Dark Pools

[Patryk Jalmuzna]

Hallo Traders!

I have a quastion: I understand that dark pools is not visible in the market depth (level 2) but does it display on the prints (time & sales) after the order is completed? - So far, I "assume" that it does, but again; does it display immediately like any other order, or is it displayed with a delay?

Are there other types of hidden orders than "iceberg" and "dark pools"?

Im relative new. Thank you!

Patrick

 

[Victory5]

I believe it is delayed, but I could be wrong.

 

[promagma]

Yes, within 90 seconds, they are reported to the TRF and do appear on the consolidated tape.

 

[Patryk Jalmuzna]

What a nice answer. To be sure; appear on the consolidated tape means also appear on time & sales within 90 seconds, after the order is completed?

 

[Fractals 'R Us]

I wonder what their timestamps are based on? Do they have regulations with regard to their reporting?

 

[InfoTech]

Do they have regulations with regard to their reporting?

They have lots of reporting requirements. The degree to which the regulations are followed varies:

http://www.reuters.com/article/2015/07/27/us-goldman-sachs-finra-fine-idUSKCN0Q11LC20150727

"During one period, between 2011 and 2013, Goldman Sachs failed to send details about more than 6.3 billion "order events" to FINRA, the regulator said."

 

[Patryk Jalmuzna]

Is there someone on ET witch are willing to explain how to (or how they) understand or/and use the "data" of seeing hidden dark pools or iceberg orders on the tape?

What does it "generally" and possibly indicate? And how to analyze this data to use it as a bullish or bearish indicator/signal?

Thank you
Patryk

 

[Patryk Jalmuzna]

Of course I do understand that it is taken out of "context" and depends on other aspects than that data alone. And in this case; you are all welcome to give some examples if you have time and desire. Otherwise I would like to know the above with that data "generally" and isolated.

* Daytrader perspective (Momentum trader)

 

[promagma]

Yes it appears on the tape.... but that may be 90 seconds too late. A real example, might be in real time, testing the dark pool with 100 shares buy or sell. If you are filled, it's an indication that there is a sophisticated (and possibly large) trader playing the other side. But I haven't found a real edge like this.

 

[eusdaiki]

What does it "generally" and possibly indicate? And how to analyze this data to use it as a bullish or bearish indicator/signal?

Generally and possibly indicate that different pools can behave differently depending on how they are legally setup (which specific rules apply to them and which not) and how they play within the margins given by the rules...