A dark pool is a trading venue that does not display its order book before trades occur, publishing only executions after the fact. Non-display reduces market impact for large orders; it also removes the displayed book that order-book manipulation depends on.
market microstructure · updated 2026-09-08
See also
Order book— The order book is the live list of all outstanding buy and sell orders for an instrument, arranged by price, that a trading venue …
Lit market— A lit market is a venue that publishes its order book before execution. The term exists to distinguish ordinary exchanges from dar…