Dark Pools

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  • 04 Aug 2014 at 12:02 PM

Donald Trump Now Offering Legal Advice To Barclays

Back in July, Barclays was hit with a major lawsuit by New York Attorney General Eric Schneiderman, who alleged the bank “favored high-frequency traders in its dark pool and then lied to clients about their participation in the trading venue.” It wasn’t a great look for the Brits and it came at an especially awkward time for chief executive officer Antony Jenkins, who was supposed to be making the place less fraud friendly than it was under his predecessor. And while the bank has its own lawyers on payroll, who have already responded to the charges, one guy who knows from lawsuits has chosen to offer his unsolicited counsel nevertheless. Read more »

What to Eric Schneiderman’s naked eye appears as fraud, Barclays customers apparently understand is just totally legitimate ways of doing business, according to the bank. Therefore, it wants this dark pools lawsuit dismissed and never mentioned again. Not once! Read more »

Having already put the mysterious, opaque platforms on notice, Mary Jo White & Co. are beginning to undress them. One’s already in the soup for taking a little too much pride in the folks it was quietly and very untransparently trading for. The rest are now having some light shone upon the disclosures they’re supposed to be making but maybe aren’t. Read more »

Chad Johnson, head of New York’s Investor Protection Bureau, told a conference today that while Attorney General Eric Schneiderman examines trading practices, Wall Street should help by suggesting ways to change for the better. It would be a mistake to think concerns about stock-market fairness are just bad publicity or extreme language used by critics, he said…He welcomed moves by some dark pools to make certain regulatory filings public. He said he hopes high-frequency trading firms and dark-pool operators “will engage in some soul-searching and step forward with ideas about how certain practices ought to be curtailed and reformed for the better.” [Bloomberg]

Looks like Jamie Dimon isn’t the only banker who isn’t reading Flash Boys. Read more »

  • 13 Aug 2013 at 12:47 PM

Europeans Embrace Dark Pools While They Can

The menace spreads. Read more »