RT Journal Article SR Electronic T1 Optimal Trading in the Presence of Non-Displayed Liquidity JF Trading FD Institutional Investor Journals SP 30 OP 37 VO 2007 IS 2 A1 Vacslav S. Glukhov YR 2007 UL http://guides.pm-research.com/content/2007/2/30.abstract AB We study the problem of finding optimal execution strategy in the presence of block trades in the pools of non-displayed liquidity. In the single-stock trade both market impact and risk are reduced and the optimal trading horizon tends to be longer than that without the non-displayed liquidity pools. Optimal trading of baskets is much more complicated due to the possibility of significant risk increase as the result of crosses. We propose a fast and efficient numerical framework for evaluating and reducing probable risks and execution costs.