Dark pools are equity trading systems that do not publicly display orders. Dark pools offer
potential price improvements but do not guarantee execution. Informed traders tend to trade …

Diving Into Dark Pools* Page 1 Diving Into Dark Pools* Sabrina Buti† Barbara Rindi‡ and
Ingrid M. Werner§ Fisher College of Business The Ohio State University Date: November 17 …

Dark pools are a recent type of stock exchange in which information about outstanding
orders is deliberately hidden in order to minimize the market impact of large-volume trades …

Recent dark pool proliferation has magnified regulatory and academic concerns about equal
access and market quality implications. Some dark pools, hoping to create an environment …

This study investigates the determinants of liquidity and execution probability in an
exchange operated dark pool. We analyse a unique set of data collated from the Australian …

We examine the non-execution probability and market share of crossing networks (dark
pool) using SEC 605 data for NYSE and NASDAQ stocks. We find that crossing networks …

This article reviews the recent developments on dark liquidity pools starting from the
theoretical and empirical academic literature. The number of dark liquidity pools as well as …

I model the decision of whether or not to use a crossing network (CN) or a traditional quoting
exchange (QE) and derive hypotheses regarding the factors that affect this decision. I test …

The authors examine the execution efficiency of European trading venues following the
implementation of the Markets in Financial Instruments Directive (MiFID). The current study …

This article presents a brief historical perspective on the evolution of equity market structure
and considers implications microstructure analysis has had for improving market structure …