Alternative Trading Systems
We covered topics such as retail order routing and the debate over payment for order flow (PFOF). We examined the resurgence in alternative trading systems (ATSs), the rise of outsourced trading desks for the buy side, and efforts to regulate fixed-income trading platforms as registered venues.
Dark pools catering to institutions have evolved with innovative methods of matching orders and faster matching engines to avoid moving the price after the trade. It’s also a sign of the intense competition brewing between off-exchange venues seeking to sign up brokers and institutions.