Dark pools were hit by negative publicity last year on the back of the NY Attorney General suing Barclays over its market-leading Barclays LX pool, and from Michael Lewis's "Flash Boys". One result of this was a massive increase in regulatory oversight and hence cost. There are around 40 dark pools in the US. The other is that there are now more than two dozen different types of dark pools, each with their own unique set of rules and regulations. It"s apparent to us that a centralized organization running a series of dark pools, while giving independent firms the ability to customize it, can realize tremendous cost savings for them," said Nasdaq CEO Robert Greifeld.
Dark pools were hit by negative publicity last year on the back of the NY Attorney General suing Barclays over its market-leading Barclays LX pool, and from Michael Lewis's "Flash Boys". One result of this was a massive increase in regulatory oversight and hence cost. The other is that there are now more than two dozen different types of dark pools, each with their own unique set of rules and regulations. It"s apparent to us that a centralized organization running a series of dark pools, while giving independent firms the ability to customize it, can realize tremendous cost savings for them," said Nasdaq CEO Robert Greifeld.