Education

Dark Pools and Citadel: Off-Exchange Trading and Price Discovery

Dark pools — off-exchange venues where Citadel executes retail orders — reduce public market quality for everyone.

Price Discovery Harm

When retail orders are internalized off-exchange, less information about supply and demand reaches public markets, degrading the accuracy of published prices for all investors.

dark pools Citadeloff-exchange trading PFOFCitadel internalization price discovery

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