Abstract
Chapter 5 follows the investment chain from the ‘buy side’ of investment management into the ‘sell side’ of brokers and traders. It discusses the development of ‘dark pools’—private share-trading venues in which subscribers can bid to buy shares or offer to sell them without those bids or offers being visible to the market at large. Originally, access to dark pools was restricted to investment management firms, and the pools were intended to permit those firms to buy or sell large blocks of shares among themselves at low cost and without the ‘market impact’ of trading in the public markets. The history of dark pools, however, shows how hard it has been to cling to that vision in the face of investment chain entanglements. The entanglement on which the chapter focuses most relates to the ways of payments (colloquially known in the US as ‘soft dollars’) for sell-side research.
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