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Despite Barclay’s private and public assurances to investors in its pool that they were continually shielded from high-speed trading, the bank is being sued for actively attracting high-speed traders to its venue, as well as bolstering high-speed trader strategies with privileged information about the pool.

1. Summarize why the article essentially called this a private stock exchange.
2. How much equity trading in the United States and Europe is done outside the public exchanges?
3. What major banks also run dark pools?
4. What is needed to provide more transparency and order for this financial systems?
5. What, to you, was the most surprising information in this article?


Editorial Board. (2014). The Dark Pool Iceberg. The New York Times, June 28 (Retrievable online at