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What Is the ‘Trade-at’ Rule and Why Is It Relevant to Dark Pools?

A proposed rule to mandate dark pools execute at NBBO or better, ensuring they don't harm public price discovery.
Greeks.Live11.11.25

What Is the ‘Trade-at’ Rule and Why Is It Relevant to Dark Pools?

The 'trade-at' rule, proposed in traditional finance, aims to prevent dark pools from executing trades at prices worse than the best available public quotes (NBBO) unless they offer meaningful price improvement. Its relevance is to ensure that dark pools do not siphon liquidity away from public exchanges without offering a clear benefit to the investor.

While not directly applied to crypto, the principle of best execution remains relevant.

What Is a “Request and Response” Data Flow Model in a DON?
How Is the Price of a Trade Determined in a Dark Pool Environment?
How Does a Consolidated Order Book (COB) Improve Price Discovery for RFQs?
How Do ‘Dark Pools’ Contribute to the Overall Liquidity and Price Discovery Process?

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