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Goldman and others got in trouble for selling access to the supposedly secret orders in their dark pools back in the day. They were fined 800k I think? I beli
by LatteLazy 2y ago
Goldman and others got in trouble for selling access to the supposedly secret orders in their dark pools back in the day.
They were fined 800k I think?
I believe dark pools started growing post flashboys when people realising what hft meant and wanted an escape (see comment below). But as they got big they became a target in and of themselves (ecology in action I guess).
I worked in algo trading at the time (not hft, but anti hft)
- gaadd33 2y agoDark pools started in the 1980s once the SEC permitted securities to be traded off the exchange they are listed on. I think that was well before flashboys.
- LatteLazy 2y agoI had no idea they went that far back? Good knowledge!
- chipsrafferty 2y agoDark Pools were the original "equitable market"; when market makers were trading in 1/8ths and fixing markets, dark pools enabled people to trade in 0.01 increments.
- QuantumGood 2y agoAnd then they found that some of the liquidity in dark pools was by dark HFT.