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Darkness Visible

Traders Magazine, January 2007

Nina Mehta

Dark pools can be divided into two groups: broker-owned systems and utilities. Broker systems-both agency and full-service-are owned and operated by some of the largest trading houses on the Street that cater to the buyside. The biggest among them stream their retail and algorithmic flow through the systems on a continuous basis, where that flow can match up with larger resting orders. Utility-type systems are owned by exchanges and broker consortia. They take their members from the sellside, charging them only token fees for executions.

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