in 2019, 37% of equity shares traded off-exchange. Of the off-exchange volume, ~1/3 is traded in a classic "dark pool" while ~2/3 is internalized by broker-dealers.pic.twitter.com/xZ6k8mV5kw
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an interesting SEC report on algorithmic trading was released recently. Some highlights below: https://www.sec.gov/files/Algo_Trading_Report_2020.pdf …pic.twitter.com/BkTA7jNDmV
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Of the internalizing broker-dealers, Citadel is far and away the leader, followed by Virtu:pic.twitter.com/9MO5qjOGpY
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Algo trading has grown rapidly with the supply of market data & advances in technology. Because of its speed, almost all algo trading is done electronically & has no manual human involvement.
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Below explains why fixed income liquidity is behind that of the equity markets - while Apple's equity is 1 market, Apple's debt is several:pic.twitter.com/KET9bSELQD
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HFT defined. All HFT is algo trading, but not all algo trading is HFT:pic.twitter.com/E0IADF3QPE
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