%0 Journal Article %A Max Palmer %T Dark and Lit Markets: A User's Guide %D 2010 %J Trading %P 94-100 %V 2010 %N 1 %X This article provides a guide to dark and lit pools for buy-side traders and portfolio managers. Its goal is to understand how we got to where we are today, the basics of how to use these pools, and a look into the future. The conventional views—and original intentions—of these pools do not always match up with the reality of how the pools are used today. The article begins with an overview of the salient characteristics of each market, along with the economic and regulatory impetuses that shaped the markets’ evolution. Then, a User's Guide provides basic guidelines on using dark and lit pools. The last section takes a glimpse into the future, with a particular emphasis on proposed regulatory changes that could significantly alter the landscape of lit and dark markets. %U https://guides.pm-research.com/content/iijtrading/2010/1/94.full.pdf