East Hampton Building Inspector Preiato Retires, Palermo Succeeds

The dark pools of Wall Street, known for their secrecy in trading, are evolving with the introduction of 'private rooms' which allow for even more concealed transactions. These exclusive areas are designed to prevent price impacts by limiting who can participate in trades, raising concerns about market transparency. As over half of U.S. stock trading now occurs outside public exchanges, demand for these private rooms is increasing among firms seeking to manage trading relationships more effectively. The head of electronic trading at Raymond James, David Cannizzo, likened this process to 'shopping when you know precisely what you want.' Although the exact number of private rooms and their trading volumes is unclear, their usage is rising, with one ATS reporting private-room volumes surpassing those of nine competitors. The trend highlights ongoing fragmentation in the market as traders prioritize discretion and efficiency.