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5:00Dark Pools and Internalizers: Trades That Never Touch an Exchange
You hit "buy" on your phone and got filled in milliseconds. Your order never reached the New York Stock Exchange, never met another investor, and quite possibly was sold to you by one firm out of its own inventory.
Roughly 47% of US consolidated share volume now trades off-exchange — away from the lit, quoting venues like NYSE and Nasdaq. The "lit market" you picture is a minority of the action. Two very different machines absorb the rest: dark pools and wholesale internalizers, and the distinction matters because most off-exchange flow is *not* the institutional block trading people imagine.
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