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Wall Street enters darker age with most stock trading now hidden 🔔 

For the first time on record, the majority of all trading in US stocks is now consistently occurring outside the country’s exchanges, according to data compiled by Bloomberg.

This off-exchange activity – which happens internally at major firms or in alternative platforms known as dark pools – is on course to account for a record 51.8 per cent of traded volume in January.

“Theoretically the more trading that goes off-exchange, the fewer orders there are on-exchange competing to determine the best price,” he said. “This means the pricing on and off-exchange could get worse.”

For now the threat to market efficiency remains a distant concern, with 48.2 per cent of trades in January still happening on-exchange. Instead, the change is perhaps more useful as an indicator of the evolving market landscape.

These alternative-trading systems, or ATS, use different mechanisms to match buyers and sellers without the desired price being displayed on a public exchange, or automated auctions where parties express the value they are willing to buy or sell stocks for. Using those venues helps institutional investors limit information leaking to the market and adversely affecting prices.

About 1.7 billion shares a day changed hands on an ATS in November, the most since March of 2020 and 36 per cent more than a year prior, according to analysis from Bloomberg Intelligence.
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