Bourque Industries Inc (BORK)

[Flatcat]

The exchanges try their best to not let anyone see what is going on under the table. The are however, required to report transactions on the ticker in a timely manner.

To monitor dark pool trading it is necessary to monitor the ticker during the trading day and monitor time and sales as reported by the exchanges. This information is available most data feeds. Extract each reported transaction for your stock of interest.

For real time, compare each ticker reported transaction to the time and sales data reported by the exchange. The exchange reported data is what most software packages will display. What you will see is the volume reported on a quote does not include all of the ticker reported transactions.

Some software packages will display exchange volume data, on a cumulative basis, if you display on a daily basis and at the same time will display volume at each sale price on the time and sales display.

At the end of the day total all of the T&S reported volume for each price and compare to the total shown on the chart software. You will find that there is a huge discrepancy between the two. According to a specialist at TDAmeritrade, the difference is the "dark volume". Dark volume trades were reported on the ticker, as required by the SEC, but the trading exchanges do not include these transactions in what is provided to investors.