Barclays' Dark Pool Goes Dark After Client Boycott
Following yesterday's revelations that Barclays was raping its clients, maliciously misrepresenting and lying to them on a daily basis, who could have possibly foreseen the following development:. From Bloomberg:
- BARCLAYS SAID TO LOSE DARK POOL TRADING CUSTOMERS AFTER SUIT
- BARCLAYS SAID TO BE SHUNNED BY BERNSTEIN, VOYA AFTER SUIT
Furthermore, traders are getting notifications that routing to LX is now down, meaning the dark pool is now merely... dark.
But where will Citadel and TradeBot scalp and predate slow buyside orders now? Actually scratch that: since every other dark pool is the same, it will take them a few milliseconds to find an alternative venue where they can frontrun millions in shares in riskless scalps. Pardon, where they can continue to "provide liquidity."
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