Which NASDAQ routing strategy hits dark liquidity

[WhiteOut56]

I heard that Nasdaq has a routing strategy that access dark pools / hidden liquidity. Which routing strategy is that? I'm looking for the strategy that DOES NOT hit the nasdaq book but searches for dark liquidity

http://www.nasdaqtrader.com/content/ProductsServices/Trading/Workstation/rash_strategy.pdf


Also does EDGA and EDGX have dark pool / hidden liquidity capabilities that does involve hitting the book first

 

[dinn13]

sounds like what your looking for is what BATS has, their DARK/DART routing strategies.

The Dark one first attempts to execute at a dark venue prior to hitting the order book and lastly going out to the street.

http://www.batstrading.com/resources/features/bats_exchange_dark_liq.pdf

and best part is that if you hit a dark pool then you get charged nothing (they had been paying a mil but recently changed that)

EDGX has routing strategies that will hit their ELP which is their own dark pool but not much liquidity there.

 

[pr66067]

http://nasdaqtrader.com/content/ProductsServices/Trading/TFTY_factsheet.pdf
"low-priced liquidity venues" = dark

TFTY with TIF = IOC is closest:

Hits BX for .01 rebate
Then Dark for .05 fee
Then NYSE for .17 fee
Then NASDAQ (but only for TIF=DAY)

 

[WhiteOut56]

Quote from pr66067:

http://nasdaqtrader.com/content/ProductsServices/Trading/TFTY_factsheet.pdf
"low-priced liquidity venues" = dark

TFTY with TIF = IOC is closest:

Hits BX for .01 rebate
Then Dark for .05 fee
Then NYSE for .17 fee
Then NASDAQ (but only for TIF=DAY)

thank you very much for that. That is very clear as to how all the routing takes place.