Scott Patterson's Dark Pools
20 June 2012:
Author and Wall Street Journal reporter Scott Patterson discusses the past, present and future of dark pools, the subject of a new book he's written.
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5 Comments to "Scott Patterson's Dark Pools":
crammond1964
20 June 2012
very interesting and honest . Sadly shows regulators chasing "cheetahs" in vintage cars !
Comments (256)
Carveout
20 June 2012
Interesting. Glad to see the kudos to Josh for being innovative on wall street (although I can tell you Josh never liked the limelight which made it challenging in telling the history of Datek or Watcher in my case). Haven't picked up the book but it feels like there is little mention of actual Dark Pools (as in ATSs). After leaving Datek I had gone to help build up the first realtime dark pool (only listed securities at the time) because I thought it would be interesting to try to automate the listed market much like Datek, Island and Watcher and the associated people helped in the OTC world. Clearly as the first realtime dark pool we had some first mover disadvantages and unintended consequences (ie - gaming) that we had to address over time to keep relevant. We eliminated some of the problems, kicked out some of the firms, the market took care of the rest for us (competition, algos) but market structure regs still have not addressed many of the problems that still exist and would make dark pools cleaner (not necessarily more transparent) and keep their original intent intact (help institutions with market impact issues). Hope to pick up the book!
ltabb
20 June 2012
Scott and Greg - great interview and fantastic book. For all that haven't read the book yet - go and read it. Its a great read about the history of the SOES Bandits, Island, and what would be and is the HFT community. If you are in the industry or just want to know more about how are markets work and how they developed - this is a must read.
Thanks
Comments (310)
sarnuk
20 June 2012
I read the entire book on a flight to the west coast. It is extremely well researched and well written - like a novel complete with intriguing and personal characters. And Dark Pools as a title, I believe, and I do not want to put words in Scott's mouth, refers to the dark nature of our entire equity market structure today. Lit pools are increasingly dark, and dark pools are increasingly lit, complete with IOIs SOIs liquidity-partners etc.
One of the best books I have ever read on our markets. Perhaps the best.
Comments (166)
tydanco
14 August 2012
Wow--what a discovery. More on Scott Patterson: twitter handle? If you're ever short a guest, bring Scott back on!
Comments (1)