By E. Banks
Darkish swimming pools is a realistic textual content facing the more and more very important subject of darkish swimming pools, or non-displayed, off-exchange buying and selling and liquidity. It discusses the improvement of the fairness buying and selling industry over the last twenty years and the way darkish swimming pools may well evolve in a post-financial hindrance international.
Read or Download Dark Pools: The Structure and Future of Off-Exchange Trading and Liquidity (Finance and Capital Markets) PDF
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Additional info for Dark Pools: The Structure and Future of Off-Exchange Trading and Liquidity (Finance and Capital Markets)
Various crossing networks predated MiFID: for instance, POSIT Match arrived in Europe in 1998, while Liquidnet set up a platform in 2002. In fact, MiFID has given established exchanges such as the LSE, NYSE Euronext, NASDAQ OMX, Deutsche Boerse, and others additional competition, causing them to reformulate their own business models. By late 2009, Europe featured more than two dozen venues supplying dark liquidity in large-, mid-, and small-cap stocks, including exchanges (via reserve and hidden orders23), crossing networks, and systematic internalizers.
The primary peg is, of course, far less aggressive and is less likely to be executed than its peg counterparts. , peg orders may execute at subpenny increments. Hybrid and complex orders Many other kinds of orders can be created by combining one or more of the structures noted above. We may consider these to be hybrid orders, all of which are designed to yield even greater execution specificity. Common hybrid/complex orders include the following: Cross order Derivative order Conditional order Benchmark order Do-not-route order Pass-through order This is but a small sampling of hybrid/complex orders—many others also exist.
Similarly, a trailing stop limit order is identical to the trailing stop order, except we substitute the market order plus trailing amount with a limit order plus trailing amount; the limit price used in the limit order is computed as the stop price minus the limit offset. 90. 75. 85. 75 is submitted. A limit-if-touched order is an order to buy or sell a security at a limit price, which is held until a trigger is touched; once touched, it is submitted as a limit order. A limit-on-close order is a limit order submitted to execute at the closing price if it is at, or better than, the specified limit price, or else the order MARKET LIQUIDITY AND STRUCTURE 39 is cancelled.