Prior empirical studies find that dark pools are, on average, associated with uninformed order flow. The “exemption from fair-access requirement” has been conjectured as a necessary condition for dark venues to segment uninformed order flow. This study presents direct evidence contrasting a dark venue that offers equal access to all market participants to other dark pools which have the ability to subjectively exclude order flow. Using the period leading up to surprise corporate earnings news, I document robust evidence of informed trading taking place in the fair access dark venue. I do not find such evidence in other dark venues.

中文翻译：

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暗池中的知情交易：公平准入暗场与限制准入暗场

先前的实证研究发现，平均而言，暗池与不知情的订单流相关。“免于公平准入要求”已被推测为暗场分割不知情订单流的必要条件。本研究提供了直接证据，对比了为所有市场参与者提供平等访问权的暗场与其他能够主观排除订单流的暗池。利用导致公司盈利消息出人意料的时期，我记录了在公平访问的黑暗场所进行知情交易的有力证据。我在其他黑暗的场所找不到这样的证据。