Navigating dark liquidity (How Fisher catches Poisson in the Dark). (arXiv:1710.06350v1 [q-fin.TR])

In order to reduce signalling, traders may resort to limiting access to dark venues and imposing limits on minimum fill sizes they are willing to trade. However, doing this also restricts the liquidity available to the trader since an ever increasing quantity of orders are traded by algos in clips. An alternative is to attempt to monitor signalling in real time and dynamically make adjustments to the dark liquidity accessed.