One Big Dark Pool To Rule Them All


	One Big Dark Pool To Rule Them All

Forbes Markets

5-20-2008 9:31 AM

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tags:

u.s. equities, stock exchanges, nyse. investment banks

Forbes Markets says:

Public stock exchanges could lose business as a result. Dark pools now account for 10% of equities trading in the U.S., and 20% of all trades in NYSE-listed stocks.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/0fb4b0d1-ce13-48a7-b050-67cee44f3f3a/9B1D131B-44F1-4606-B460-C849B2F98E74/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://dealbreaker.com/2008/05/one_big_dark_pool_to_rule_them.php" href="http://dealbreaker.com/2008/05/one_big_dark_pool_to_rule_them.php" style="font-size: 11px;">dealbreaker.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://dealbreaker.com/2008/05/one_big_dark_pool_to_rule_them.php"><P>Goldman Sachs, Morgan Stanley and UBS said this morning that they have agreed to share their "dark pools," the trading arenas used by institutional investors seeking to trade large blocks of stocks without alerting the broader market about such moves. All of the major investment banks operate dark pools, with Goldman Sachs widely thought to be the industry leader. </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://dealbreaker.com/2008/05/one_big_dark_pool_to_rule_them.php"><P>Dark pools have been criticized as sapping transparency from the market, perhaps making pricing less efficient and certainly creating more uncertainty about the actual volume of shares trading hands. Large trading orders are broken into smaller pieces and matched to other orders by computers. Traditionally this has been done internally within each individual bank. Under the plan announced today, Goldman, UBS and Morgan Stanley will allow for the secretive trading to take place between their clients.  The pools are Goldman's Sigma X, Morgan Stanley's MS POOL and UBS's PIN ATS.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/9B1D131B-44F1-4606-B460-C849B2F98E74/blog/" title="blog or email this clip"><img src="http://content7.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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