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Strategies & Market Trends : The Final Frontier - Online Remote Trading -- Ignore unavailable to you. Want to Upgrade?

To: TraderAlan who wrote (11916)	5/3/2007 4:51:15 PM
From: Mark Davis	Read Replies (1) \| Respond to of 12617

I couldn't quote you a source but I'd have to say almost certainly yes. I would think the trades are also printed in a timely manner, as per law. lol, if the answer was no, think out how high the REAL trade volume would be.

To: TraderAlan who wrote (11916)	5/3/2007 7:06:24 PM
From: Don Green	Respond to of 12617

Neovest expands access to 15 'dark pools' Created 2007-02-19 14:06 Neovest, a trading technology and direct market access provider, now connects to 15 'dark pools' of liquidity, trading networks that do not publish quotes on the open market. Neovest, which is owned by JPMorgan, has recently launched an active trading tool that simultaneously disseminates orders to numerous 'dark pool' destinations, the firm says. Some dark pools require connectivity through their proprietary front-end, which means a trader may have to use multiple front-ends if he wishes to work a large-sized trade. According to Carl Carrie, head of electronic products, JPMorgan, this can be highly inefficient. "Neovest has become the ultimate search engine for liquidity, quietly becoming the only front-end system the buy-side needs. For the first time, on one platform, traders can quickly access both traditional electronic networks and dark pools," says Carrie. A recent study by market research firm TABB Group, suggests that dark pool execution volumes will continue to grow. According to the report, crossing networks and dark pools represented approximately 10% of the equity market at the end of 2006. Using the total number of destinations referenced by TABB Group, Neovest supports direct routing to approximately 90% of dark pool liquidity, according to the firm. In a separate report, TABB Group reported that in 2006 the average number of front-end trading systems on the desk of a buy-side trader was 6.3. A major initiative for institutions, it noted, is to reduce that number in coming years. "Neovest is a perfect platform to consolidate front-end efficiency and reduce costs," says Bryce Byers, CEO, Neovest. "We foresaw that the trading business would continuously gravitate towards a transparent, broker-neutral platform with access to all pools of liquidity, which is what we deliver." -------------------------------------------------------------------------------- Source URL: thetradenews.com

To: TraderAlan who wrote (11916)	5/4/2007 6:33:58 AM
From: TFF	Respond to of 12617

Dark Pools and the Tactical Side of Trading David Miller Feb 02, 2007 1:51 pm The term “dark pools” refers to pools of trade liquidity – usually bids and offers in considerable size – that are not posted on any publicly available market quote system. Private firms aggregated these questions outside of the exchanges with the hopes they can be crossed by private firms. An article in the January 29, 2007 issue of Advanced Trading provides as good an explanation of this growing phenomenon as I have seen. Mutual funds and hedgies have long had a problem of having their orders jumped. Let’s say a fund wants to buy 100,000 shares of XXYZ, which is currently trading $25 by $25.25. If they float the whole 100,000 into the visible market at $25.25, you can guarantee that ask will be yanked and run to $25.50. If there is demand in size, sellers will seek to run the ask up and make more money. This “slippage” or “market impact” is a significant cost of doing business for large investors. The larger you are, the larger the impact. Large investors have turned to dark pools where they can display their desired transactions in a manner that reduces slippage. These trades are reported to the “public” markets as a done deal without the size bid/offer ever contributing to the publicly available price discovery process. minyanville.com advancedtrading.com

To: TraderAlan who wrote (11916)	5/4/2007 6:48:52 AM
From: TFF	Read Replies (2) \| Respond to of 12617

Under Reg NMS, any venue that exceeds 5 percent of the volume in the market must open its books and display its quotes. "Can internalization get big enough to threaten the public market?" asks Sang Lee, analyst at Aite Group. "I think the answer is no," he says, noting that private matching venues, including crossing networks and dark pools, comprise about 4 percent of the U.S. equity market; about 12 percent of that 4 percent is in broker-operated dark pools. However, Lee adds, dark books likely will be enough of a presence to drive innovation by bigger market players, such as ECNs and exchanges. advancedtrading.com