Investment Technology Group is going to launch a dark pool trading venue (aka quasi-exchange) for Bonds. GS and Blackrock among others have already got similar DPs operating, but with the expansion of the number of operators and therefore q-exchanges, I can see the HFT lads queuing up to purchase extremely expensive proximity server space in order to front run those orders too. Given the difference in size between the two markets, it’s going to make their shenanigans on the stock exchanges look like amateur hour. The orderflow and legal predation fees alone accruing to those operating the DPs will more than make up for the fragmentation and commission losses suffered over the last few years. I can’t help admiring the ingenuity evident in the financial markets, it has some of the finest brains on the planet.