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Global Financial Markets Dark Matter The story of Dark Markets and hidden liquidity

Global Financial Markets Dark Matter The story of Dark Markets and hidden liquidity. David James Norman. Losing the light. Good morning Why have the markets gone dark in the last 25 years? How much business is conducted out of view? What created the need for dark liquidity?

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Global Financial Markets Dark Matter The story of Dark Markets and hidden liquidity

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  1. Global Financial MarketsDark MatterThe story of Dark Markets and hidden liquidity David James Norman

  2. Losing the light • Good morning • Why have the markets gone dark in the last 25 years? • How much business is conducted out of view? • What created the need for dark liquidity? • How are these trading venues designed? • What has this led to? • Have we lost real the purpose of markets?

  3. Into the Darkness • The Great Ecosystem-Sigma X • Who does what? And why? • Swimming in the Dark pools • Internal matching engines and crossing networks • The role of the Regulators • On the surface, the great deceiver: The Central Limit Order Book

  4. The Great Deceiver- The Central Limit Order Book

  5. The Machines are watching • The Whales • Execution Algorithms • PEG • % of volume • VWAP • TVOL • Slicer • The Sharks • Predatory Algos • Sniper, Piranha, Sigma X

  6. HaimBodek and Battle of the Quants • High Frequency traders • Quant Driven • Prop trading groups • Grey Box • Securities desks • Derivatives market makers • The CME Order Flow • The Order Identifiers • Where’s the skill? • Front-Running

  7. Is it safe to go back in the water? • Keep to the shallows • Always expect the unexpected • Only way to know what’s in there is to see what comes out • Good Luck and thankyou!

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