# What Is the Role of Dark Pools as an Alternative to Both Rfq and Lit Clob Markets? ▴ Question

**Published:** 2025-08-09
**Categories:** Question

---

![A sleek, institutional-grade RFQ engine precisely interfaces with a dark blue sphere, symbolizing a deep latent liquidity pool for digital asset derivatives. This robust connection enables high-fidelity execution and price discovery for Bitcoin Options and multi-leg spread strategies](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-rfq-engine-linking-deep-liquidity-pools.jpg)

![Dark, reflective planes intersect, outlined by a luminous bar with three apertures. This visualizes RFQ protocols for institutional liquidity aggregation and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-dynamics.jpg)

## Concept

An institutional trader’s operational environment is a complex system of interconnected liquidity venues, each with distinct protocols and strategic implications. The decision of where to execute a large order is a critical one, with consequences for price, [information leakage](https://prime.greeks.live/area/information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), and overall portfolio performance. Within this system, dark pools represent a specific and powerful tool, offering a unique set of trade-offs when compared to the transparent, continuous price discovery of lit Central Limit Order Books (CLOBs) and the negotiated, bilateral nature of [Request for Quote](https://prime.greeks.live/area/request-for-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (RFQ) markets.

At its core, a lit CLOB market operates on the principle of full transparency. All participants can see a centralized order book, which displays the current bids and offers for a given security. This constant stream of information facilitates [price discovery](https://prime.greeks.live/area/price-discovery/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), as the market collectively arrives at a consensus value. For small to medium-sized orders, the [lit market](https://prime.greeks.live/area/lit-market/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is an efficient and effective mechanism.

However, for institutional-sized orders, this transparency can become a liability. The very act of placing a [large order](https://prime.greeks.live/question/can-a-smart-order-router-effectively-blend-rfq-and-dark-pool-strategies-for-a-single-large-order/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) on a lit exchange can trigger adverse price movements, a phenomenon known as [market impact](https://prime.greeks.live/area/market-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). Other participants, seeing the large order, may trade ahead of it, driving the price up for a large buy order or down for a large sell order. This information leakage can significantly increase the cost of execution.

> Dark pools provide a mechanism for executing large trades with minimal price impact by shielding pre-trade information from the public.

[Dark pools](https://prime.greeks.live/area/dark-pools/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) emerged as a direct response to this challenge. These are private, off-exchange trading venues that do not display pre-trade order information. Institutional investors can place [large orders](https://prime.greeks.live/area/large-orders/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) in a dark pool with the knowledge that their intentions will not be broadcast to the wider market. This anonymity is the primary value proposition of a dark pool.

By masking the order, the institution can avoid the adverse price movements associated with market impact, potentially achieving a more favorable execution price. Trades in dark pools are typically matched at the midpoint of the national best bid and offer (NBBO) from the [lit markets](https://prime.greeks.live/area/lit-markets/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), ensuring that the execution price is fair and tied to the public market consensus.

The [RFQ](https://prime.greeks.live/area/rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) protocol offers a third distinct pathway to liquidity. In an RFQ system, a trader can solicit quotes from a select group of dealers for a specific trade. This is a more targeted and relationship-based approach than the anonymous, all-to-all nature of a lit market or the passive matching of a [dark pool](https://prime.greeks.live/area/dark-pool/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). RFQ is particularly well-suited for complex or illiquid instruments, such as multi-leg options strategies or large blocks of corporate bonds, where a continuous, liquid market may not exist.

The RFQ process allows the trader to leverage the expertise and risk appetite of multiple dealers to find the best possible price. While it offers more transparency than a dark pool, as the trader is revealing their intentions to a select group, it is less public than a lit market, providing a degree of control over information leakage.

![A symmetrical, high-tech digital infrastructure depicts an institutional-grade RFQ execution hub. Luminous conduits represent aggregated liquidity for digital asset derivatives, enabling high-fidelity execution and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-institutional-digital-asset-derivatives-rfq-system.jpg)

![A crystalline sphere, representing aggregated price discovery and implied volatility, rests precisely on a secure execution rail. This symbolizes a Principal's high-fidelity execution within a sophisticated digital asset derivatives framework, connecting a prime brokerage gateway to a robust liquidity pipeline, ensuring atomic settlement and minimal slippage for institutional block trades](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-execution-platform-optimizing-liquidity-and-risk-management-through-advanced-protocols.jpg)

## Strategy

The strategic deployment of dark pools, lit markets, and RFQ systems is a cornerstone of sophisticated [institutional trading](https://prime.greeks.live/area/institutional-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). The choice of venue is not a matter of simple preference but a calculated decision based on the specific characteristics of the order, the underlying asset, and the institution’s overarching trading objectives. A well-defined [execution strategy](https://prime.greeks.live/area/execution-strategy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) will leverage the unique strengths of each venue to optimize for price, speed, and information control.

![Reflective planes and intersecting elements depict institutional digital asset derivatives market microstructure. A central Principal-driven RFQ protocol ensures high-fidelity execution and atomic settlement across diverse liquidity pools, optimizing multi-leg spread strategies on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-precision.jpg)

## The Trade-Off Matrix

The decision-making process can be conceptualized as a trade-off matrix, where the primary axes are transparency, market impact, and execution certainty. Each venue occupies a distinct position within this matrix, and the optimal choice depends on which of these factors is most critical for a given trade.

- 
**Lit Markets ([CLOB](https://prime.greeks.live/area/clob/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite))** ▴ Prioritize transparency and execution certainty. For liquid assets and smaller order sizes, the lit market offers immediate execution and clear price discovery. The strategic imperative here is to minimize the “information footprint” of the trade. This can be achieved through algorithmic execution strategies that break large orders into smaller, less conspicuous pieces, or by using sophisticated [order types](https://prime.greeks.live/area/order-types/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) that are designed to interact with the order book in a non-disruptive manner.

- 
**Dark Pools** ▴ Prioritize minimizing market impact. For large, single-stock orders in liquid markets, dark pools are the venue of choice. The strategy here is to access a deep pool of institutional liquidity without signaling intent to the broader market. The trade-off is a lack of pre-trade transparency and the risk of slower execution, as the order must wait for a matching counterparty to arrive in the dark pool.

- 
**RFQ Systems** ▴ Prioritize price improvement and relationship-based liquidity. For complex or illiquid assets, the RFQ protocol is often the most effective. The strategy is to leverage competition among a select group of dealers to achieve a favorable price. This approach also allows for a degree of negotiation and customization that is not possible in the anonymous, rules-based environments of lit and dark markets.

![A sleek, dark teal, curved component showcases a silver-grey metallic strip with precise perforations and a central slot. This embodies a Prime RFQ interface for institutional digital asset derivatives, representing high-fidelity execution pathways and FIX Protocol integration](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine.jpg)

## A Comparative Framework

To further illuminate the strategic considerations, a comparative framework is useful. The following table outlines the key characteristics of each venue and the typical use cases.

| Feature | Lit Market (CLOB) | Dark Pool | RFQ System |
| --- | --- | --- | --- |
| Transparency | High (pre- and post-trade) | Low (post-trade only) | Medium (pre-trade with select dealers) |
| Market Impact | High (for large orders) | Low | Medium (contained within the dealer group) |
| Execution Certainty | High | Low to Medium | High (once a quote is accepted) |
| Typical Use Case | Small to medium orders, liquid assets | Large, single-stock orders | Complex, illiquid assets, multi-leg strategies |

> Effective execution strategy involves a dynamic allocation of order flow across lit, dark, and RFQ venues, guided by real-time market conditions and the specific characteristics of each trade.

![Two sleek, abstract forms, one dark, one light, are precisely stacked, symbolizing a multi-layered institutional trading system. This embodies sophisticated RFQ protocols, high-fidelity execution, and optimal liquidity aggregation for digital asset derivatives, ensuring robust market microstructure and capital efficiency within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-platform-architecture-high-fidelity-execution-protocols-and-liquidity-aggregation.jpg)

## Hybrid Strategies and Algorithmic Execution

The most sophisticated trading strategies often involve a hybrid approach, where orders are intelligently routed across multiple venues to achieve the best possible outcome. [Algorithmic trading](https://prime.greeks.live/area/algorithmic-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) systems can be programmed to slice large orders and send them to a combination of lit and dark markets, dynamically adjusting the routing strategy based on real-time market data. For example, an algorithm might start by attempting to fill a large order in a dark pool to minimize market impact.

If the order is not filled within a certain timeframe, the algorithm can then begin to work the order in the lit market, using a variety of techniques to minimize its price impact. This “[smart order routing](https://prime.greeks.live/area/smart-order-routing/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)” technology is a critical component of modern institutional trading, allowing traders to navigate the fragmented liquidity landscape and achieve their execution objectives.

![Two distinct, polished spherical halves, beige and teal, reveal intricate internal market microstructure, connected by a central metallic shaft. This embodies an institutional-grade RFQ protocol for digital asset derivatives, enabling high-fidelity execution and atomic settlement across disparate liquidity pools for principal block trades](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-prime-os.jpg)

![Two polished metallic rods precisely intersect on a dark, reflective interface, symbolizing algorithmic orchestration for institutional digital asset derivatives. This visual metaphor highlights RFQ protocol execution, multi-leg spread aggregation, and prime brokerage integration, ensuring high-fidelity execution within dark pool liquidity](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-prime-os-execution.jpg)

## Execution

The execution of trades within dark pools, lit markets, and RFQ systems requires a deep understanding of the underlying mechanics of each venue. The “how” of execution is as important as the “where,” and a mastery of the operational protocols is essential for achieving a decisive edge. This section will delve into the specific mechanics of each venue, providing a granular view of the execution process.

![A central glowing teal mechanism, an RFQ engine core, integrates two distinct pipelines, representing diverse liquidity pools for institutional digital asset derivatives. This visualizes high-fidelity execution within market microstructure, enabling atomic settlement and price discovery for Bitcoin options and Ethereum futures via private quotation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-microstructure-3.jpg)

## Dark Pool Execution Protocols

Execution in a dark pool is a fundamentally different process than trading on a lit exchange. The absence of a public order book means that orders are matched based on a set of predefined rules, rather than through direct interaction between buyers and sellers. The most common execution protocol in a dark pool is the midpoint match. In this model, the dark pool’s matching engine will cross buy and sell orders at the midpoint of the NBBO from the lit markets.

This ensures that both parties receive a fair price, and it simplifies the execution process. However, there are other, more complex execution protocols that may be used in certain dark pools.

- 
**Pegged Orders** ▴ Some dark pools allow for pegged orders, which are orders that are automatically repriced as the NBBO moves. This can be a useful tool for traders who want to remain competitive without constantly monitoring the market.

- 
**Conditional Orders** ▴ These are orders that are only activated when certain conditions are met, such as the availability of a certain amount of liquidity. This can help traders to avoid signaling their intentions prematurely.

![Curved, segmented surfaces in blue, beige, and teal, with a transparent cylindrical element against a dark background. This abstractly depicts volatility surfaces and market microstructure, facilitating high-fidelity execution via RFQ protocols for digital asset derivatives, enabling price discovery and revealing latent liquidity for institutional trading](https://options.greeks.live/wp-content/uploads/2025/07/optimized-rfq-protocol-dynamics-for-institutional-crypto-derivatives.jpg)

## Lit Market (CLOB) Execution

Execution in a lit market is a more straightforward process, but it still requires a sophisticated understanding of order types and market dynamics. The most basic order type is the market order, which is an instruction to buy or sell a security at the best available price. While market orders offer the certainty of execution, they can be costly for large orders, as they will “walk the book,” consuming liquidity at successively worse prices. To avoid this, institutional traders will typically use a variety of more advanced order types.

- 
**Limit Orders** ▴ These are orders to buy or sell a security at a specific price or better. Limit orders provide price protection, but they do not guarantee execution, as the market may trade away from the specified price.

- 
**Iceberg Orders** ▴ These are large orders that are broken down into smaller, visible “chunks.” This allows traders to display a small portion of their order to the market while keeping the majority of it hidden, reducing the risk of market impact.

- 
**Time-Weighted Average Price (TWAP) and Volume-Weighted Average Price (VWAP) Orders** ▴ These are algorithmic order types that are designed to execute a large order over a specified period of time or in line with the trading volume of the security. These strategies are designed to minimize market impact by breaking the order into smaller, less conspicuous pieces.

![A beige, triangular device with a dark, reflective display and dual front apertures. This specialized hardware facilitates institutional RFQ protocols for digital asset derivatives, enabling high-fidelity execution, market microstructure analysis, optimal price discovery, capital efficiency, block trades, and portfolio margin](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-terminal-for-high-fidelity-execution-and-precise-market-microstructure-analysis.jpg)

## RFQ Execution Workflow

The RFQ execution workflow is a more manual and relationship-driven process than the automated matching of lit and dark markets. The process typically involves the following steps:

| Step | Description |
| --- | --- |
| 1. Request Initiation | The trader initiates an RFQ, specifying the security, size, and any other relevant parameters. |
| 2. Dealer Selection | The trader selects a group of dealers to receive the RFQ. This is a critical step, as the quality of the quotes will depend on the expertise and risk appetite of the selected dealers. |
| 3. Quote Submission | The dealers respond with their best bids and offers. |
| 4. Execution | The trader selects the best quote and executes the trade. |

> Mastery of execution protocols across all venue types is the hallmark of a sophisticated institutional trading desk, enabling the translation of strategy into tangible alpha.

The RFQ process can be time-consuming, but it offers a high degree of control and the potential for significant price improvement, particularly for complex or illiquid instruments. The key to successful RFQ execution is to cultivate strong relationships with a diverse group of dealers and to have a deep understanding of the market for the specific instrument being traded.

![A central rod, symbolizing an RFQ inquiry, links distinct liquidity pools and market makers. A transparent disc, an execution venue, facilitates price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-execution-optimization.jpg)

## References

- Brolley, M. (2021). Price Improvement and Execution Risk in Lit and Dark Markets. Journal of Financial and Quantitative Analysis, 56(8), 2845-2882.

- CME Group. (n.d.). What is an RFQ? 

- FinchTrade. (2024). Understanding Request For Quote Trading ▴ How It Works and Why It Matters.

- Investopedia. (2023). An Introduction to Dark Pools.

- InsiderFinance Wire. (2021). Explained ▴ Dark Pools Vs. Lit Pools.

- Ready, M. J. (2014). Do Dark Pools Harm Price Discovery? Federal Reserve Bank of New York Staff Reports, no. 692.

- Wikipedia. (n.d.). Request for quote.

- Crisafi, A. & Macrina, A. (2015). Dark-Pool Perspective of Optimal Market Making. arXiv preprint arXiv:1502.00432.

- Ye, M. (2011). Dark Pool Trading and Information Acquisition. Working Paper, University of Chicago.

- Zhu, H. (2014). Do dark pools harm price discovery? The Review of Financial Studies, 27(3), 747-789.

![Sleek metallic structures with glowing apertures symbolize institutional RFQ protocols. These represent high-fidelity execution and price discovery across aggregated liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/precision-digital-asset-derivatives-trading-systems-optimizing-rfq-protocols-for-institutional-block-trade-execution.jpg)

## Reflection

The intricate dance of liquidity across lit, dark, and RFQ venues is a defining feature of modern market structure. The knowledge of these systems, their protocols, and their strategic applications is a foundational element of institutional trading. However, the true mastery of execution lies not in the static understanding of these individual components, but in the dynamic integration of this knowledge into a holistic operational framework.

The ability to see the market as a single, interconnected system of liquidity, and to navigate it with precision and purpose, is the ultimate source of competitive advantage. The concepts discussed here are not merely a set of tools, but the building blocks of a more sophisticated and effective approach to institutional trading.

![A precise stack of multi-layered circular components visually representing a sophisticated Principal Digital Asset RFQ framework. Each distinct layer signifies a critical component within market microstructure for high-fidelity execution of institutional digital asset derivatives, embodying liquidity aggregation across dark pools, enabling private quotation and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/principal-digital-asset-rfq-protocol-layers-for-high-fidelity-execution.jpg)

## Glossary

<a href="https://prime.greeks.live/area/information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision mechanism, symbolizing an algorithmic trading engine, centrally mounted on a market microstructure surface. Lens-like features represent liquidity pools and an intelligence layer for pre-trade analytics, enabling high-fidelity execution of institutional grade digital asset derivatives via RFQ protocols within a Principal's operational framework](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-microstructure.jpg)

## Information Leakage

Meaning ▴ Information leakage denotes the unintended or unauthorized disclosure of sensitive trading data, often concerning an institution's pending orders, strategic positions, or execution intentions, to external market participants. </a><a href="https://prime.greeks.live/area/request-for-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated, layered circular interface with intersecting pointers symbolizes institutional digital asset derivatives trading. It represents the intricate market microstructure, real-time price discovery via RFQ protocols, and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-institutional-digital-asset-derivatives-rfq-market-microstructure.jpg)

## Request for Quote

Meaning ▴ A Request for Quote, or RFQ, constitutes a formal communication initiated by a potential buyer or seller to solicit price quotations for a specified financial instrument or block of instruments from one or more liquidity providers. </a><a href="https://prime.greeks.live/area/price-discovery/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated digital asset derivatives trading mechanism features a central processing hub with luminous blue accents, symbolizing an intelligence layer driving high fidelity execution. Transparent circular elements represent dynamic liquidity pools and a complex volatility surface, revealing market microstructure and atomic settlement via an advanced RFQ protocol](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-framework-optimizing-market-microstructure-price-discovery-intelligence-layer.jpg)

## Price Discovery

Meaning ▴ Price discovery is the continuous, dynamic process by which the market determines the fair value of an asset through the collective interaction of supply and demand. </a><a href="https://prime.greeks.live/area/lit-market/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sleek, dark components with a bright turquoise data stream symbolize a Principal OS enabling high-fidelity execution for institutional digital asset derivatives. This infrastructure leverages secure RFQ protocols, ensuring precise price discovery and minimal slippage across aggregated liquidity pools, vital for multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-systemic-execution-interface.jpg)

## Lit Market

Meaning ▴ A lit market is a trading venue providing mandatory pre-trade transparency. </a><a href="https://prime.greeks.live/area/market-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract layered forms visualize market microstructure, featuring overlapping circles as liquidity pools and order book dynamics. A prominent diagonal band signifies RFQ protocol pathways, enabling high-fidelity execution and price discovery for institutional digital asset derivatives, hinting at dark liquidity and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-institutional-digital-asset-derivatives-rfq-protocol.jpg)

## Market Impact

Meaning ▴ Market Impact refers to the observed change in an asset's price resulting from the execution of a trading order, primarily influenced by the order's size relative to available liquidity and prevailing market conditions. </a><a href="https://prime.greeks.live/question/can-a-smart-order-router-effectively-blend-rfq-and-dark-pool-strategies-for-a-single-large-order/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Three parallel diagonal bars, two light beige, one dark blue, intersect a central sphere on a dark base. This visualizes an institutional RFQ protocol for digital asset derivatives, facilitating high-fidelity execution of multi-leg spreads by aggregating latent liquidity and optimizing price discovery within a Prime RFQ for capital efficiency](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocols-best-execution-multi-leg-spreads-latent-liquidity-aggregation.jpg)

## Large Order

A Smart Order Router systematically blends dark pool anonymity with RFQ certainty to minimize impact and secure liquidity for large orders. </a><a href="https://prime.greeks.live/area/large-orders/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, illuminated control knob emerges from a robust, metallic base, representing a Prime RFQ interface for institutional digital asset derivatives. Its glowing bands signify real-time analytics and high-fidelity execution of RFQ protocols, enabling optimal price discovery and capital efficiency in dark pools for block trades](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-system-for-optimal-execution.jpg)

## Large Orders

Meaning ▴ A Large Order designates a transaction volume for a digital asset that significantly exceeds the prevailing average daily trading volume or the immediate depth available within the order book, requiring specialized execution methodologies to prevent material price dislocation and preserve market integrity. </a><a href="https://prime.greeks.live/area/dark-pools/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An abstract, angular, reflective structure intersects a dark sphere. This visualizes institutional digital asset derivatives and high-fidelity execution via RFQ protocols for block trade and private quotation](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocols-for-high-fidelity-digital-asset-execution.jpg)

## Dark Pools

Meaning ▴ Dark Pools are alternative trading systems (ATS) that facilitate institutional order execution away from public exchanges, characterized by pre-trade anonymity and non-display of liquidity. </a><a href="https://prime.greeks.live/area/lit-markets/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Central teal-lit mechanism with radiating pathways embodies a Prime RFQ for institutional digital asset derivatives. It signifies RFQ protocol processing, liquidity aggregation, and high-fidelity execution for multi-leg spread trades, enabling atomic settlement within market microstructure via quantitative analysis](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-core-for-institutional-digital-asset-rfq-protocol-execution-engine.jpg)

## Lit Markets

Meaning ▴ Lit Markets are centralized exchanges or trading venues characterized by pre-trade transparency, where bids and offers are publicly displayed in an order book prior to execution. </a><a href="https://prime.greeks.live/area/dark-pool/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Symmetrical, institutional-grade Prime RFQ component for digital asset derivatives. Metallic segments signify interconnected liquidity pools and precise price discovery](https://options.greeks.live/wp-content/uploads/2025/07/principals-prime-os-for-digital-asset-derivatives-rfq-execution.jpg)

## Dark Pool

Meaning ▴ A Dark Pool is an alternative trading system (ATS) or private exchange that facilitates the execution of large block orders without displaying pre-trade bid and offer quotations to the wider market. </a><a href="https://prime.greeks.live/area/rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central, metallic cross-shaped RFQ protocol engine orchestrates principal liquidity aggregation between two distinct institutional liquidity pools. Its intricate design suggests high-fidelity execution and atomic settlement within digital asset options trading, forming a core Crypto Derivatives OS for algorithmic price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-architecture-optimizing-liquidity-aggregation-and-high-fidelity-execution.jpg)

## Rfq

Meaning ▴ Request for Quote (RFQ) is a structured communication protocol enabling a market participant to solicit executable price quotations for a specific instrument and quantity from a selected group of liquidity providers. </a><a href="https://prime.greeks.live/area/institutional-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract, sleek forms represent an institutional-grade Prime RFQ for digital asset derivatives. Interlocking elements denote RFQ protocol optimization and price discovery across dark pools](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-5.jpg)

## Institutional Trading

Meaning ▴ Institutional Trading refers to the execution of large-volume financial transactions by entities such as asset managers, hedge funds, pension funds, and sovereign wealth funds, distinct from retail investor activity. </a><a href="https://prime.greeks.live/area/execution-strategy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek blue and white mechanism with a focused lens symbolizes Pre-Trade Analytics for Digital Asset Derivatives. A glowing turquoise sphere represents a Block Trade within a Liquidity Pool, demonstrating High-Fidelity Execution via RFQ protocol for Price Discovery in Dark Pool Market Microstructure](https://options.greeks.live/wp-content/uploads/2025/07/advanced-institutional-digital-asset-derivatives-rfq-execution-system-for-optimal-price-discovery-and-high-fidelity-execution.jpg)

## Execution Strategy

Meaning ▴ A defined algorithmic or systematic approach to fulfilling an order in a financial market, aiming to optimize specific objectives like minimizing market impact, achieving a target price, or reducing transaction costs. </a><a href="https://prime.greeks.live/area/order-types/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A slender metallic probe extends between two curved surfaces. This abstractly illustrates high-fidelity execution for institutional digital asset derivatives, driving price discovery within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/precision-instrument-navigating-institutional-digital-asset-derivatives-rfq-protocols-for-optimal-price-discovery-and-high-fidelity-execution.jpg)

## Order Types

Meaning ▴ Order Types represent specific instructions submitted to an execution system, defining the conditions under which a trade is to be executed in a financial market. </a><a href="https://prime.greeks.live/area/clob/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A metallic, modular trading interface with black and grey circular elements, signifying distinct market microstructure components and liquidity pools. A precise, blue-cored probe diagonally integrates, representing an advanced RFQ engine for granular price discovery and atomic settlement of multi-leg spread strategies in institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-system-facilitating-high-fidelity-execution-price-discovery.jpg)

## Clob

Meaning ▴ The Central Limit Order Book (CLOB) represents an electronic aggregation of all outstanding buy and sell limit orders for a specific financial instrument, organized by price level and time priority. </a><a href="https://prime.greeks.live/area/algorithmic-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Intersecting structural elements form an 'X' around a central pivot, symbolizing dynamic RFQ protocols and multi-leg spread strategies. Luminous quadrants represent price discovery and latent liquidity within an institutional-grade Prime RFQ, enabling high-fidelity execution for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-enabling-high-fidelity-execution-across-disparate-liquidity-pools.jpg)

## Algorithmic Trading

Meaning ▴ Algorithmic trading is the automated execution of financial orders using predefined computational rules and logic, typically designed to capitalize on market inefficiencies, manage large order flow, or achieve specific execution objectives with minimal market impact. </a><a href="https://prime.greeks.live/area/smart-order-routing/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Symmetrical, engineered system displays translucent blue internal mechanisms linking two large circular components. This represents an institutional-grade Prime RFQ for digital asset derivatives, enabling RFQ protocol execution, high-fidelity execution, price discovery, dark liquidity management, and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-prime-os-core.jpg)

## Smart Order Routing

Meaning ▴ Smart Order Routing is an algorithmic execution mechanism designed to identify and access optimal liquidity across disparate trading venues. </a>

**Tags:** [Dark Pools](https://options.greeks.live/area/dark-pools/), [Liquidity Fragmentation](https://options.greeks.live/area/liquidity-fragmentation/), [Lit Market](https://options.greeks.live/area/lit-market/), [Algorithmic Trading](https://options.greeks.live/area/algorithmic-trading/), [Smart Order Routing](https://options.greeks.live/area/smart-order-routing/), [RFQ](https://options.greeks.live/area/rfq/)	

## Discover More

- 
### [How Does Venue Selection Impact Information Leakage and Execution Quality?](https://options.greeks.live/question/how-does-venue-selection-impact-information-leakage-and-execution-quality/)
![Polished, curved surfaces in teal, black, and beige delineate the intricate market microstructure of institutional digital asset derivatives. These distinct layers symbolize segregated liquidity pools, facilitating optimal RFQ protocol execution and high-fidelity execution, minimizing slippage for large block trades and enhancing capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/precision-rfq-protocol-execution-institutional-digital-asset-derivatives-flow.jpg)

Venue selection is the architectural act of controlling information flow to minimize price impact and optimize execution quality.

- 
### [How Does Dark Pool Interaction Affect the Ability to Prove Best Execution?](https://options.greeks.live/question/how-does-dark-pool-interaction-affect-the-ability-to-prove-best-execution/)
![A crystalline sphere, symbolizing atomic settlement for digital asset derivatives, rests on a Prime RFQ platform. Intersecting blue structures depict high-fidelity RFQ execution and multi-leg spread strategies, showcasing optimized market microstructure for capital efficiency and latent liquidity.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-8.jpg)

Dark pool interaction complicates proving best execution by shifting the burden of proof from transparent price-taking to demonstrating value through sophisticated, data-intensive transaction cost analysis.

- 
### [How Do Dark Pools Contribute to Achieving Best Execution for Large Orders?](https://options.greeks.live/question/how-do-dark-pools-contribute-to-achieving-best-execution-for-large-orders/)
![A precision digital token, subtly green with a '0' marker, meticulously engages a sleek, white institutional-grade platform. This symbolizes secure RFQ protocol initiation for high-fidelity execution of complex multi-leg spread strategies, optimizing portfolio margin and capital efficiency within a Principal's Crypto Derivatives OS.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-platform-secure-rfq-protocol-initiation-for-optimal-block-trade-execution.jpg)

Dark pools contribute to best execution by enabling large orders to be transacted with minimal price impact and enhanced anonymity.

- 
### [How Do Dark Pools Affect the Price Discovery Process for Large Trades?](https://options.greeks.live/question/how-do-dark-pools-affect-the-price-discovery-process-for-large-trades/)
![A central core represents a Prime RFQ engine, facilitating high-fidelity execution. Transparent, layered structures denote aggregated liquidity pools and multi-leg spread strategies. Internal patterns symbolize market microstructure data streams, enabling algorithmic pricing and optimal price discovery for institutional digital asset derivatives.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-engine-for-institutional-digital-asset-derivatives-execution.jpg)

Dark pools affect price discovery by segmenting order flow, which can enhance lit market efficiency or obscure informational trades.

- 
### [How Does the Proliferation of Dark Pools Impact the Process of Price Discovery on Lit Exchanges?](https://options.greeks.live/question/how-does-the-proliferation-of-dark-pools-impact-the-process-of-price-discovery-on-lit-exchanges/)
![Two diagonal cylindrical elements. The smooth upper mint-green pipe signifies optimized RFQ protocols and private quotation streams. The distressed lower pipe, marked by splatters and cracks, represents market microstructure complexities, reflecting slippage, adverse selection, and transaction costs during high-fidelity execution of institutional digital asset derivatives.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-optimization-1.jpg)

Dark pools re-architect market data flows, segmenting liquidity and concentrating informed trading on lit exchanges to refine price discovery.

- 
### [What Are the Primary Trade-Offs between Using a Dark Pool and a Lit Market for Execution?](https://options.greeks.live/question/what-are-the-primary-trade-offs-between-using-a-dark-pool-and-a-lit-market-for-execution/)
![Central nexus with radiating arms symbolizes a Principal's sophisticated Execution Management System EMS. Segmented areas depict diverse liquidity pools and dark pools, enabling precise price discovery for digital asset derivatives. Circular markers denote RFQ participants, ensuring high-fidelity execution of institutional block trades within complex market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-liquidity-orchestration.jpg)

The primary trade-off is between the price discovery of lit markets and the reduced market impact of dark pools.

- 
### [In What Ways Do Smart Order Routers Use Both Dark Pools and Rfq Protocols in Hybrid Execution Strategies?](https://options.greeks.live/question/in-what-ways-do-smart-order-routers-use-both-dark-pools-and-rfq-protocols-in-hybrid-execution-strategies/)
![A central metallic lens with glowing green concentric circles, flanked by curved grey shapes, embodies an institutional-grade digital asset derivatives platform. It signifies high-fidelity execution via RFQ protocols, price discovery, and algorithmic trading within market microstructure, central to a principal's operational framework.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-system-view.jpg)

A Smart Order Router leverages dark pools for low-impact liquidity capture and RFQ protocols for on-demand block execution in a sequential, automated strategy.

- 
### [How Do Volume Caps on Dark Pools Affect Institutional Trading Strategies?](https://options.greeks.live/question/how-do-volume-caps-on-dark-pools-affect-institutional-trading-strategies/)
![A macro view reveals the intricate mechanical core of an institutional-grade system, symbolizing the market microstructure of digital asset derivatives trading. Interlocking components and a precision gear suggest high-fidelity execution and algorithmic trading within an RFQ protocol framework, enabling price discovery and liquidity aggregation for multi-leg spreads on a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-system-precision-engine.jpg)

Volume caps force a strategic redistribution of institutional flow from traditional dark pools to SIs and periodic auctions.

- 
### [What Are the Key Differences between Lit Markets and Dark Pools for Large Order Execution?](https://options.greeks.live/question/what-are-the-key-differences-between-lit-markets-and-dark-pools-for-large-order-execution/)
![A central, intricate blue mechanism, evocative of an Execution Management System EMS or Prime RFQ, embodies algorithmic trading. Transparent rings signify dynamic liquidity pools and price discovery for institutional digital asset derivatives. Background diagonals abstractly depict market microstructure optimization via RFQ protocols ensuring high-fidelity execution.](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-framework-driving-high-fidelity-rfq-execution-and-optimized-market-microstructure-for-capital-efficiency.jpg)

Lit markets offer transparent price discovery, while dark pools provide anonymous execution to minimize the market impact of large orders.

---

## Raw Schema Data

```json
{
    "@context": "https://schema.org",
    "@type": "BreadcrumbList",
    "itemListElement": [
        {
            "@type": "ListItem",
            "position": 1,
            "name": "Home",
            "item": "https://options.greeks.live"
        },
        {
            "@type": "ListItem",
            "position": 2,
            "name": "Question",
            "item": "https://options.greeks.live/question/"
        },
        {
            "@type": "ListItem",
            "position": 3,
            "name": "What Is the Role of Dark Pools as an Alternative to Both Rfq and Lit Clob Markets?",
            "item": "https://options.greeks.live/question/what-is-the-role-of-dark-pools-as-an-alternative-to-both-rfq-and-lit-clob-markets/"
        }
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "Organization",
    "@id": "https://greeks.live/#organization",
    "name": "Greeks.Live",
    "url": "https://greeks.live/",
    "description": "Greeks.live is the definitive toolkit for the professional options trader, dedicated to empowering our users with institutional-grade data, advanced analytics, and a comprehensive suite of trading tools designed to provide a decisive edge in the market. Every article and guide published under the Greeks.live name is a product of our deep commitment to data-driven analysis and our mission to support the global trading community.",
    "email": "support@greeks.live",
    "logo": {
        "@type": "ImageObject",
        "url": "https://options.greeks.live/wp-content/uploads/2025/07/Greeks.Live-Logo-Icon.svg"
    },
    "hasPart": [
        {
            "@type": "WebSite",
            "name": "About Us",
            "url": "https://about.greeks.live"
        },
        {
            "@type": "WebSite",
            "name": "App Download Page",
            "url": "https://about.greeks.live/#/download/basic_trade"
        },
        {
            "@type": "WebSite",
            "name": "Newcomers' Guide",
            "url": "https://twisty-sign-c8b.notion.site/Guide-for-Greeks-live-X-Deribit-Newbies-5a08a3052822427d800af6eaf3704c8d"
        },
        {
            "@type": "WebSite",
            "name": "Knowledge Base",
            "url": "https://linktr.ee/greeks.live"
        },
        {
            "@type": "WebSite",
            "name": "Option Terminology",
            "url": "https://greekslive.notion.site/88dfc00e7c584d4d8969b6302a79a12f?pvs=4"
        },
        {
            "@type": "WebSite",
            "name": "Terms of Service",
            "url": "https://greeks.live/#/tos"
        },
        {
            "@type": "WebSite",
            "name": "Disclaimer",
            "url": "https://greeks.live/#/disclaimer"
        }
    ],
    "sameAs": [
        "https://x.com/greekslive",
        "https://youtube.com/@greeks_live?si=-KjT0Lkw4WUCI0tD",
        "https://t.me/greekslive_notifications",
        "https://t.me/greekslive",
        "https://pinterest.com/greekslive/"
    ],
    "makesOffer": [
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "RFQ Platform",
                "url": "https://rfq.greeks.live",
                "description": "Execute institutional-grade block trades for crypto options and futures. This platform provides deep, over-the-counter (OTC) liquidity via a professional Request for Quote system.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Lending Tools",
                "url": "https://lend.greeks.live",
                "description": "Manage crypto lending and borrowing activities to earn yield or secure loans. This suite of tools helps users analyze interest rates and manage collateralized debt positions.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Data Lab",
                "url": "https://greeks.live/#/deribit/tools/datalab/BTC",
                "description": "Analyze historical and real-time options data with advanced metrics. This tool is designed for backtesting strategies and identifying market trends through comprehensive data visualization.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Profit & Loss Analysis (PnL)",
                "url": "https://greeks.live/#/deribit/tools/pnl_analysis",
                "description": "Track and analyze the Profit and Loss (PnL) of your options portfolio. This tool provides detailed performance metrics to help traders evaluate and refine their strategies.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Position Visualization",
                "url": "https://greeks.live/#/deribit/tools/pv/BTC",
                "description": "Visualize complex options positions and their corresponding risk profiles. This tool generates payoff diagrams to help traders intuitively understand potential profit, loss, and exposure.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Options Calculator",
                "url": "https://greeks.live/#/deribit/tools/calculator",
                "description": "Calculate the theoretical price and risk parameters ('the Greeks') of crypto options. An essential tool for pricing new trades and analyzing the sensitivity of existing positions.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live Main Platform",
                "url": "https://greeks.live/",
                "description": "The central hub for the Greeks.live suite of professional cryptocurrency options and derivatives trading tools. Access analytics, manage positions, and explore the ecosystem.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Community Forum",
                "url": "https://t.greeks.live",
                "description": "Join the official Greeks.live community. Connect with other traders, share insights, and receive the latest updates directly from the team.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live for Deribit",
                "url": "http://deribit.greeks.live",
                "description": "A dedicated interface for trading on the Deribit exchange. This platform leverages Greeks.live's advanced analytics and tools specifically for users of Deribit's options and futures markets.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live for OKX",
                "url": "http://okx.greeks.live",
                "description": "A dedicated interface for trading on the OKX exchange. This platform integrates Greeks.live's powerful analytics with the OKX marketplace, focusing on its options and derivatives products.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "GLVS.AI Trading Platform",
                "url": "https://www.glvs.ai/",
                "description": "An AI-powered platform for automated crypto options trading. Leverage advanced algorithms and data-driven signals to develop and deploy sophisticated, hands-free trading strategies.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "API Testnet & Sandbox",
                "url": "https://test.greeks.live",
                "description": "A dedicated testnet environment for developers to test their API integrations and automated trading strategies. This sandbox allows for full functionality testing without risking real funds.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        }
    ],
    "subOrganization": [
        {
            "@type": "Organization",
            "name": "GreeksLive HK Co., Limited",
            "email": "support@greeks.live",
            "telephone": "+852-56418949",
            "address": {
                "@type": "PostalAddress",
                "streetAddress": "Unit 11, 27/F, K. Wah Centre, 191 Java Road",
                "addressLocality": "Hong Kong",
                "addressRegion": "North Point",
                "addressCountry": "CN",
                "postalCode": "0000"
            },
            "geo": {
                "@type": "GeoCoordinates",
                "latitude": "22.2932357",
                "longitude": "114.2022026"
            },
            "image": "https://options.greeks.live/wp-content/uploads/2025/08/Wah-Centre-Hong-Kong.jpg"
        }
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "Article",
    "mainEntityOfPage": {
        "@type": "WebPage",
        "@id": "https://options.greeks.live/question/what-is-the-role-of-dark-pools-as-an-alternative-to-both-rfq-and-lit-clob-markets/"
    },
    "headline": "What Is the Role of Dark Pools as an Alternative to Both Rfq and Lit Clob Markets? \u25b4 Question",
    "description": "Dark pools offer a discreet execution alternative to lit and RFQ markets, minimizing price impact for large institutional trades. \u25b4 Question",
    "url": "https://options.greeks.live/question/what-is-the-role-of-dark-pools-as-an-alternative-to-both-rfq-and-lit-clob-markets/",
    "datePublished": "2025-08-09T04:02:44+00:00",
    "dateModified": "2025-08-09T04:03:09+00:00",
    "articleSection": [
        "Question"
    ],
    "author": {
        "@id": "https://greeks.live/#organization"
    },
    "publisher": {
        "@id": "https://greeks.live/#organization"
    },
    "image": {
        "@type": "ImageObject",
        "url": "https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-3.jpg",
        "caption": "A sophisticated instrument, featuring a polished base and a translucent, elongated probe with distinct teal bands. This visual metaphor illustrates the precise mechanics of an Execution Management System EMS for institutional digital asset derivatives. It highlights the RFQ protocol's role in achieving best execution and navigating complex market microstructure for block trades, minimizing slippage. The probe signifies price discovery across diverse liquidity pools, ensuring capital efficiency and alpha generation within a robust Prime RFQ."
    },
    "keywords": [
        "Algorithmic Trading",
        "Block Trades",
        "CLOB",
        "Dark Pool",
        "Dark Pool RFQ",
        "Dark Pools",
        "Execution Strategy",
        "Information Leakage",
        "Institutional Trading",
        "Large Orders",
        "Liquidity Fragmentation",
        "Lit Market",
        "Lit Markets",
        "Market Impact",
        "Market Microstructure",
        "Order Types",
        "Price Discovery",
        "Request for Quote",
        "RFQ",
        "Smart Order Routing"
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "WebSite",
    "url": "https://options.greeks.live/",
    "potentialAction": {
        "@type": "SearchAction",
        "target": "https://options.greeks.live/?s=search_term_string",
        "query-input": "required name=search_term_string"
    }
}
```


---

**Original URL:** https://options.greeks.live/question/what-is-the-role-of-dark-pools-as-an-alternative-to-both-rfq-and-lit-clob-markets/
