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 2026-09-23
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…
We use Google Analytics to count visits and see which pages get read. It sets cookies.
Nothing here depends on it, and declining changes nothing about what you can read. What we collect.