Lit market is one where orders are displayed on order books and therefore are pre-trade transparent.


On the contrary, orders in dark pools or dark orders are not pre-trade transparent.


This is the case for orders in broker crossing networks (Commission Staff Working Document Impact Assessment Accompanying the document Commission Delegated Regulation supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to definitions, transparency, portfolio compression and supervisory measures on product intervention and positions {C(2016) 2860 final, 18.5.2016, p. 62).




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Dark pool


Lit order, dark order




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