Nanex Research
Nanex ~ 11-Dec-2012 ~ Light before Dark
The images below show all trades in either NYSE or Nasdaq Listed stocks over a 30 second period on December 11, 2012. Note how Dark Pool Trades (green squares) always come after
lit market trades. Also note how ISO orders appear before other order types. Finally
notice how all stocks trade at the exact same instant of time (each price level is basically
a different stock). The hard vertical edge indicates orders execute across hundreds
of stocks at the same time.
Click Start/Stop to run a slide show of all 7 images. Or click Prev/Next to step through them one
at a time.
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