TY - JOUR T1 - Illuminating the New Dark Influence on Trading and U.S. Market Structure JF - Trading SP - 63 LP - 78 VL - 2007 IS - 2 AU - Carl Carrie Y1 - 2007/09/21 UR - http://guides.pm-research.com/content/2007/2/63.abstract N2 - Dark Pools are alternative trading systems (ATS) that do not display quotes in a traditional sense, like a stock exchange. Dark Pools are a complementary market in which the price of the trade being determined by the National Markets Bid/Offer (NBBO) spread but the execution of the order happens elsewhere in the Dark. In the U.S., the National Market System regulations (Regulation NMS) mandates that all trades regardless of venue, exchange or Dark Pool must cross within the NBBO – typically at the mid price. Dark Pools have been swathed in hype and attention for the last few years, while accounting for about 10-15% of all the transactions in the market. Why is it then that they have garnered so much attention? Why are there so many of them? What is their impact on trading and in the US markets? ER -