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To: Les H who wrote (210772)	7/16/2009 10:34:33 AM
From: MulhollandDrive	Read Replies (1) \| Respond to of 306849

to quote rubberband and john chen: AWESOME!

To: Les H who wrote (210772)	7/16/2009 11:24:39 AM
From: Les H	Read Replies (1) \| Respond to of 306849

The swell of dark pools raises questions for investors, regulators and exchanges. For investors, too many new trading venues may cause liquidity to fragment. Turquoise, a European dark-pool operator owned by a consortium of investment banks, will launch an aggregator on July 20 to scour the dark pools of nine broker-dealers including Citibank, Deutsche Bank and Merrill Lynch in an attempt to offer investors better pricing and a higher rate of matching trades. The market will also do its bit. Although dark pools have captured a significant chunk of equity-trading volumes, many are still struggling to turn a profit. "I have no doubt there will be downward pressure on the total number of dark pools," says Marcus Hooper of Pipeline, another operator, who reckons consolidation will go furthest in Europe. Regulators voice two contrasting concerns. One is that some dark pools give off signals, or indicators of interest, about positions that others can exploit. Backers say the pools are designed to reduce the ability of investors to front-run large orders. The other is that they hamper price discovery. Mary Schapiro, the chairman of the U.S. Securities and Exchange Commission, has expressed concern about their opacity. Immediate disclosure of orders, after they have been executed, is the obvious answer. Conventional exchanges are already struggling with lower trading volumes and a meager flow of public share offerings, both side effects of the recession. They can ill afford to lose more business to dark pools. Some incumbents are taking the fight directly to the upstarts: The London Stock Exchange, one of the world's oldest bourses, announced on June 29 that it had received regulatory approval for the launch of Baikal, its own pan-European dark pool. Yoda would approve. winnipegfreepress.com

To: Les H who wrote (210772)	7/16/2009 11:30:19 AM
From: Les H	Read Replies (1) \| Respond to of 306849

It didn't sound like US money manager, Michael Holland, was being ironic when he described Goldman Sachs as "the smartest guys in the room" for piling up income of US$3.4 billion in the three months to June 26 - an 89 per cent increase compared to the same period last year. The 'smartest guys in the room' tag, of course, is now inextricably linked with the Enron executives and their "faulty and corrupt business practices", which led to a financial scandal that has since been eclipsed by Madoff et al. blogs.nzherald.co.nz