Lightwave Logic Inc (LWLG)

[Koog]

Do we have an answer on where the dark pool shares are coming from?

The shares do not "come from" anywhere, in the sense you ask. The shares are held by prior buyers who sell to new buyers on the dark pool exchanges (which are simply a means to match sellers and buyers). The sells and buys on dark pools are eventually reported but participants can avoid telegraphing their intentions prior to the trade.

There are three types of dark pools:

1. Broker-Dealer-Owned Dark Pools - set up by large broker-dealers for their clients and may also include their own proprietary traders.

2. Agency Broker or Exchange-Owned Dark Pools - These are dark pools that act as agents, not as principals. As prices are derived from exchanges–such as the midpoint of the National Best Bid and Offer (NBBO), there is no price discovery.

3. Electronic Market Makers Dark Pools - These are dark pools offered by independent operators like Getco and Knight, who operate as principals for their own accounts.