Bloomberg Tradebook Forges Dark Pool Transparency Agreements

Tradebook also launched its B-Dark algorithm, which contains the first analytic to deliver real-time venue transparency in dark pools, allowing traders to execute dark liquidity orders with more control and visibility.

Bloomberg Tradebook, a global agency broker, announced exclusive arrangements with leading industry dark liquidity providers to deliver full transparency and visibility of dark pool executions.

Under the new arrangement, Tradebook can show traders where their orders are being filled, in real-time, providing additional insight that enables more informed decisions about where to direct order flow and discretionary trades.

Tradebook also launched its B-Dark algorithm, which contains the first analytic to deliver real-time venue transparency in dark pools, allowing traders to execute dark liquidity orders with more control and visibility.

"For far too long the buy-side has tolerated a critical lack of information when trading in dark pools and that needs to change," said Raymond M. Tierney III, the new Chief Executive Officer and President of Bloomberg Tradebook LLC. "We are encouraged that dark pool providers are joining us to ensure that dark liquidity and algorithmic trading is safer, more fair and open throughout the industry."

Bloomberg Tradebook is increasing access to information with the release of its new B-Dark algorithm, a dark only version of the already widely used B-Smart SM algorithm, which helps traders seek optimal execution prices. Targeted towards traders of mid-and small-cap equities, B-Dark provides traders with a sophisticated way to trade in dark-only venues.

B-Dark enables traders to control more of their workflow by designating urgency levels and specifying the level of aggression with which the algorithm will seek dark liquidity. In addition, B-Dark provides anti-gaming logic, including order randomization and real-time venue slippage analysis, to protect traders from toxic flow that sometimes resides in dark venues.

"Bloomberg Tradebook's clients expect us to do much more than supply connectivity," added Mr. Tierney. "The industry arrangements, coupled with our new B-Dark algorithm, give our clients unprecedented transparency and control, allowing them to make split-second decisions about best price executions in both lit and dark markets."

Melanie Rodier has worked as a print and broadcast journalist for over 10 years, covering business and finance, general news, and film trade news. Prior to joining Wall Street & Technology in April 2007, Melanie lived in Paris, where she worked for the International Herald ... View Full Bio