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Dark Pools and High Frequency Trading For Dummies


Learn about:

  • The different types of dark pools and who can trade in them
  • How a typical dark pool transaction works
  • The rewards and risks of dark pools
  • The basics of automated and high frequency trading

Your plain-English guide to high-frequency trading and off-exchange trading practices

This is your one-stop, all-encompassing and indispensable guide to what really goes on inside dark pools, what rewards you can reap as an investor and how wider stock markets and pricing may be affected by dark pools. Written in an easy-to-follow manner that makes the subject accessible to all, this guide gives you a true insider’s look into the topic.

  • See in the dark – get up-to-speed on dark pool basics, understand the difference between dark pools and lit markets and find out how they came to be—and just how large the current dark pool market is
  • Meet the major players – discover the different kinds of entities that make dark pools function, from those who make the market to those who trade in it
  • All about automated trading – find out the role automated computer trading plays in dark pools and how it’s used by traditional market makers, traders and institutions to execute large orders
  • No diving – be aware of the risks of dark pools, from the hazards of too much jockeying for position to the many ways in which you can get burned with flash crashes

Open the book and find:

  • How a securities market functions
  • Tips for spotting a market predator
  • The main dark pools out there today
  • Ways dark pools are regulated
  • The best dark pool/HFT websites out there
  • Ways to spot if you’ve been dark-pooled or HFT’d

Jay Vaananen is a senior private banker with many years of experience advising clients in their investments across all asset classes. He is also a popular university lecturer and regular commentator in all matters regarding banking, finance and investing.

Introduction 1

Part I: Getting Started with Dark Pools 5

Chapter 1: Focusing on Dark Pools and High Frequency Trading, Just the Basics 7

Chapter 2: Taking a Dip into Dark Pools 15

Chapter 3: Grappling with the Ins and Outs of Securities Markets 25

Part II: Diving into Dark Pool Markets 37

Chapter 4: Introducing Dark Pool Providers 39

Chapter 5: Meeting the Players and Places 53

Chapter 6: Regulating Dark Pools 65

Part III: Coming to Grips with Automated Trading 77

Chapter 7: Comprehending Automated Trading 79

Chapter 8: Grasping Standard Order Types 93

Chapter 9: Identifying the Special Order Types 105

Chapter 10: Delving into High Frequency Trading 119

Chapter 11: Understanding Key High Frequency Trading Strategies 133

Part IV: Being Aware of the Risks of Dark Pools 147

Chapter 12: Jockeying Too Much for Position 149

Chapter 13: The Ins and Outs of Flash Crashes 163

Part V: The Part of Tens 181

Chapter 14: Ten of the Best Dark Pool/HFT Websites 183

Chapter 15: Ten Ways to Swim Safely in Dark Pools 191

Chapter 16: Ten Common Algorithmic Strategies 199

Chapter 17: Ten Things to Know About Market Microstructure 207

Index 215