Dark pool

Dark pools are trading systems where there is no pre-trade transparency of orders in the system (ie there is no display of prices or volumes of orders in the system).

Dark pools can be split into two types:

1. Systems such as broker crossing networks that are not subject to pre-trade transparency requirements
2. Trading venues such as regulated markets and MTFs that use waivers from pre-trade transparency not to display orders.

See also

• Lit
• Broker crossing network