The World Then
Before Liquidnet, asset managers had few reliable options when trying to execute a large trade. Imagine trying to trade 500,000 shares, a few hundred shares at a time? The retail market was not only extremely inefficient, but the largely ‘hand-shake’ and/or broker-mediated process for trading large blocks of shares resulted in information leakage that impacted the price of the stocks being traded. And the millions of people invested in mutual, pension, or other equity funds ultimately paid the price.