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  • Rail_thumb_toes

    STA Thoughts on the Tick Pilot

    It is a fundamental belief of the Security Traders Association that market structure changes should be based on empirical data, according to STA president and CEO Jim Toes, who says the current one-size-fits-all ...
     
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    Is the 2015 spending bill a gift to big banks?

    Tucked into the new federal spending bill that passed last week was a provision to loosen banking regulations on hedges known as derivatives or swaps, rolling back part of the Dodd-Frank Act that was enacted after ...
     
  • Rail_thumb_david_weild-issuworks-small_caps-tick_pilot-and_capital_formation-wlt-dec_17_2014

    Small Caps, the Tick Pilot and Capital Formation

    The overall decline in public companies and the increasing challenges firms face in raising financing in the capital markets have spurred regulators to pass the JOBS Act and propose the small-cap tick pilot. But ...
     
 

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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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