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Shadow

A trading algorithm that seeks and searches for non-displayed liquidity (dark liquidity). In order to reduce impact (aggression), the algorithm...

LIT

An abbreviation for lit market; a type of market or stock exchange setting (ECN) where the order book (e.g., securities...

Lit Market

A type of market or stock exchange setting (ECN) where the order book (e.g., securities and price levels) is made...

Dark Liquidity Aggregation Algorithm

A trading algorithm that crawls and searches in most pools in order to maximize the amount of liquidity attained/ aggregated....

Dark Aggregation Algorithm

A trading algorithm that crawls and searches in most pools in order to maximize the amount of liquidity attained/ aggregated....

May Day

The date of May 1, 1975 when the United States abolished fixed minimum brokerage commissions in securities markets, "giving masses...

DOM

It stands for depth of market; a measure of the liquidity of a particular market or sector at a given...

Depth of Market

A measure of the liquidity of a particular market or sector at a given point in time or during a...

Market Depth

A measure of how a market “stably” reacts to, and is able to absorb, relatively large market orders without any...

Target Volume

A specific amount of securities that is targeted as part of an order. In other words, the order will not...