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The Dark Likes Nasdaq

Traders Magazine, May 2007

Nina Mehta

Nasdaq may have delayed its intraday crossing sessions until later this year, but there's already a "massive amount of dark liquidity in our market," said the exchange's executive vice president, Chris Concannon, at a recent Security Traders Association of New York meeting.

Currently, "15 to 18 percent of [Nasdaq's] executed liquidity is non-displayed," Concannon said. "Limit orders are disappearing." Customers are making ample use of Nasdaq's non-displayed order types, such as the dark version of its…

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