Chillin' out till it needs to be funded
Black Pools are so called because the deals are off-market and I do not choose my trade time or other parameters except when I send the order in the morning from my desk with limits or other instructions. However, because the deals are not in the public space, on an exchange, buyers and sellers provide stock of their choice at their price points and strike better deals for the same stock keeping their discovery mechanisms and their buying and selling habits a trade secret. Unfortunately till now it also meant that rather like the rich living in the Bahamas or Canary Island dealing thru their bank desk in the 80s, you wait till the next morning or at best after closing to find out what happened to your ‘great idea’. Bloomberg we have all seen improving over the last year esp after it bought up Business week. Bloomberg is much known for its Corporate Service, which by default is the only access you have from inside your office except for Reuters and a few other such providers. The Bloomberg Tradebook has discovered a new help for its workstation clients. (Dealbook/NYT/TradersMag)
The broker developed a new algorithm to do this, called B-Dark. Customers send orders into dark pools through the algo and then can see how they’re performing. B-Dark uses the arrangements Bloomberg has secured with dark liquidity providers to deliver real-time visibility into dark pool executions.
Currently, B-Dark lets users see into the 15 dark pools Bloomberg is connected to directly. This provides a view into more than 90 percent of dark liquidity across the industry, according to Raymond Tierney, chief executive and president of Bloomberg Tradebook. More important, visibility into alternative trading systems gives the buyside the information they’d need to re-route their orders if they’re not finding sufficient liquidity in a particular dark pool.