Traders, January 1st, 2007
Investment Technology Group is banishing broker algorithms from POSIT. Liquidnet is suing ITG for patent infringement. All of a sudden, the once-quiet backwater of anonymous electronic crossing is getting nasty. What gives?
In the past year or so, about 20 organizations have either launched or announced plans to offer intraday crossing systems like POSIT and Liquidnet. If they all make it out the gate, the number of such systems will swell to about 30 by mid-year. That's a lot of dark pools. "The competition is leading to dark wars between dark pool providers," says Carl Carrie, head of pro...
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