Off-exchange liquidity venues have been widely used by institutional investors to keep large trades confidential. Although they are not perfect and can be gamed by high-frequency traders, off-exchange alternative trading systems remain popular in equities. They are starting to gain traction in the cryptocurrency sector, prompting industry participants to seek out more advanced, institutional-grade tools to most effectively trade “in the dark.” For investors concerned with order information leakage, there are platforms that are engineered to prevent this critical pain point.
Recent data from Tabb Group shows that the share of United States equities traded off-exchange ticked up from 34.7% in December 2018 to 38.6% by April 2019. This trend is also being mirrored in Europe, where trading within off-exchanges accounted for 9.6% of all on-exchange activity for the same period.
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