TY - JOUR T1 - Managing Risks and Avoiding Pitfalls when Interacting with Non-Displayed Liquidity JF - The Journal of Trading SP - 34 LP - 38 DO - 10.3905/jot.2008.708834 VL - 3 IS - 3 AU - Richard Johnson Y1 - 2008/06/30 UR - https://pm-research.com/content/3/3/34.abstract N2 - The proliferation of Alternative Trading Systems in the U.S. has had a profound impact on equity trading. With estimates of the total volume executing in crossing networks around 15%, any trading strategy that does not interact with non-displayed liquidity pools will miss out on liquidity opportunities. This article focuses on some practical considerations in implementing a trading strategy that interacts with non-displayed liquidity. It will outline some potential pitfalls—particularly those that can affect the portfolio-driven investor—and provide a framework for avoiding them.TOPICS: Equity portfolio management, exchanges/markets/clearinghouses ER -