I heard that Nasdaq has a routing strategy that access dark pools / hidden liquidity. Which routing strategy is that? I'm looking for the strategy that DOES NOT hit the nasdaq book but searches for dark liquidity http://www.nasdaqtrader.com/content/ProductsServices/Trading/Workstation/rash_strategy.pdf Also does EDGA and EDGX have dark pool / hidden liquidity capabilities that does involve hitting the book first
sounds like what your looking for is what BATS has, their DARK/DART routing strategies. The Dark one first attempts to execute at a dark venue prior to hitting the order book and lastly going out to the street. http://www.batstrading.com/resources/features/bats_exchange_dark_liq.pdf and best part is that if you hit a dark pool then you get charged nothing (they had been paying a mil but recently changed that) EDGX has routing strategies that will hit their ELP which is their own dark pool but not much liquidity there.
http://nasdaqtrader.com/content/ProductsServices/Trading/TFTY_factsheet.pdf "low-priced liquidity venues" = dark TFTY with TIF = IOC is closest: Hits BX for .01 rebate Then Dark for .05 fee Then NYSE for .17 fee Then NASDAQ (but only for TIF=DAY)