Are You Playing in a Toxic Dark Pool?
Are You Playing in a Toxic Dark Pool?
复制标题
您在有毒的黑池里玩耍吗？
DOI：
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发表时间：
2008
期刊：
影响因子：
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通讯作者：
Hitesh Mittal
中科院分区：
文献类型：
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作者：
Hitesh Mittal
本文首先介绍了当今暗池的分类，详细介绍了信息泄漏及其影响，并给出了评估暗池质量的指南。最终，交易者需要了解暗池和暗池聚合器的流动性特征的含义，以便他们能够最有效地利用它们，同时避免价格影响、逆向选择和可能的博弈。最后，本文提供了一些经验法则来评估暗池的毒性和有效性。
This article begins with a taxonomy of dark pools today, a close look at information leakage and its impact, and a guide for evaluating the quality of dark pools. Ultimately, traders need to understand the implications of the liquidity characteristics of dark pools and dark pool aggregators so that they can make the most effective use of them while avoiding price impact, adverse selection, and possible gaming. Finally, the article provides some rules of thumb for evaluating the toxicity and effectiveness of a dark pool.