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Heckmann Corporation Message Board

  • gscgaryc gscgaryc May 13, 2013 10:01 AM Flag

    dark pools getting darker what a surprise

    Credit Suisse Is Making Dark Pools Even Darker

    Credit Suisse Is Making Dark Pools Even DarkerBy Matthew PhilipsApril 22, 2013The shadowy world of dark pools is about to get a whole lot darker. Credit Suisse (CS) has announced it will no longer make public any data related to its Crossfinder platform, by far the biggest among a growing group of private trading venues known as dark pools. The investment bank on April 19 said it will stop sending data to Tabb Group or Rosenblatt Securities, two research firms that publish monthly statistics about dark pools. That data is pretty much the only clear window the public has into these private venues, which over the last few years have siphoned trading activity away from public exchanges such as the New York Stock Exchange (NYX) and Nasdaq (NDAQ).Now, an increasingly important segment of the market threatens to become even more opaque than it already was. Unlike public exchanges, dark pools have no obligation to post pricing or trading-volume information, which is, of course, part of their appeal to investors seeking either better prices or to mask their activity from other market participants.Established originally as private destinations for institutional investors looking in part to hide their big orders from speed traders on exchanges, dark pools over the years have attracted an increasingly diverse group of players. The pools now function almost as quasi exchanges themselves—with one big catch: They’re not subject to the same rules as public exchanges.In February, dark pools matched an average of 908 million shares per day, accounting for roughly 14 percent of all U.S. stock trading volume, according to data from Tabb. Crossfinder matched 123 million shares a day, or about 14 percent of all dark pool trading activity. When combined with the amount of trades that get internalized by wholesale brokerages, the amount of trading that takes place outside public exchanges in the “unlit market” hit 36 percent in February, up from about 32 percent for all of l

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