Bloomberg reports that the number of U.S. shares traded on Barclays’s dark pool decreased 79% to 66 million in the two weeks through July 6, according to data from the Financial Industry Regulatory Authority. The decline in the second week was the biggest drop among 42 dark pools, the data show.
New York Attorney General Eric Schneiderman said in a complaint filed June 25 that Britain’s second-largest bank lied to customers and masked the role of high-frequency traders to boost revenue. That’s prompted at least four money managers and brokers to pull their business.
'It may be one of those situations where the market decides whether this venue is going to stay open or not', said Richard Payne, a professor of finance at Cass Business School in London in an interview. 'They will have had that discussion' about closing it.
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