Panel: HFT, Dark Pools Not Synonymous

"Two of the main reasons for dark pools are anonymity and a reduction in the cost of trading. That drives a lot of dark pool volume," says Timothy Cox, vice president of global execution services at Merrill Lynch, who spoke on the panel. "Having said that, our algorithms are designed to leverage the best of both lit and dark markets, working dynamically between the two to achieve best execution for our clients."

Firms conducting high-frequency trading seek displayed quote protection and trade