Institutional investors have a strong incentive to find natural counterparties to be able to trade larger amounts at lower costs. We show theoretically that order splitting allows institutional investors to gradually detect each other's trading intentions, such that they can coordinate their...

We investigate competition between traditional stock exchanges and new ‘dark' trading venues using an important difference in regulatory treatment. SEC required minimum pricing increments constrain some stock spreads, causing large limit order queues. Dark pools allow some traders to by-pass...

We examine the impact of trading on markets partially exempt from National Market System requirements (‘dark venues') on equity market quality. We find evidence consistent with the notion that dark venues rely on their special features to segregate order flow based on asymmetric information...

We investigate competition between traditional stock exchanges and new dark trading venues using an important difference in regulatory treatment. Securities and Exchange Commission required minimum pricing increments constrain some stock spreads, causing large limit order queues. Dark pools...

We provide a statistical interpretation of current practice in climate modeling. In this review, we define weather and climate, clarify the relationship between simulator output and simulator climate, distinguish between a climate simulator and a statistical climate model, provide a statistical...