How Do Dark Pools Differ from Both RFQ Platforms and CLOBs?

Dark pools are private forums for trading securities, typically large block orders, that do not display their quotes publicly. Their primary goal is to minimize market impact by ensuring anonymity and preventing pre-trade price discovery.

CLOBs are fully transparent and public. RFQ platforms facilitate bilateral negotiation but are also private in the quote-solicitation phase.

Dark pools offer continuous matching based on existing market prices, whereas RFQ is quote-driven and CLOB is order-driven.