Dark pools are equity trading systems that do not publicly display orders. Dark pools offer
potential price improvements but do not guarantee execution. Informed traders tend to trade …

Two important characteristics of current equity markets are the large number of competing
trading venues with publicly displayed order books and the substantial fraction of dark …

We exploit a unique natural experiment—recent restrictions of dark trading in Canada and
Australia—and proprietary trade-level data to analyze the effects of dark trading …

We characterize the dynamic fragmentation of US equity markets using a unique data set
that disaggregates dark transactions by venue types. The “pecking order” hypothesis of …

We investigate competition between traditional stock exchanges and new dark trading
venues using an important difference in regulatory treatment. Securities and Exchange …

We examine the impact of trading on markets partially exempt from National Market System
requirements (“dark venues”) on equity-market quality. We find evidence consistent with the …

We study the order exposure choice of various trader types in high-speed markets. Using
message-level data to identify algorithmic (ATs) and non-algorithmic traders (NATs) we …

We exploit the exogenous shock of the COVID-19 pandemic on financial markets and
regulatory restrictions on dark trading to investigate how volatility drives dark market share …

Regulators are concerned that large volumes of trading outside lit venues (ie, dark trading)
harms the functioning of financial markets. In contrast, regulators are neutral about hidden …

Regulators are concerned that large volumes of trading outside lit venues (ie, dark trading)
harms the functioning of financial markets. In contrast, regulators are neutral about hidden …