Dark pools are equity trading systems that do not publicly display orders. Dark pools offer
potential price improvements but do not guarantee execution. Informed traders tend to trade …

Limit order books (LOBs) match buyers and sellers in more than half of the world's financial
markets. This survey highlights the insights that have emerged from the wealth of empirical …

Abstract In 1993, the Chicago Board of Options Exchange (CBOE) introduced the CBOE
Volatility Index. This index has become the de facto benchmark for stock market volatility. On …

Regulators globally are concerned that dark trading harms price discovery. We show that
dark trades are less informed than lit trades. High levels of dark trading increase adverse …

Technological advances and regulatory initiatives have led to the emergence of a
competitive, but fragmented, equity trading landscape in several markets around the world …

We investigate competition between traditional stock exchanges and new dark trading
venues using an important difference in regulatory treatment. Securities and Exchange …

We examine the impact of trading on markets partially exempt from National Market System
requirements (“dark venues”) on equity-market quality. We find evidence consistent with the …

Diving Into Dark Pools* Page 1 Diving Into Dark Pools* Sabrina Buti† Barbara Rindi‡ and
Ingrid M. Werner§ Fisher College of Business The Ohio State University Date: November 17 …

We examine the linkages between dark and lit venues using a proprietary data set. We find
that algorithmic trades for less liquid stocks are correlated with higher spreads and price …

In the past decades, advanced probabilistic methods have had significant impact on the field
of finance, both in academia and in the financial industry. Conversely, financial questions …