Read e-book online Dark Pools: The Structure and Future of Off-Exchange Trading PDF

By E. Banks

ISBN-10: 0230238106

ISBN-13: 9780230238107

Darkish swimming pools is a realistic textual content facing the more and more very important subject of darkish swimming pools, or non-displayed, off-exchange buying and selling and liquidity. It discusses the improvement of the fairness buying and selling industry during the last 20 years and the way darkish swimming pools could evolve in a post-financial main issue global.

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Read Online or Download Dark Pools: The Structure and Future of Off-Exchange Trading and Liquidity (Finance and Capital Markets) PDF

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Additional resources for Dark Pools: The Structure and Future of Off-Exchange Trading and Liquidity (Finance and Capital Markets)

Sample text

It is thus similar to the fill-or-kill, except that it remains in force until it is withdrawn. ᭿ Immediate-or-cancel (IOC) order: a designation indicating that any unfilled portion of an order that exists shortly after it has been submitted is to be cancelled (and where “shortly” is considered to be a matter of seconds). ᭿ Minimum acceptable quantity (MAQ) order: a designation indicating that at least a minimum amount out of a full order size must be filled. It is worth noting that the fill-or-kill and immediate-or-cancel orders have a time dimension as well, and might also be correctly categorized in the following section.

Various forms of cross orders can be submitted, such as a midpoint cross, opening cross, closing cross, ISO cross, cross with size, and so forth, which incorporate features of the relevant orders described above. A derivative order is any type of limit order where the limit price is derived from, or related to, a particular variable, such as the midpoint of the bid and offer, the last sale, the last sale less one tick, and so forth. A conditional order is any type of order that is submitted for execution (in limit or market form) once a specific event occurs.

Thus, a sell trailing stop order sets the stop price at a fixed amount below the market price with an attached trailing amount that causes the stop price to rise as the security price rises, but remains unchanged if the security price falls; once the stop is hit, the market order is created and submitted. A buy trailing stop order works in reverse. In either case, the investor is able to take greater advantage of favorable market moves and remain protected against 36 DARK POOLS unfavorable ones.

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Dark Pools: The Structure and Future of Off-Exchange Trading and Liquidity (Finance and Capital Markets) by E. Banks

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