Boston, MA, USA
November 29, 2007

Dark Liquidity Pools in Europe, Canada, and Japan: A US Phenomenon Goes Abroad

Table of Contents

Return to report Abstract

Executive Summary 03
Background 04
Dark Liquidity Pools Defined 06
Emergence of Dark Liquidity Pools in the US 08
Leading Dark Liquidity Players 10
  Market Breakdown 10
  Hidden and Iceberg/Reserve Orders 10
  Dark Liquidity Matching Models 11
Market Acceptance of Dark Liquidity Pools 13
  Market Growth 13
Defining Characteristics of Dark Liquidity Pools 16
  Evaluation of Characteristics 17
The European Phenomenon 20
  Market Models for Europe 21
  European Presence 22
The Canadian Phenomenon 24
  Market Models for Canada 24
  Canadian Leaders 26
The Japanese Phenomenon 30
  Market Models for Japan 31
  Japanese Leaders 32
Concluding Thoughts 34
 

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