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Morgan Stanley's NightOwl Launches

Traders Magazine, July 2008

Nina Mehta

Morgan Stanley in May introduced NightOwl, a new dark liquidity algorithm. NightOwl accesses dark pools and dark liquidity at displayed markets. Among the former group, however, it only visits those pools that don't send out electronic indications of interest to other dark pools or venues. distributed through the current version. It also identifies orders, cancels and executions, according to Mark Schaedel, vice president of data products for NYSE Euronext.

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