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Twilight Pool


A market trading platform (pool) that is a middle ground between a dark pool and a light pool. The pool conducts its business mainly in the dark- i.e., without exposing its book (of bid and offer orders). However, it only reveals its book at specific times during a trading day or if certain conditions are met. The pool exposes only the general direction of stock trading, and participants shall not expect a full list of bids and offers or market depth from such exposure. A more transparent tool is the so-called electronic limit order book (ELOB) which provides more details with respect to orders and market depth.



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This section covers a wide-ranging array of terms and concepts, among others, in the area of exchanges and financial marekts at large ...
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