NYSE Retail Liquidity Program Making Headway
February 11, 2013
The plans are designed to combat the matching of retail and institutional orders directly, inside brokers’ internal pools of orders.
In January, 2.4 billion shares a day, or 36.7% of all trading in equities, occurred in broker pools, dark pools and other off-exchange systems, according to data compiled by BATS Global Markets.
Nasdaq, in its plan, estimated the average price improvement would work out to 50 cents on a 500-share order.