As we enter the closing stretch of the baseball regular season, a season where the NY Mets have a better record than the NY Yankees this late for the first time in ages, it only seems appropriate that  today’s note has a baseball tie-in!

Regretfully, the tie-in has to do with pickoffs and stealing…

The term “picked-off” is used in very different ways in baseball and in dark pool trading.

In baseball you have a player, and the bastard is trying to steal a base! Only when he is napping, can he get (more…)



August 2015 – ITG fined $20.3 million for operating a secret trading desk and misusing the confidential trading information of dark pool subscribers.

ITG abused the trust of its customers and engaged in conduct justifying the significant sanctions imposed in this case.” – Andrew J. Ceresney, Director of the SEC’s Division of Enforcement


January 2015 – UBS fined $14.4 million for a series of dark pool violations from 2008 to 2012.

The UBS dark pool was not a level playing field for all customers and did not operate as advertised.” – Andrew J. (more…)


Aug, 2015