"Non-displayed markets clearly benefited from a significant decline in volatility," Schack and Gawronski wrote,as narrowing price swings lowered demand for immediateexecutions on public exchanges. The drop spurred market-sharegains in all but 4 of the 16 U.S. venues Rosenblatt tracks,accounting for 90 percent of volume in the alternative systems.
Justin Schack, director of market structure analysis at Rosenblatt, cautions that the European data is incomplete, since many banks, including Morgan Stanley (MS)Barclays(BCS), UBS(UBS) and Goldman Sachs(GS), don't disclose trading data for their European dark pools. Nonetheless, Schack believes Citigroup and Credit Suisse are the two largest broker-sponsored European dark pools.
Oct. 25 (Bloomberg) -- Bats Global Markets, the Kansas City, Missouri-based exchange that accounted for about 10 percent of U.S. equities volume in September, will raise fees and rebates for users of its Bats BZX Exchange in November.
As debate unfolds in the US and Europe about the runaway growth of “high-frequency trading” a new question has arisen: is it really generating huge profits for the little-known groups that are driving it?
Is Wall Street rigged against the little guy? Discussing the reasons individual investors seem to have thrown in the towel, with Jacob Zamansky, Zamansky & Associates and Justin Schack, Rosenblatt Securities.
Bloomberg Tradebook is giving its buyside clients a flashlight they can use to peak inside dark pools and gauge how their orders are executing.