Chan and Donahue of Fidelity Capital Markets Talk Dark Liquidity Sourcing

One way he likes panning for gold is slicing up a dark pool into multiple segments, where customers interact with certain types of counterparties, or tiers of positive performance data. Forty dark pools becomes 80 distinct segments, or 100. The counterparties most often excluded are, of course, high-frequency (HFT) or prop traders.

"But there are other times when you do want to interact with it, because there could be a mid-cap name or a small-cap name where there's no natural person buying or