Morgan Stanley (NYSE:MS) today announced that it is now crossing on average over 100 million shares per day in its dark liquidity pool, MS POOL.
MS POOL is a continuous dark liquidity pool that enhances crossing and price improvement opportunities for its clients by combining many sources of order flow into one aggregated pool of liquidity. Unlike many other dark pools operating in the United States, MS POOL does not solicit order flow from external parties by leaking information regarding current client order flow.
"We are pleased to offer a dark pool that is truly dark and that crosses natural liquidity," said Andrew Silverman, Managing Director and Co-Head of Morgan Stanley Electronic Trading. "This is a huge milestone for us and shows that our message regarding information leakage has really resonated with our current and potential clients who value anonymity and the confidentiality of their order information."
MS POOL crosses orders at or within the National Best Bid and Offer (NBBO). It differentiates itself from other dark pools in that it does not enlist the use of indications of interest (IOIs). MS POOL also prevents the potential for gaming and manipulative trading behavior by not accepting immediate or cancel (IOC) orders.