In June, Bloomberg Tradebook launched an anonymous request for quote service to help institutional investors find large block ETP liquidity. Over four months, the number of ETPs requested jumped to 71 products from 35 as the number of firms using the platform increased fourfold to 35.

Nevertheless, exchanges are trying to bring these trades back into the light through incentives programs that would compensate market makers for tighter quotes. For instance, the ProShares Managed Futures Strategy (NYSEArca: FUTS) signed up for the incentive program on NYSE Arca, with Jane Street Trading as the lead market maker for FUTS. On the BATS exchange, three ETF issuers are participating in a “competitive liquidity provider” program with four market makers. [A Look at the Cogs and Gears Behind ETF Trades]

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Max Chen contributed to this article.