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Dark pools were another rogue spawn of the new financial marketplace. Private stock exchanges, run by the big brokers, they were not required to reveal to the public what happened inside them. They reported any trade they executed, but they did so with sufficient delay that it was impossible to know exactly what was happening in the broader market at the moment the trade occurred.
In April 2013, the price of Google’s shares fell from $796 to $775 in three-quarters of a second, for instance, and then rebounded to $793 in the next second.
