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Do Black Swans Swim in Dark Pools?

Published in Automated Trader Magazine Issue 09 Q2 2008

The continued rise of dark liquidity and the development of more sophisticated execution algorithms could increase regulatory obligations on brokers and/or exchanges, according to Mary Lou Von Kaenel, Managing Director, Management Consulting, Jordan & Jordan, and Greg Malatestinic, Senior Software Engineer, Jordan & Jordan.

In the wake of regulatory changes aimed at price transparency and best execution, and as market participants wade through their post-Reg NMS and MiFID implementation issues, many wonder: where has all the liquidity gone?

Securities regulation in the United States and Europe has placed a spotlight on trade price reporting and quotes, and has set the stage for competition among exchanges, multilateral trading facilities and electronic communication networks. Focused on ensuring that invest

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