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FINANCIAL MARKET COURSES

Dark Pools

Global equity market structure has undergone profound changes in recent years. The explosive development and continued maturation of the dark pool model are key factors in this. Equity trading is increasingly shifting from traditional securities exchanges to so-called dark trading venues.

 

This course describes dark trading in detail, including its attraction to investors and traders. It also differentiates between the different types of dark pool operating in the marker, as well looking at some of the challenges facing the business model, not least the increased regulatory scrutiny.

  • OBJECTIVES

    On completion of this course, you will be able to:

    Describe the practice of dark pool trading, as well its attractions and drawbacks

    Differentiate between the different types of dark pool operating in the market

    Outline some of the challenges that dark pools face, including increased scrutiny from regulators

  • COURSE OUTLINE

    Topic 1: Overview of Dark Pools

    Background

    Definition of a Dark Pool

    Benefit’s

    o Anonymity

    o Cost

    Drawbacks

    o Gaming

    o Adverse Selection

    Topic 2: Types of Dark Pool

    Public Crossing Networks

    Broker-Dealer Internalization Pools

    Exchange-Operated Pools

    Consortium-Owned Pools

    Ping Destinations

    Topic 3: Challenges for Dark Pools

    Concerns

    o High Frequency Trading

    o Flash Trading

    o Transparency

    Increased Regulatory Scrutiny

    o IOSCO Principles

    Stock Exchange Consolidation

    Maintenance of Market Share

  • PREREQUISITE KNOWLEDGE

  • ESTIMATED COMPLETED TIME

    50 Minutes

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