As the market matures – encouraged by the drive for regulations that seek to bolster standard, fairness and efficiency – it becomes clear that there is a lot of room for improvement at several levels of the execution chain. Any manual interception of an order during the execution process should be questioned.
The context for this article is smart order routing (SOR) logic and in particular, the use of dark pools when executing larger institutional block trades. In order to analyse this subject, we first provide a definition of the terms execution and dark.
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