Should Dark Pools Be Prohibited
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Should Dark Pools Be Prohibited
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Author : Moritz Meyer
language : en
Publisher: GRIN Verlag
Release Date : 2018-05-29
Should Dark Pools Be Prohibited written by Moritz Meyer and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-05-29 with Business & Economics categories.
Essay from the year 2017 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 68%, University of Strathclyde, language: English, abstract: Should dark pools be prohibited? Discuss this statement by exclusively presenting arguments that this is not the case. A dark pool is defined by Banks (2010) as an alternative trading system for the anonymous trade of standardised financial products. Pan (2017) specifies it as mainly an equity trading venue. The trades in a dark pool are, according to Ye (2016), concluded outside of any display order. This differs from lit markets, such as traditional stock exchanges, as the trade, according to Comerton-Forde and Putniņš (2015), is only made public after it has been executed. Dark pools are a highly unregulated market sector and not subjected to the rules and regulations of the European stock exchanges, as Baxter (2017) highlights. Petrescu and Wedow (2017) therefore assumed that the key feature of dark pools is less transparency compared to lit markets, i.e. market participants do not have an overview of the supply and demand of the products. The traders purchase and sell on dark pools without showing their identities or exposing transactions to the public market; therefore, the available liquidity in the dark pool is anonymous, as pointed out by Kratz and Schöneborn (2014). The price of a successful order is calculated, as claimed by Banks (2014), as the midpoint of the bid and offer. Zhu (2014) states that the execution of an order in a dark pool is not guaranteed, unlike the traditional stock exchange.
Why Should Dark Pools Be Prohibited
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Author : Sabrina Schleimer
language : en
Publisher: GRIN Verlag
Release Date : 2018-08-23
Why Should Dark Pools Be Prohibited written by Sabrina Schleimer and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-08-23 with Business & Economics categories.
Essay from the year 2017 in the subject Economics - Finance, grade: 1,7, University of Strathclyde (Business School), course: International Financial Markets and Banking, language: English, abstract: The following paper will introduce dark pools and present as well as discuss some of the most important arguments in favour of prohibiting dark pools. Dark pools have been in existence since the 1980s with the first one being founded by Instinet in 1986. However, according to Zhu (2014), there was little interest in dark pools as they only had a very low market share. The author states that this changed in 2007 when both the United States of America as well as the European Union implemented new legislation – the Regulation National Market System (Reg NMS) and the Markets in Financial Instruments Directive (MiFID) respectively – which led to a significant increase in the number of both dark pools and trades on these platforms. The International Organization of Securities Commissions (IOSCO) (2010) generally defines dark pools as electronic liquidity pools which do not publicly provide any share prices before the trade. This lack of pre-trade transparency thus enables equity investors to trade privately, contrary to public stock exchanges, often referred to as lit markets. According to Lovén (2013), the main purpose of dark pools is twofold, firstly to minimise market impact and secondly to offer improvements of trading prices. To achieve this, dark pools usually execute orders at the midpoint of the bid-offer spread with the latter being sourced from lit exchange prices.
Understanding Defi
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Author : Alexandra Damsker
language : en
Publisher: "O'Reilly Media, Inc."
Release Date : 2024-02-23
Understanding Defi written by Alexandra Damsker and has been published by "O'Reilly Media, Inc." this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-02-23 with categories.
Decentralized finance (DeFi) is a rapidly growing field in fintech, having grown from $700 million to $100 billion over the past three years alone. But the lack of reliable information makes this area both risky and murky. In this practical book, experienced securities attorney Alexandra Damsker explains DeFi's role in both blockchain and finance. Ideal for developers looking to build decentralized applications (DApps), this book compares DeFi to traditional bank-led fintech and explains why DeFi is exploding in interest and popularity. You'll explore the growing array of DApps and platforms in various categories, including their benefits and drawbacks, and learn how DeFi tools work together from the perspective of both users and developers. With this book, you will: Learn how DeFi fits into the blockchain and fintech worlds Understand why it's important to move beyond the banking system Explore the tools for building a useful, functional DeFi application Learn the risks, benefits, regulatory concerns, and unresolved issues in this nascent and fast-growing industry See which technologies are well-positioned to be incorporated into DeFi blockchains in the near future Assess your own risk level to determine which strategies are most appropriate
Dark Pools
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Author : E. Banks
language : en
Publisher: Springer
Release Date : 2014-08-21
Dark Pools written by E. Banks and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-08-21 with Business & Economics categories.
This book deals with the topic of dark trading, or non-displayed, off-exchange trading execution. It discusses the development, importance and practice of dark equity trading in an environment dominated by high frequency, program, block and algorithmic trading, and considers its future prospects in a world of mobile capital and changing regulation.
High Frequency Trading And Dark Pools The Complexity Of Financial Markets
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Author : William Troyaux
language : en
Publisher: Publishroom
Release Date : 2023-07-04
High Frequency Trading And Dark Pools The Complexity Of Financial Markets written by William Troyaux and has been published by Publishroom this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-07-04 with Business & Economics categories.
You will find in this book exclusive interviews of renowned specialists about market microstructure and high-frequency trading strategies on lit markets and Dark Pools. This book was developed following extensive research to democratize as many aspects as possible on US and European market microstructure, high-frequency trading strategies and Dark Pools. Today, financial markets have become extremely complex. Market automation and new regulations have encouraged the emergence of new market players: high-frequency traders. These new players hold intraday positions. They deploy their specific orders and arbitrage strategies across multiple markets at close to the speed of light to get the best prices and to trade ahead of other market participants. Dark Pools, whose operations are also difficult to understand for most professionals, have been created, adding complexity to financial markets. Dark Pools seems a little bit scary. However, we will see that Dark Pools are advantageous in terms of price compared to regulated markets. “Fantastic job explaining some tough to understand topics.” – Joe Saluzzi, Partner and co-founder of Themis Trading and co-author of the book Broken Markets. William’s message: “High-frequency trading is a small world that is difficult to access. I have spent a large part of this last year writing this book, taking into account the interviews I have been able to carry out in order to democratize as many aspects as possible. Many thanks to Joe Saluzzi, Alexandre Laumonier, Dave Lauer, Benoît Lallemand, Jean-Philippe Bouchaud and Donald MacKenzie. This book will help you to better understand the winning strategies of high-frequency trading firms.”
Sec Docket
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Author : United States. Securities and Exchange Commission
language : en
Publisher:
Release Date : 2010
Sec Docket written by United States. Securities and Exchange Commission and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Securities categories.
Trading And Electronic Markets What Investment Professionals Need To Know
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Author : Larry Harris
language : en
Publisher: CFA Institute Research Foundation
Release Date : 2015-10-19
Trading And Electronic Markets What Investment Professionals Need To Know written by Larry Harris and has been published by CFA Institute Research Foundation this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-10-19 with Business & Economics categories.
The true meaning of investment discipline is to trade only when you rationally expect that you will achieve your desired objective. Accordingly, managers must thoroughly understand why they trade. Because trading is a zero-sum game, good investment discipline also requires that managers understand why their counterparties trade. This book surveys the many reasons why people trade and identifies the implications of the zero-sum game for investment discipline. It also identifies the origins of liquidity and thus of transaction costs, as well as when active investment strategies are profitable. The book then explains how managers must measure and control transaction costs to perform well. Electronic trading systems and electronic trading strategies now dominate trading in exchange markets throughout the world. The book identifies why speed is of such great importance to electronic traders, how they obtain it, and the trading strategies they use to exploit it. Finally, the book analyzes many issues associated with electronic trading that currently concern practitioners and regulators.
Lecture Notes In Market Microstructure And Trading
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Author : Peter Joakim Westerholm
language : en
Publisher: World Scientific
Release Date : 2018-11-29
Lecture Notes In Market Microstructure And Trading written by Peter Joakim Westerholm and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-11-29 with Business & Economics categories.
This book, written by Joakim Westerholm, Professor of Finance and former trading professional, is intended to be used as basis for developing courses in Securities markets, Trading, and Market microstructure and connects theoretic rigor with practical real world applications.Market technology evolves, the roles of market participants change, and whole market segments disappear to be replaced by new ways to exchange securities. Yet, the same underlying economic principles continue to drive trading in securities markets. Thus, the scope of the book is global, providing a framework that is relevant both for current market designs and for future markets we will see develop. It is designed to stay relevant in a rapidly evolving field.The book contains a selection of lecture notes through which students will gain an in-depth understanding of the mechanism that drives trading in securities markets. The book also contains another set of lecture notes with more advanced, research-based material, suitable for Honours or Master level research students, or for PhD candidates. The material is self-explanatory and can also be used for self-study, preferably in conjunction with assigned readings.
Good Regulation Bad Regulation
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Author : Imad A. Moosa
language : en
Publisher: Springer
Release Date : 2016-01-12
Good Regulation Bad Regulation written by Imad A. Moosa and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-01-12 with Business & Economics categories.
Since the 2007 2008 global financial crisis, there has been much debate about the role of financial regulation and the causes of financial instability in the industry. Where studies commonly question the value of a regulated rather than free market , this book focuses on the differentiation of 'good regulation' and 'bad regulation'. This book highlights the need for financial regulation to combat corruption, and the integral link that exists between corruption and financial instability. The author evaluates the benefits and shortcomings of specific types of regulation, drawing on recent examples to illustrate each argument. The book presents compelling arguments for the regulation of leverage, liquidity, payday loans and securitisation; and debates the negative aspects of the regulation of short selling, and high-frequency trading, and of Basel-style banking regulation. The author argues that there is no free-market solution to financial instability, and rejects the idea of 'too big to fail'.
Dark Pools And High Frequency Trading For Dummies
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Author : Jay Vaananen
language : en
Publisher: John Wiley & Sons
Release Date : 2015-02-23
Dark Pools And High Frequency Trading For Dummies written by Jay Vaananen and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-02-23 with Business & Economics categories.
A plain English guide to high frequency trading and off-exchange trading practices In Dark Pools & High Frequency Trading For Dummies, senior private banker Jukka Vaananen has created an indispensable and friendly guide to what really goes on inside dark pools, what rewards you can reap as an investor and how wider stock markets and pricing may be affected by dark pools. Written with the classic For Dummies style that has become a hallmark of the brand, Vaananen makes this complex material easy to understand with an insider's look into the topic. The book takes a detailed look at the pros and the cons of trading in dark pools, and how this type of trading differs from more traditional routes. It also examines how dark pools are currently regulated, and how the regulatory landscape may be changing. Learn what types of dark pools exist, and how a typical transaction works Discover the rules and regulations for dark pools, and some of the downsides to trading Explore how dark pools can benefit investors and banks, and who can trade in them Recognize the ins and outs of automated and high frequency trading Because dark pools allow companies to trade stocks anonymously and away from the public exchange, they are not subject to the peaks and troughs of the stock market, and have only recently begun to take off in a big way. Written with investors and finance students in mind, Dark Pools & High Frequency Trading For Dummies is the ultimate reference guide for anyone looking to understand dark pools and dark liquidity, including the different order types and key HFT strategies.