Darker than a dark pool? Welcome to Wall Street's 'private rooms'

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Darker than a dark pool? Welcome to Wall Street's 'private rooms' - Business Standard

Quick Summary:

Brokers who take orders to private rooms typically expect to fill the order at the midpoint of the national-best-bid and offer, or NBBO (assuming the rule of the room is set up that way, which is usually the case).

Private rooms are known by a slew of other names including hosted pools, restricted-access rooms, ATS pools, and custom counterparty groups.

Private rooms can be even more discreet.“It’s about exercising control, what liquidity a broker wants to interact with to achieve better execution quality,” says Roman Ginis, CEO of Imperative Execution, the parent company of IntelligentCross.