With more than 30 dark pools available to the buy-side trader, in 2008 there will be a greater emphasis placed on disclosure of how each dark pool is structured, as well as faster post-trade feedback from algo providers on where the fills took place. Further, traders will ask for greater ability to deselect certain pools where they have found little success over time.

The recent announcement by ITG to discontinue sell-side algo access to POSIT indicates the frustration of 100-share pinging orders where small fill rates don't come close to justifying the potential information leakage. I think we even could see a more focused emphasis on creating "deep" dark pools where there are high minimum-fill requirements depending on a stock's market capitalization. Implementation shortfall algos will seek out these deeper pools where only larger prints will occur.

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Read about issues that other buy side traders think will be critical this year:

Dan Mathisson Managing Director, Head of Advanced Execution Services (AES) Credit Suisse

Bryan Kievit Head Trader Accipiter Capital Managment

Joseph Rogina Equity Trader Delaware Investments