Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments February 1, 2022 erstellt
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Description:
We evaluate how the availability of trading venues affects the evolution of dark trading. We show that a regulatory restriction of dark trading at the most prominent platform has a detrimental effect on dark trading activity. Such trading decreases by over 70% over the half-a-year restriction period. This decrease is lower when the dark trading market is more competitive as the less active platforms overtake some of the dark order flow from the most active but restricted venue. Traders are more likely to migrate their dark trades to venues that trade a larger set of securities. Consistently with investors' sticky relationships with specific dark pools, our results suggest that substitution across dark pools is relatively low