HAYDEN RICHARDS
Dark pools provide an avenue for large institutional investors to trade anonymously with minimal market impact and can help operators improve pricing and reduce transaction costs for clients.
This list (in no particular order) includes independant and Broker Dealer Owned Dark Pools.
POSIT Marketplace uses a proprietary Liquidity Filter to extract quality liquidity from various dark pools, proactively minimizing information leakage and protecting against gaming.
You want to move trades-not markets. Since 1987 we've offered exclusive access to POSIT ®, and we've continued to protect traders with the purest global liquidity, whether large blocks or aggregated across disparate dark sources.
Liquidnet is the institutional equities marketplace, bringing together the world's largest asset managers and public companies on a single network.
Liquidnet is an electronic marketplace for block trading. It enables buy-side firms to access the largest natural pool of institutional liquidity in the industry, and it allows them to execute institutional-sized orders directly and anonymously.
Our BlockCross alternative trading system (ATS) facilitates increased crossing rates for traders, giving you greater control and efficiency in seeking natural block liquidity.
BIDS Trading provides an Alternative Trading System to level the playing field in U.S. equity markets. Open access is provided to traders from both the sell-side and buy-side as well as algorithms, hedge funds and program traders.
BIDS Trading also offers BIDS Trader, a web based interface that interacts with various order management systems and sends orders directly to the BIDS ATS.
BIDS also provides order protection tools that give traders control over their trades. Users decide to whom they want to disclose information through BIDS Filters and traders can also identify potential counter-parties based on past trading behavior through BIDS Scorecard
Chi-X Global is a global provider of trading venues. It is the parent company of several regional Chi-X electronic trading platforms around the world, including Chi-X Canada and Chi-X Japan, as well as the proposed Chi-X Australia. Chi-X Global has also entered into two joint venture partnerships with existing exchange operators: the Singapore Exchange, to build and launch Chi-East, a pan-Asian dark pool, in Q4 2010, and BVMF to launch Chi-FX Brazil.
SIGMA X is among the largest pools of non-displayed liquidity in the United States and is comprised of a customer-to-customer crossing network and a host of external liquidity providers. It allows customers to take liquidity from nondisplayed sources and benefit from the aggregated source of liquidity that flows through the firm's infrastructure.
In Europe, GSET offers the SIGMA suite of products, which includes, liquidity-seeking algorithms, smart order routing and aggregation tools, sophisticated crossing logic and a comprehensive set of analytics. The suite enables you to access multiple liquidity sources, both displayed and dark, with no change to your existing workflow.
CLSA offers Listed Derivatives and Synthetic Equity derivatives distribution.
BlocSec is the first Asian dark pool to cater to both the buy side and the sell side. It was launched by CLSA Asia-Pacific Markets on May 15, 2008, and offers block trading services in Hong Kong in addition to Singapore and Japan.
Clients can connect from their existing OMS using FIX, via the Bloomberg EMS or using BlocSec's web-based application front-end.
Knight Capital Group (KCG) offers trade execution to broker-dealers and institutional investors across all capital markets and owns a majority stake in hedge fund manager Deephaven Holdings
Nomura NX
WELXSM Liquidity Cross — an alternative trading system (ATS) offering a new liquidity pool where resting orders have the opportunity to interact with retail flow at a midpoint match. This ATS matches streaming retail order flow and resting liquidity from institutions and other Wells Fargo entities.
The UBS Price Improvement Network (PIN) is a dark pool trading platform operated by UBS. UBS has been operating the PIN platform in the U.S., Europe, Japan and Australia, and in May 2009 announced it will launch the platform in Hong Kong next.
The PIN is aimed at minimizing trading costs for its clients by anonymously matching large stock orders without signaling big orders to the broad market.
UBS is one of a growing list of dark pool operators in Asia.
BATS Europe provides traders an innovative alternative to other European platforms through cutting-edge technology and competitive pricing.
Event site - Nordic@mid
Trade Turquoise
Operated by Instinet Europe Limited, BlockMatch® is a continuous dark MTF that allows clients to match on its bid, offer or mid-point order books, each of which references Instinet's Consolidated EBBO (European Best Bid and Offer). Operated in Instinet's agency-only environment, BlockMatch is fully closed with no IOIs sent, orders routed or quotes displayed in public markets. The platform, which leverages an ultrafast, exchange-grade matching engine, includes order flow from Instinet's institutional clients as well as streaming liquidity from reciprocating dark pools.
As an independent broker, Citadel Securities accesses most of the available dark pool liquidity in the market today. Mercury Dark amplifies the usage of alpha-driven trading tactics to intelligently source dark pool liquidity. Much like Mercury—its public-venue analogue—Mercury Dark is designed with a single urgency parameter, which controls execution speed based on an investor’s designation, subject to available dark liquidity.
SmartPool provides trading in stocks from 15 European countries, including stocks listed on the 4 NYSE Euronext markets - Europe's...
LeveL ATS is a registered broker dealer and unique electronic alternative trading system (ATS). LeveL's innovative structure maximizes liquidity and provides best execution while minimizing information leakage and market impact.
