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Dark pools can benefit small, mid-cap stocks in Singapore: study

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DARK trading, which often comes with a negative connotation as investors trade shares anonymously, can actually improve market liquidity for illiquid, as well as small and mid-market capitalisation stocks on the Singapore Exchange (SGX), a staff paper from the Monetary Authority of Singapore (MAS) said on Thursday. Read more at The Business Times.

Perfectly legal, dark trading - also known as"black pools","dark liquidity" and"upstairs markets" - are controversial alternative private trading platforms that allow investors to make large trades anonymously unlike in a lit exchange where traders can see a large order going through and can move the price against the investor executing the order.

Currently, there are only two dark pool operators here - LiquidNet and Credit Suisse. Both target institutional investors, and have a larger average execution size. So they do not face this problem. The study found that smaller market capitalisation stocks experience, on average, larger increases in lit liquidity than those for larger market capitalisation stocks as dark trading increases. Small market value stocks are generally less liquid than the large market value ones. Hence, any positive effect of dark trading on lit liquidity would be amplified for small market capitalisation stocks.

Jason Yates, managing director and Head of Asia Execution Services, Morgan Stanley, welcomed the report and its findings.

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