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Dark Pool Trading
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Download or read book Dark Pools written by Scott Patterson and published by Crown Currency. This book was released on 2012-06-12 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: A news-breaking account of the global stock market's subterranean battles, Dark Pools portrays the rise of the "bots"--artificially intelligent systems that execute trades in milliseconds and use the cover of darkness to out-maneuver the humans who've created them. In the beginning was Josh Levine, an idealistic programming genius who dreamed of wresting control of the market from the big exchanges that, again and again, gave the giant institutions an advantage over the little guy. Levine created a computerized trading hub named Island where small traders swapped stocks, and over time his invention morphed into a global electronic stock market that sent trillions in capital through a vast jungle of fiber-optic cables. By then, the market that Levine had sought to fix had turned upside down, birthing secretive exchanges called dark pools and a new species of trading machines that could think, and that seemed, ominously, to be slipping the control of their human masters. Dark Pools is the fascinating story of how global markets have been hijacked by trading robots--many so self-directed that humans can't predict what they'll do next.
Book Synopsis Dark Pools and High Frequency Trading For Dummies by : Jay Vaananen
Download or read book Dark Pools and High Frequency Trading For Dummies written by Jay Vaananen and published by John Wiley & Sons. This book was released on 2015-02-23 with total page 253 pages. Available in PDF, EPUB and Kindle. Book excerpt: A plain English guide to high frequency trading and off-exchange trading practices In Dark Pools & High Frequency Trading For Dummies, senior private banker Jukka Vaananen has created an indispensable and friendly guide to what really goes on inside dark pools, what rewards you can reap as an investor and how wider stock markets and pricing may be affected by dark pools. Written with the classic For Dummies style that has become a hallmark of the brand, Vaananen makes this complex material easy to understand with an insider's look into the topic. The book takes a detailed look at the pros and the cons of trading in dark pools, and how this type of trading differs from more traditional routes. It also examines how dark pools are currently regulated, and how the regulatory landscape may be changing. Learn what types of dark pools exist, and how a typical transaction works Discover the rules and regulations for dark pools, and some of the downsides to trading Explore how dark pools can benefit investors and banks, and who can trade in them Recognize the ins and outs of automated and high frequency trading Because dark pools allow companies to trade stocks anonymously and away from the public exchange, they are not subject to the peaks and troughs of the stock market, and have only recently begun to take off in a big way. Written with investors and finance students in mind, Dark Pools & High Frequency Trading For Dummies is the ultimate reference guide for anyone looking to understand dark pools and dark liquidity, including the different order types and key HFT strategies.
Book Synopsis Dark Pool Secrets by : Stefanie Kammerman
Download or read book Dark Pool Secrets written by Stefanie Kammerman and published by . This book was released on 2018-05 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book, Stefanie Kammerman shares her secrets, sheds a bright light on Dark Pool activity and teaches you how to spot these big trades before they move stock prices. Most people don't know that 40% of all trading volume happens in private stock exchanges called Dark Pools. Millions of shares are traded, but not reported for up to 24 hours, avoiding any immediate market impact. Following Dark Pool trades has allowed Stefanie to pick successful trades more than 90% of the time over the past four years - enough to earn you triple digit returns if you followed every trade she called. She even called out the last 11 corrections on social media - BEFORE they happened!
Book Synopsis Should dark pools be prohibited? by : Moritz Meyer
Download or read book Should dark pools be prohibited? written by Moritz Meyer and published by GRIN Verlag. This book was released on 2018-05-29 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay from the year 2017 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 68%, University of Strathclyde, language: English, abstract: Should dark pools be prohibited? Discuss this statement by exclusively presenting arguments that this is not the case. A dark pool is defined by Banks (2010) as an alternative trading system for the anonymous trade of standardised financial products. Pan (2017) specifies it as mainly an equity trading venue. The trades in a dark pool are, according to Ye (2016), concluded outside of any display order. This differs from lit markets, such as traditional stock exchanges, as the trade, according to Comerton-Forde and Putniņš (2015), is only made public after it has been executed. Dark pools are a highly unregulated market sector and not subjected to the rules and regulations of the European stock exchanges, as Baxter (2017) highlights. Petrescu and Wedow (2017) therefore assumed that the key feature of dark pools is less transparency compared to lit markets, i.e. market participants do not have an overview of the supply and demand of the products. The traders purchase and sell on dark pools without showing their identities or exposing transactions to the public market; therefore, the available liquidity in the dark pool is anonymous, as pointed out by Kratz and Schöneborn (2014). The price of a successful order is calculated, as claimed by Banks (2014), as the midpoint of the bid and offer. Zhu (2014) states that the execution of an order in a dark pool is not guaranteed, unlike the traditional stock exchange.
Book Synopsis Flash Boys: A Wall Street Revolt by : Michael Lewis
Download or read book Flash Boys: A Wall Street Revolt written by Michael Lewis and published by W. W. Norton & Company. This book was released on 2014-03-31 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: Argues that post-crisis Wall Street continues to be controlled by large banks and explains how a small, diverse group of Wall Street men have banded together to reform the financial markets.
Book Synopsis The New Stock Market by : Merritt B. Fox
Download or read book The New Stock Market written by Merritt B. Fox and published by Columbia University Press. This book was released on 2019-01-08 with total page 612 pages. Available in PDF, EPUB and Kindle. Book excerpt: The U.S. stock market has been transformed over the last twenty-five years. Once a market in which human beings traded at human speeds, it is now an electronic market pervaded by algorithmic trading, conducted at speeds nearing that of light. High-frequency traders participate in a large portion of all transactions, and a significant minority of all trade occurs on alternative trading systems known as “dark pools.” These developments have been widely criticized, but there is no consensus on the best regulatory response to these dramatic changes. The New Stock Market offers a comprehensive new look at how these markets work, how they fail, and how they should be regulated. Merritt B. Fox, Lawrence R. Glosten, and Gabriel V. Rauterberg describe stock markets’ institutions and regulatory architecture. They draw on the informational paradigm of microstructure economics to highlight the crucial role of information asymmetries and adverse selection in explaining market behavior, while examining a wide variety of developments in market practices and participants. The result is a compelling account of the stock market’s regulatory framework, fundamental institutions, and economic dynamics, combined with an assessment of its various controversies. The New Stock Market covers a wide range of issues including the practices of high-frequency traders, insider trading, manipulation, short selling, broker-dealer practices, and trading venue fees and rebates. The book illuminates both the existing regulatory structure of our equity trading markets and how we can improve it.
Download or read book Dark Pools written by E. Banks and published by Springer. This book was released on 2010-04-09 with total page 233 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dark Pools is a practical text dealing with the increasingly important topic of dark pools, or non-displayed, off-exchange trading and liquidity. It discusses the development of the equity trading marketplace over the past two decades and how dark pools may evolve in a post-financial crisis world.
Download or read book The Quants written by Scott Patterson and published by Crown Currency. This book was released on 2010-02-02 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the immediacy of today’s NASDAQ close and the timeless power of a Greek tragedy, The Quants is at once a masterpiece of explanatory journalism, a gripping tale of ambition and hubris, and an ominous warning about Wall Street’s future. In March of 2006, four of the world’s richest men sipped champagne in an opulent New York hotel. They were preparing to compete in a poker tournament with million-dollar stakes, but those numbers meant nothing to them. They were accustomed to risking billions. On that night, these four men and their cohorts were the new kings of Wall Street. Muller, Griffin, Asness, and Weinstein were among the best and brightest of a new breed, the quants. Over the prior twenty years, this species of math whiz--technocrats who make billions not with gut calls or fundamental analysis but with formulas and high-speed computers--had usurped the testosterone-fueled, kill-or-be-killed risk-takers who’d long been the alpha males the world’s largest casino. The quants helped create a digitized money-trading machine that could shift billions around the globe with the click of a mouse. Few realized, though, that in creating this unprecedented machine, men like Muller, Griffin, Asness and Weinstein had sowed the seeds for history’s greatest financial disaster. Drawing on unprecedented access to these four number-crunching titans, The Quants tells the inside story of what they thought and felt in the days and weeks when they helplessly watched much of their net worth vaporize--and wondered just how their mind-bending formulas and genius-level IQ’s had led them so wrong, so fast.
Book Synopsis Dark Pools and Flash Trading: New trends in Equity Trading? by : Katharina Niciejewska
Download or read book Dark Pools and Flash Trading: New trends in Equity Trading? written by Katharina Niciejewska and published by diplom.de. This book was released on 2015-02-01 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the characteristics of equity trading and especially two relatively new phenomena which are dark pools and flash trading. Over the last years these two terms became more and more important in equity trading and today they are a real alternative to traditional exchanges, like the New York Stock Exchange or Deutsche Börse. But these new evolutions do not only have advantages. Indeed there are concerns that beside the benefits, like fast execution times, sophisticated techniques and less market impact, these mechanisms can also burrow risks. These risks are difficult to estimate, with an evolution of these new platforms that was so quick, that one might have the impression that even regulators do not full yet understand what might happen in the case of a next financial crisis. However with a market share of 15%-20% of all trading activity in global equities and a jump of almost fivefold in the period of time from January to October 2009, these new mechanisms cannot be ignored anymore. Therefore this book explains in detail the functionality of dark pools and other current trading strategies. All important factors like different market structures, market liquidity aspects, as well as regulatory framework and technology facets will be reviewed. Further an outlook should be given to the reader on how the evolution of dark pools & co. might continue in the coming years. With dark pools and flash trading, trading is now dominated by rapid-fire computer systems that might create a more technically driven market, rather than one based on fundamental forces. It remains to see whether this evolution will continue.
Book Synopsis Dark Pools, Internalization, and Equity Market Quality by : Rhodri Preece
Download or read book Dark Pools, Internalization, and Equity Market Quality written by Rhodri Preece and published by . This book was released on 2012-10 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Science of Algorithmic Trading and Portfolio Management by : Robert Kissell
Download or read book The Science of Algorithmic Trading and Portfolio Management written by Robert Kissell and published by Academic Press. This book was released on 2013-10-01 with total page 492 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Science of Algorithmic Trading and Portfolio Management, with its emphasis on algorithmic trading processes and current trading models, sits apart from others of its kind. Robert Kissell, the first author to discuss algorithmic trading across the various asset classes, provides key insights into ways to develop, test, and build trading algorithms. Readers learn how to evaluate market impact models and assess performance across algorithms, traders, and brokers, and acquire the knowledge to implement electronic trading systems. This valuable book summarizes market structure, the formation of prices, and how different participants interact with one another, including bluffing, speculating, and gambling. Readers learn the underlying details and mathematics of customized trading algorithms, as well as advanced modeling techniques to improve profitability through algorithmic trading and appropriate risk management techniques. Portfolio management topics, including quant factors and black box models, are discussed, and an accompanying website includes examples, data sets supplementing exercises in the book, and large projects. Prepares readers to evaluate market impact models and assess performance across algorithms, traders, and brokers. Helps readers design systems to manage algorithmic risk and dark pool uncertainty. Summarizes an algorithmic decision making framework to ensure consistency between investment objectives and trading objectives.
Book Synopsis Liquidity, Markets and Trading in Action by : Deniz Ozenbas
Download or read book Liquidity, Markets and Trading in Action written by Deniz Ozenbas and published by Springer Nature. This book was released on 2022 with total page 111 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access book addresses four standard business school subjects: microeconomics, macroeconomics, finance and information systems as they relate to trading, liquidity, and market structure. It provides a detailed examination of the impact of trading costs and other impediments of trading that the authors call rictions It also presents an interactive simulation model of equity market trading, TraderEx, that enables students to implement trading decisions in different market scenarios and structures. Addressing these topics shines a bright light on how a real-world financial market operates, and the simulation provides students with an experiential learning opportunity that is informative and fun. Each of the chapters is designed so that it can be used as a stand-alone module in an existing economics, finance, or information science course. Instructor resources such as discussion questions, Powerpoint slides and TraderEx exercises are available online.
Book Synopsis Information Asymmetry and Trading in Dark Pools by : Karthik Balakrishnan
Download or read book Information Asymmetry and Trading in Dark Pools written by Karthik Balakrishnan and published by . This book was released on 2017 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using the first and recently available universe of dark pool trading in the U.S. from FINRA, we document trading patterns around scheduled and unscheduled corporate information events. We find that there is more trading in dark pools in the week of earnings announcement as well as analyst recommendation revision relative to trading in exchanges as well as relative to non-news weeks. As predicted by theory, the extent of trading in the dark pools is a function of ownership by institutional investors who are endowed with short-lived information. We document that there is pre-news week trading. Hinting at broker-customer conflict, we find that pre-week trading happens in dark pools where proprietary flow is allowed. Post-earnings announcement drift is stronger for stocks with higher levels of dark pool trading indicating that dark pools delay price discovery. Information about dark volume is informative to equity markets.
Download or read book Broken Markets written by Sal Arnuk and published by FT Press. This book was released on 2012-05-22 with total page 317 pages. Available in PDF, EPUB and Kindle. Book excerpt: The markets have evolved at breakneck speed during the past decade, and change has accelerated dramatically since 2007's disastrous regulatory "reforms." An unrelenting focus on technology, hyper-short-term trading, speed, and volume has eclipsed sanity: markets have been hijacked by high-powered interests at the expense of investors and the entire capital-raising process. A small consortium of players is making billions by skimming and scalping unaware investors -- and, in so doing, they've transformed our markets from the world's envy into a barren wasteland of terror. Since these events began, Themis Trading's Joe Saluzzi and Sal Arnuk have offered an unwavering voice of reasoned dissent. Their small brokerage has stood up against the hijackers in every venue: their daily writings are now followed by investors, regulators, the media, and "Main Street" investors worldwide. Saluzzi and Arnuk don't take prisoners! Now, in Broken Markets, they explain how all this happened, who did it, what it means, and what's coming next. You'll understand the true implications of events ranging from the crash of 1987 to the "Flash Crash" -- and discover what it all means to you and your future. Warning: you will get angry (if you aren't already). But you'll know exactly why you're angry, who you're angry at, and what needs to be done!
Book Synopsis Trading and Electronic Markets: What Investment Professionals Need to Know by : Larry Harris
Download or read book Trading and Electronic Markets: What Investment Professionals Need to Know written by Larry Harris and published by CFA Institute Research Foundation. This book was released on 2015-10-19 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: The true meaning of investment discipline is to trade only when you rationally expect that you will achieve your desired objective. Accordingly, managers must thoroughly understand why they trade. Because trading is a zero-sum game, good investment discipline also requires that managers understand why their counterparties trade. This book surveys the many reasons why people trade and identifies the implications of the zero-sum game for investment discipline. It also identifies the origins of liquidity and thus of transaction costs, as well as when active investment strategies are profitable. The book then explains how managers must measure and control transaction costs to perform well. Electronic trading systems and electronic trading strategies now dominate trading in exchange markets throughout the world. The book identifies why speed is of such great importance to electronic traders, how they obtain it, and the trading strategies they use to exploit it. Finally, the book analyzes many issues associated with electronic trading that currently concern practitioners and regulators.
Download or read book Dark Pools written by E. Banks and published by Springer. This book was released on 2014-08-21 with total page 487 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book deals with the topic of dark trading, or non-displayed, off-exchange trading execution. It discusses the development, importance and practice of dark equity trading in an environment dominated by high frequency, program, block and algorithmic trading, and considers its future prospects in a world of mobile capital and changing regulation.
Book Synopsis Algorithmic and High-Frequency Trading by : Álvaro Cartea
Download or read book Algorithmic and High-Frequency Trading written by Álvaro Cartea and published by Cambridge University Press. This book was released on 2015-08-06 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: The design of trading algorithms requires sophisticated mathematical models backed up by reliable data. In this textbook, the authors develop models for algorithmic trading in contexts such as executing large orders, market making, targeting VWAP and other schedules, trading pairs or collection of assets, and executing in dark pools. These models are grounded on how the exchanges work, whether the algorithm is trading with better informed traders (adverse selection), and the type of information available to market participants at both ultra-high and low frequency. Algorithmic and High-Frequency Trading is the first book that combines sophisticated mathematical modelling, empirical facts and financial economics, taking the reader from basic ideas to cutting-edge research and practice. If you need to understand how modern electronic markets operate, what information provides a trading edge, and how other market participants may affect the profitability of the algorithms, then this is the book for you.
