Why Should Dark Pools Be Prohibited
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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.
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.
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.
Dark Pools
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Author : E. Banks
language : en
Publisher: Springer
Release Date : 2010-04-09
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 2010-04-09 with Business & Economics categories.
Dark Pools is a practical text dealing with the increasingly important topic of dark pools, or non-displayed, off-exchange trading and liquidity. It discusses the development of the equity trading marketplace over the past two decades and how dark pools may evolve in a post-financial crisis world.
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
Flash Boys A Wall Street Revolt
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Author : Michael Lewis
language : en
Publisher: W. W. Norton & Company
Release Date : 2014-03-31
Flash Boys A Wall Street Revolt written by Michael Lewis and has been published by W. W. Norton & Company this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-03-31 with Business & Economics categories.
Argues that post-crisis Wall Street continues to be controlled by large banks and explains how a small, diverse group of Wall Street men have banded together to reform the financial markets.
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.”
Dark Pools Internalization And Equity Market Quality
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Author : Rhodri Preece
language : en
Publisher:
Release Date : 2012-10
Dark Pools Internalization And Equity Market Quality written by Rhodri Preece and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-10 with categories.
Dark Pools
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Author : Scott Patterson
language : en
Publisher: Crown Currency
Release Date : 2012-06-12
Dark Pools written by Scott Patterson and has been published by Crown Currency this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-06-12 with Business & Economics categories.
A news-breaking account of the global stock market's subterranean battles, Dark Pools portrays the rise of the "bots"--artificially intelligent systems that execute trades in milliseconds and use the cover of darkness to out-maneuver the humans who've created them. In the beginning was Josh Levine, an idealistic programming genius who dreamed of wresting control of the market from the big exchanges that, again and again, gave the giant institutions an advantage over the little guy. Levine created a computerized trading hub named Island where small traders swapped stocks, and over time his invention morphed into a global electronic stock market that sent trillions in capital through a vast jungle of fiber-optic cables. By then, the market that Levine had sought to fix had turned upside down, birthing secretive exchanges called dark pools and a new species of trading machines that could think, and that seemed, ominously, to be slipping the control of their human masters. Dark Pools is the fascinating story of how global markets have been hijacked by trading robots--many so self-directed that humans can't predict what they'll do next.
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.