Dark Pools and ATS
Dark pool, MTF, third-market, USM, and Virt-X terms used for nontraditional trading venues.
OTC market, dark-pool, multilateral trading facility, pink-market, and alternative trading system terms.
OTC, dark pools, and alternative trading systems are off-exchange or nontraditional venues where securities can trade outside a primary listed exchange order book. This branch helps readers distinguish transparent exchange trading from OTC quotation tiers, dark liquidity, third-market trading, multilateral trading facilities, and specialized historical venues.
Use these pages when a trade record, quote screen, disclosure, or market-data page depends on where a security trades, how quotes are displayed, whether pre-trade transparency is limited, or whether the security is listed, unlisted, OTC, or handled through a specialized venue.
| Area | Use it for |
|---|---|
| Dark Pools and Alternative Trading Venues | Dark pools, MTFs, third-market trading, USM, and other nontraditional venues. |
| OTC Markets and Quotation Tiers | OTC markets, quotation tiers, OTC Markets Group labels, pink markets, OTCQB, and OTCQX. |
| Dark Pool | Venues where displayed pre-trade information is limited. |
| OTC Market | Off-exchange securities trading and quotation context. |
Start with the venue, quote source, security identifier, and trade report. A dark-pool question is usually about displayed liquidity and execution evidence; an OTC-tier question is usually about issuer disclosure, quotation status, market maker activity, and trading risk.
Choose a subsection first. Deeper term pages live inside each subsection, which keeps large topic hubs readable.
Dark pool, MTF, third-market, USM, and Virt-X terms used for nontraditional trading venues.
OTC market, quotation tier, pink market, and regional OTC venue terms used in off-exchange securities trading.