TY - JOUR T1 - Ranking the Performance of U.S. Dark Venues JF - The Journal of Trading SP - 20 LP - 25 DO - 10.3905/jot.2013.8.4.020 VL - 8 IS - 4 AU - Brad Johmann AU - Shi L. Li Y1 - 2013/09/30 UR - https://pm-research.com/content/8/4/20.abstract N2 - Dark venues have become a significant part of the U.S. equity market. More than 50 dark venues exist currently, with a market share of approximately 18% to 22%. Given this presence in the marketplace, institutional traders are perhaps missing a significant portion of the market if they avoid dipping their toes into the world of dark liquidity. Yet with the large number of dark venues that exist, it is extremely difficult to ascertain the amount of natural liquidity present in each venue, as well as the execution quality that each venue provides back to the parent order. Can every dark venue be adding value back to the end investor?TOPICS: Exchanges/markets/clearinghouses, equity portfolio management ER -