Dark pools can restrict access for specific trader types. We compare execution outcomes between dark pools that restrict high frequency trader access and those that do not. We find that trades executed in dark pools with more access restrictions have less order flow information leakage, adverse selection risk and post-trade order imbalances than trades in less restricted pools. Evidence from exogenous dark pool closures demonstrates that these differences are causal. The ability to segment order flow can benefit investors because it allows them to make trade-offs between execution risk and information leakage across different dark venues.

中文翻译：

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进入黑市和执行结果的差异

黑池可以限制特定交易者类型的访问。我们比较了限制高频交易者访问的黑池和不限制高频交易者访问的黑池之间的执行结果。我们发现，与在限制较少的池中执行的交易相比，在访问限制较多的暗池中执行的交易，订单流信息泄露、逆向选择风险和交易后订单失衡更少。来自外源性暗池关闭的证据表明，这些差异是因果关系。分割订单流的能力可以使投资者受益，因为它允许他们在执行风险和不同黑暗场所的信息泄漏之间进行权衡。