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Dark Pools MSET offers clients the Morgan Stanley internal dark liquidity pool, MS POOLSM to enhance crossing and price improvement opportunities. MS POOL is one of the few dark pools that can be considered truly dark on the spectrum of gray. MS POOL is designed to prevent information leakage by denying entry of the types of orders that may be sent by participants seeking information to trade against. MS POOL blocks IOCs, and orders must remain in the pool for a required minimum resting time. In addition, MS POOL does not send IOIs. In other words, our rules prevent MS POOL from being anything but truly dark. The darkness of our pool enables us to offer  innovative, anonymous trading techniques. As one of the premier providers in this space, Morgan Stanley pioneered “trajectory crossing”, an event in a truly dark pool that gives two opposite algorithmic orders an average price throughout their overlapping time period. By delivering average pricing over an interval, trajectory crossing helps prevent negative selection and opportunity costs that can occur in gray pools. We strive to deliver certainty and quality execution each and every time, particularly during extremely volatile periods.
In addition, NightVisionSM and NightOwlSM are tools that bring the most natural liquidity to our clients. NightVision accesses fragmented sources of only dark liquidity through an aggregation of dark pools, and NightOwl navigates both dark liquidity pools and quoted markets, based on the user-specified level of urgency. |
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