The future of the London Stock Exchange’s proposed dark pool, Baikal, a joint venture with Lehman Brothers, is still uncertain, according to The Financial Times.
The sticking point is who owns algorithmic trading systems developed by Lehman to be used on the dark pool. It is unclear whether they now belong to Barclays, which bought the US business, or Japan’s Nomura, which bought Lehman’s European operations and which is a partner with LSE competitor Chi-X.
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