In May, Goldman Sachs, Morgan Stanley and UBS announced bilateral agreements to offer reciprocal access for algorithmic trades to each other’s “dark pools”.
Dark pools are matching engines for non-displayed, anonymous trading away from the public markets.
The arrangements, which apply to US stocks only, connect three of the largest investment bank-operated dark liquidity pools in the US – Goldman Sachs’s Sigma X, Morgan Stanley’s MS Pool and UBS’s Pin ATS – but stops short of full integration.
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