No big boost to UK dark trading after Brexit

Expected explosion in hidden equity liquidity has failed to materialise

When the UK – after its exit from the European Union – started stripping away regulation that forced equity trading onto lit venues, critics said it would lead to an explosion of dark trading in London. So far, their concerns seem overblown.

Data collected by Risk.net from exchanges and analytics providers shows that dark trading volumes have stayed more-or-less flat. The controversial removal in the UK of volume caps that form part of EU rules has had “no material impact” on the UK’s share of