Fidelity Investments and eight other big money managers have formed a consortium to launch a so-called dark pool, an anonymous venue for equities trades, according to a source familiar with the matter. The new effort, initially spearheaded by Fidelity, aims to create a private trading venue for the benefit of mutual fund shareholders, to be run at little to no profit. Every member is expected to have a seat on the board of directors, the source said.The project could launch within days, with trading to start later in 2015, the source said. The Wall Street Journal and Financial Times reported the new project earlier on Monday.Among other money managers participating in the venture are BlackRock Inc., Bank of New York Mellon Corp., J.P. Morgan Chase & Co. and T. Rowe Price Group Inc.Dark pools are facing rising costs amid increased regulatory scrutiny because of concerns that they are too opaque.
BlackRock, Inc. (BlackRock) is an investment management firm. Shares of BLK traded higher by 1.64% or $5.62/share to $348.07. In the past year, the shares have traded as low as $284.78 and as high as $368.64. On average, 516684 shares of BLK exchange hands on a given day and today's volume is recorded at 916411.
T. Rowe Price Group, Inc. is a financial services holding company, which provides global investment management services through its subsidiaries to individual and institutional investors in the sponsored T. Shares of TROW traded higher by 0.58% or $0.47/share to $81.50. In the past year, the shares have traded as low as $71.78 and as high as $88.64. On average, 1295910 shares of TROW exchange hands on a given day and today's volume is recorded at 2072362.
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