Paper Title
Do Dark Pools Cause Structural Breaks In Emerging Markets?

Abstract
Dark pools have recently penetrated more into developed markets but simultaneously have raised concerns in the regulatory bodies of developed countries as they make markets more opaque. This study tries to measure and discuss the effect of dark pools in a developing market. The relationship between dark pools and liquidity, in terms of trading volume is analyzed. Presence of a structural break in a oneyear long period of dark pools in Turkish market is searched. This study provides evidence that dark pool period and pre-dark pool period do not have equal variances. We provide evidence that index returns, dollar and interest rate fluctuations have greater impact in a market when dark pools are allowed in a developing market. Keywords - Dark Pools, Liquidity, Trading Volume