Does the Trading Volume on a Dark Pool Contribute to the Public’s Perception of Market Liquidity?

No, the trading volume on a dark pool does not directly contribute to the public's perception of market liquidity because the trades are executed non-publicly. Public liquidity is gauged by the depth and volume visible on public order books.

While dark pool trades reflect real trading activity, the lack of transparency means this volume is often not included in publicly reported metrics, potentially leading to an underestimation of the total market liquidity.