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I like this chart from Nasdaq's economic research team visualizing the two tiers of the equity market. - Public exchanges set market prices for stocks - Off-exchange venues use those prices to execute hidden tradespic.twitter.com/oKCZmXAW1E
This system breeds a dilemma: the more trading moves off-exchange, the less volume goes into setting market prices that everyone is forced to rely on.
Great graphic. What this doesn’t show: a huge portion of the volume on exchanges themselves is dark and they market it fiercely. If you can’t beat ‘em join ‘em.
I don’t buy that this is a necessary consequence. Two problems: 1) Institutional-size orders would never be disclosed in full on lit venues anyway, and to the extent they consume opposing liquidity through time, they effect the emergent price. 2) Any participant that believes...
any given observable price is wrong is free to trade against it. They’re also free to quote passively in lit or dark. All these actions drive price formation. Simply put, I’m trying to understand what information content is lost other than maybe a couple of visible limit order?
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