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This is the kind of hostility that makes ET a waste of time. English comprehension is not an issue achilles28... and look at the second quote... you said they don't save money they do limit market impact... then you say those two things are the same thing... so they do save money, right...

Remember commissions and other charges are only one part of the actual cost of the trade. Market impact is much bigger and my experience was that market impact was minimized when we could cross in a dark pool. yes it's more expensive but I'd rather pay some fraction of a penny than do a ton of...

Sigh... even the explanation you just published does not describe front running... and no one stole the order lol. It is possible for one ECN to trade through a limit on another... for instance imagine a world with only ARCA and ISLD... ARCA is best bid at 80 ISLD is bid 79. It is possible for...

HFT is not front running... do you know what that software actually does? Do you know what an algo is used for? It's not "front running software" LOL.

I'm arguing against two things: 1) unnecessary and ill conceived regulation of the markets and 2) against this strange mentality that anyone who is making money and doing well enough to become big is corrupt and immoral. Dark pools generally do report at time of trade or within a few...

No but I did learn to trade after 5 years of steady losses and blowing out several trading accounts... took me a while and I kind of figured some things out... and now I'm lucky to make a living doing something I really love. That's all. Not bragging sorry if it came off that way... just...

1) You or I can pay and do that too. 2) They do not see the order flow first. 3) see #2 4) and the present it seems

How did they collaborate with NYSE again? I don't understand. I guess you're just smarter than I am.

the point is that GS actually was there right at the beginning of dark pools and they now run the largest. so... i'm confused... i want to hide from GS so i go play in the dark pool that they own and that only they could see the orders in? Which brings us to.... That's a little harsh but...

You have proven you aren't a trader. This is a paid service and you can get it with the $5k required to open a trading account... or actually less... just buy a subscription to something like esignal and watch time and sales. IT ALREADY IS AVAILABLE TO EVERYONE. How can you not know...

Are you a trader? How can you be so confused???? You can get time and sales from any trading platform and I think NASDAQ makes their T&S available free (archived) on their website. You obviously have no clue about how large orders are executed. Large volume can't be limit orders...

a thought and a question for you. you do realize that a lot of the Big Volume is you? Mutual funds, pension funds, ETF's that many private investors hold instead of those products... those institutions account for most of the big volume. Big Volume doesn't mean GS, JPM, etc are trying to get...

I think that's a reasonable question. Fact is you can't even really trust the displayed volume in the regular market. If it shows 250 (* 100) on the bid a lot of that may be fake... if I hit that bid for 100 (*100) I may find only 50 (*100) print there and the rest go several cents below...

Showing size can sometimes make sense... there were many times I had to buy a multiple of the average daily volume (on an average day lol) in thin stocks. Sometimes the best way to get it done was to show the full size of the order and park it in the middle of the spread. For instance, say the...

Neither. Full opacity obviously wouldn't work unless we went to some crossing auction system like they do with Treasuries. The best system is to let each participant chose what is best for them in each situation. If I need to buy a ton right now why not let me show full size and sweep the...

I don't exactly understand the question... how much % of shares of the total shares of one company could you buy on the NYSE? It's the same question. All a dark pool is is an electronic market without displayed liquidity... there are bids and offers at each level but you can't see them and...

Happy to have helped. It is such an emotionally charged issue... and politicians don't have good understanding of the issues... and lobbying in Washington is honestly an issue. Even flash trading was an advantage for the customer in my experience... if I see 1000 on the bid at 50.50 and i have...

yes. sometimes they are reported a few seconds or minutes late (there's a regulatory restriction on how late they can be reported). this makes them look like they are outside NBBO but they are really just late to report prints. It is annoying, especially since this happens more when volume is...

I dont understand the question. Nothing happens to the small trader. What if the big block traded NYSE or ISLD instead of in a dark pool like Sigma? What's your point? Remember dark pool trades happen at NBBO. I executed millions of shares on dark pools and this was always the case...

1. Dark pools are used for large customer orders. I sat on an institutional trading desk for a while and I know that we got better executions in the dark pools than we did in the open markets. It is only a question of whether there is someone in the dark pool wanting to take the other side of...