Liquidnet Files to Raise $500 Million in IPO

This page covers an emerging phenomenon in the marketplace, which is the birth and growth of new market centers which are called crossing networks, dark pools of liquidity or dark books. These marketplaces offer a place for traders to execute trades without quoting out to the market until after the trade is complete, therefore there is no information leakage and the trade is ultimately done “in the dark.” Trades enter the pool of liquidity and if there is an exact pricing match, the trades is executed, if not the order moves out of the system to be executed elsewhere. This section covers stories including newly launched dark books or crossing networks, pricing structures and linkages being formed to increase liquidity of these market centers to de-fragment the market place, launching of dark pools overseas in new marketplaces, launching of dark books in products other than equities, algorithms used to trade in dark books, how buy side traders are navigating these emerging pools of liquidity using execution management systems and order management systems, etc. This page also includes directories of dark books or crossing networks, including those owned by exchanges, broker-dealers, agency brokers and those that are independent. It also includes a directory of international dark pools.