Flash orders and Dark Pools has been heating up. Politicians have been railing against high-speed trading, the SEC has hinted at new impending rules, and some exchanges have voluntarily withdrawn their flash order type. Meanwhile, thrown into the regulatory mix are possible changes to Reg ATS and Reg NMS, new short- selling disclosure rules, and a new uptick or circuit breaker rule. While Dan did have some harsh words for the media world, stating that a lot of misinformation has been spread, in an ironic twist he agreed tacitly with all the allegations that Zero Hedge and others have presented. But let's back up: Dan did correctly indicate that anyone can have access to the BATS datafeed for a nominal fee. Receive future articles by this author via email: Follow and be the first to know when they publish. Follow Tyler Durden. Darkpools. Vous aimez la crise ? Vous adorerez les "dark pools"
Ils sont arrivés en catimini, juste au moment où Nicolas Sarkozy entrait à l'Elysée en 2007. Smart Fun.