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Sergey Aleynikov has conviction dismissed out of hand by appeal judges after serving a year for copying trading software A former Goldman Sachs computer programmer has been freed from prison after a surprise ruling from a federal appeals court quashed his conviction for stealing computer code. "Justice occasionally works," said Russian-born Sergey Aleynikov, who walked free after serving one year out of a sentence of eight years or more. Aleynikov, a naturalised US citizen who emigrated from Russia in 1990, was first arrested in July 2009 as he returned from a trip to Chicago to the offices of his new...

Exclusive: Wells Fargo to shut its 'dark pool' as demand falls By John McCrank NEW YORK Thu Oct 16, 2014 6:44pm EDT (Reuters) - Wells Fargo (WFC.N) is closing down its alternative trading system, or "dark pool," due to decreased customer demand, the company said on Thursday. The San Francisco-based bank will still offer its clients a full suite of electronic trading tools to help them execute orders, but will stop offering access to the company's dark pool on Friday, a spokeswoman from the bank told Reuters.

Tide turns against dark pools Shanny Basar and Giles Turner 25 Oct 2011 Some of the world’s largest corporates have expressed concern regarding the growth of trading on dark pools, amid an increase in regulatory activity against the trading venues. A BNY Mellon Global Trends in Investor Relations survey of 650 companies across 53 countries, published today, discovered that a third of respondents believed dark pools “negatively impact global trading markets and that more oversight is necessary.” Peter Kondrup from drinks company Carlsberg said in the survey: “If you take it from our view point, we believe that it definitely...

The decadence of 'dark pool' markets Updated: 2011-11-07 07:49 By Daryl Guppy (China Daily) The collapse of MF Global Holdings again highlights the perils of derivative leverage in a loosely regulated market. It shows the need for genuine transparency in financial markets. The decadence of 'dark pool' markets MF Global had $1.4 billion in equity which it used to run up $44.4 billion in liabilities largely in trading European debt. The collapse of MF Global also dragged down its other trading operations, hitting individual investors and traders who found their accounts frozen and positions liquidated at unfavorable prices. MF Global...

Goldman Sachs Defends Dark Pools, Short Selling By JOAN E. SOLSMAN Goldman Sachs Group Inc. defended a range of trading practices currently under regulatory scrutiny, including dark pools and short selling, in a report to the Securities and Exchange Commission and a series of posting on its Web site. In defending dark pools, private venues where large blocks of securities are traded anonymously, Goldman said they are simply the result of technology improving on the kind of non-displayed liquidity that has always existed in the market. The firm, which has reaped huge trading profits in the last two quarters, said...

Senator Schumer Begins Dark Pool Crack Down Submitted by Tyler Durden on 10/20/2009 08:52 -0500 Dark Pool Dark Pools Mary Schapiro New York Stock Exchange NYSE Schumer SEC Securities and Exchange Commission Senator Schumer WASHINGTON, DC—U.S. Senator Charles E. Schumer (D-NY) will hold a conference call with Duncan Niederauer, CEO of the New York Stock Exchange (NYSE), on Tuesday, October 20, 2009 at 12:30 pm to urge the Securities and Exchange Commission (SEC) to institute a series of reforms to better regulate dark pools. Schumer will release a letter he is sending to SEC Chairwoman Mary Schapiro urging several different...

NYSE Executives: More Regulation Of Dark Pools Needed By Geoffrey Rogow, Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- As the proliferation of dark pools continues to eat into exchanges' share of trading volume, exchanges may look to Washington for help. Executives from NYSE Euronext (NYX) said Tuesday dark pools, electronic- trading venues where money managers trade large blocks of shares anonymously, are essentially "free riding" on the stock prices they provide. In addition, as these dark pools continue to grow in volume, they are making stock prices on exchanges less legitimate, according to NYSE executives. Notably, exchanges are regulated...

Don't Be Afraid Of The Dark Pools Alexandra Zendrian, 05.18.09, 04:00 PM EDT While the term dark pool might sound mysterious, they can provide price improvement and better quality trades for retail investors. Dark pools are venues where trading is done off of an exchange to obtain price improvement and not move the price if a large block of stocks is being traded. While the term dark pool conjures up visions of dark alleys and one broker passing another broker stocks in a silver suitcase, they can be helpful for moving tough-to-trade securities. Still, why should dark pools matter to...

As Summer Temperatures Rise, Dark-Pool Volume Climbs Higher By Nina Mehta July 18, 2008 Dark pools are on a hot streak. They're tearing through volume records and turning into big-league market centers in their own right. Goldman Sach's Sigma X dark pool yesterday executed 406 million shares, making it the seventh-largest market center for U.S. equities. That put Sigma X in line behind Nasdaq, NYSE Arca, the New York Stock Exchange, BATS Trading, Direct Edge ECN and the National Stock Exchange. And ahead of all other venues. Sigma X's volume is up 100 percent over the last seven weeks, according...

Understanding of Dark Pools is Elusive, Reports Traders Magazine Survey June 17, 2008 By Nina Mehta The dark pool landscape is changing so rapidly that a large portion of buyside traders can't keep up with some of the developments. According to a Traders Magazine electronic survey, 38 percent of buyside traders said they were not aware that some dark pools send out or receive information about resident orders. Nor were they aware that some dark pools send and receive electronic immediate-or-cancel orders from other venues. Dark pools are now stepping up efforts to cater to different buyside constituencies through their...

Industry Leaders Frown on Dark Pool Trend June 6, 2008 By Nina Mehta Morgan Stanley and Goldman Sachs, bucking a growing trend among the operators of dark pools, are vowing to stay pure. The two bulge-bracket shops tell Traders Magazine they have no intention of broadcasting out information about orders in MS Pool and Sigma X, their respective alternative trading systems. They say that occurs when electronic indications of interest are sent to third-party pools. "Sending indications out is something that removes the dark aspect of a dark pool," said Andrew Silverman, head of electronic trading distribution at Morgan Stanley....

LSE and Lehman’s platform to have ‘dark pool’ By Jeremy Grant in London Published: June 25 2008 21:13 | Last updated: June 26 2008 00:13 The London Stock Exchange will on Thursday unveil a new, pan-European equities trading platform in a joint venture with Lehman Brothers to fight rivals that are eroding its market share. The move is the first sign that Dame Clara Furse, LSE chief executive, has an aggressive strategy to combat the exchange’s competitors. The move comes only days after the LSE lost out to its rival NYSE Euronext for a 25 per cent stake in Qatar’s...