How Long Can You Do It in the Dark?
BEFORE THE SPIN
As buzzwords go, "dark liquidity" is the best I've heard in a decade. Of course, it refers to pools of liquidity that escape the blinding light of regulated markets. They exist because when a huge chunk of liquidity enters regulated markets, it is quickly eaten up by the piranhas-a force that will never let up.
The trading networks that refrain from publishing quotes to open markets appear to be falling into particular categories, as Carl Carrie, head of product development in JPMorgan's global
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