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    How Tech Will Change Finance in 2015 and Beyond

    Data management and related solutions will drive the dominant tech trends in finance in 2015 and beyond, as capital markets firms need to get more predictive rather than reactive, asserts SunGard CTO Steve ...
     
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    Volatility Is Here to Stay: CME’s Terry Duffy

    CME Group Executive Chairman Terry Duffy discusses Fed policy, investor confidence, and regulations with Bloomberg Television from the CME’s Global Financial Leadership Conference in Naples, Fla. ...
     
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    Steve Grob Defends the Finance Industry

    Steve Grob, director of group strategy for Fidessa, does a bit of role-playing as a “defense attorney” for the financial industry. Noting that trust in the industry at all-time lows and ...
     
 

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20 November 2012

Dark Pools, Internalization, and Equity Market Quality

Off-exchange trading in equity markets, including broker/dealer internalization and dark pools in which prices are not displayed prior to execution, has grown significantly in recent years. An examination of the relationship between such “dark” trading and market quality shows that increases in dark pool activity and internalization are initially associated with declining bid–offer spreads and increasing depth. But when a majority of trading occurs in undisplayed venues, the benefits of competition are eroded and market quality deteriorates. Public policy considerations for market integrity are addressed on the basis of these findings.


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