Tokyo Stock Exchange upgrade puts pressure on dark pools


Faster new trading technology deployed by the Tokyo Stock Exchange (TSE) in January is putting pressure on six Japanese proprietary trading systems (PTSs) to offer tighter spreads to increase their allure as off-exchange trading venues. These off-exchange schemes are frequently called ‘dark’ or ‘lit’ pools, depending on whether or not block trades are anonymous.

Launched on January 4, the TSE’s Arrowhead technology cost $140 million and was introduced in a bid to restore the exchange’s tarnished

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