A trading algorithm that searches for dark liquidity (non-displayed liquidity) in available dark pools through a given liquidity network. It systematically sweeps and probes all connected marketplaces (exchanges or multilateral trading facilities (MTFs)) to maximize the probability of order execution and minimize market impact. Typically, electronic traders can employ them to access liquidity with a minimized market impact and footprint without trading through the spread. This algorithm uses the following set of parameters: start time, end time, minimum acceptable quantity (MAQ), and limit. For example, the minimum acceptable quantity is usually used to prevent unwanted fills and information leakage.
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