Multi-Party Computation Mechanism for Anonymous Equity Block Trading: A Secure Implementation of Turquoise Plato Uncross

John Cartlidge, Nigel P Smart, Younes Talibi Alaoui

Research output: Contribution to journalArticle (Academic Journal)peer-review

Abstract

Dark pools are financial trading venues where orders are entered and matched in secret so that no order information is leaked. By preventing information leakage, dark pools offer the opportunity for large volume block traders to avoid the costly effects of market impact. However, dark pool operators have been known to abuse their privileged access to order information. To address this issue, we introduce a provably secure multi-party computation mechanism that prevents an operator from accessing and misusing order information. Specifically, we implement a secure emulation of Turquoise Plato Uncross, Europe’s largest dark pool trading mechanism, and demonstrate that it can handle real world trading throughput, with guaranteed information integrity.
Original languageEnglish
JournalIntelligent Systems in Accounting, Finance and Management
Publication statusAccepted/In press - 27 Jul 2021

Keywords

  • dark pool
  • information leakage
  • information misuse
  • multi-party computation
  • secure trading
  • trust
  • Turquoise Plato Uncross

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