Aquis Exchange grew conditional dark volume by 387% in 2025, from €36 million to €175 million a day. During the same period, it took its share of European dark trading from 7.11% to 10.2%, while maintaining the lowest market impact of any European venue. It also used the year to build a fix for one of the most persistent structural flaws in dark trading: the stale midpoint.
Dark pools in Europe execute at the midpoint of the primary exchange’s best bid and offer.
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