Barclays Thinks Its Dark Pool Is Just Fine

Barclays advertised that it was "able to monitor the quality of flow in the pool on an ongoing basis by using a set of quantitative metrics to grade and classify each participant." But it didn't advertise that it did that. It just said it was able to do that. In fact it explicitly said that it wouldn't rely solely on those quantitative metrics: It would rely on the quantitative metrics, plus whatever else it wanted to think about. So if for instance it classified one of its own desks as passive, even though it was (according to Schneiderman) "objectively" aggressive, that was fine.