Institutional flow, matched and settled in one system.
Darkpools gives banks and broker-dealers the engine to internalize client orders and carry them all the way to delivery-versus-payment — without stitching together five vendors to do it.
The post-trade ledger, live.
Every execution flows into one reconciled record — captured, netted, and instructed to settle without a manual hand-off.
| Trade | Instrument | Qty | Price | Net obligation | Status |
|---|---|---|---|---|---|
| DP-40182 | US · Equity A | 150,000 | 241.135 | +112,400 | Reconciled |
| DP-40183 | US · Equity B | 88,500 | 64.020 | −31,200 | Reconciled |
| DP-40184 | EU · Equity C | 62,000 | 18.540 | +9,700 | DVP pending |
| DP-40185 | US · Equity D | 204,300 | 312.700 | −54,900 | Reconciled |
Internalizer
Cross client flow against your own book before it reaches a public venue.
Execute inside the spread, quietly.
The matching engine references the prevailing NBBO and crosses eligible orders at the midpoint, so large institutional interest fills without broadcasting intent to the market. Price-time priority is strict and every decision is deterministic and replayable.
Midpoint & pegged matching
NBBO-referenced midpoint plus primary and market pegs with configurable offset per client.
Complete order-type coverage
IOC, FOK, minimum-quantity, and conditional orders, all under price-time priority.
Pre-trade risk & kill-switch
Per-client credit and limit checks with instantaneous halt at desk or firm level.
| Side | Price | Qty | Book |
|---|---|---|---|
| Ask | 241.150 | 15,400 | displayed |
| Mid | 241.135 | 15,000 | matched |
| Bid | 241.120 | 14,100 | non-displayed |
Settlement
From matched trade to delivery-versus-payment, on one reconciled path.
Net it down. Reconcile continuously.
Multilateral netting compresses thousands of executions into the smallest set of movements. Reconciliation runs continuously rather than at end-of-day, so a break surfaces the moment it appears — and every state change lands in an immutable record examiners can read.
Multilateral netting
Compress obligations by counterparty and security to minimize settlement movements.
Delivery-versus-payment
Atomic exchange of securities and cash across connected custodians and CSDs.
Continuous reconciliation & audit
Breaks flagged in real time; full lifecycle recorded for examiners, order to settlement.
| Counterparty | Gross | Net | Compression |
|---|---|---|---|
| Custodian N. | 312 | 9 | 97.1% |
| CSD · EU | 248 | 7 | 97.2% |
| Prime A. | 421 | 14 | 96.7% |
| Prime B. | 303 | 17 | 94.4% |
One platform, your control
The engine runs where your desk needs it, on infrastructure you can examine.
Deterministic core
A single-writer matching engine with reproducible sequencing — every execution replays to the microsecond for surveillance and dispute resolution.
Isolated by design
Your pool, keys, and books never share a tenant. Network isolation and data residency map to your jurisdiction and internal policy.
FIX & API native
Route flow over FIX 4.2–5.0; manage configuration, surveillance, and reporting through a documented REST and streaming API.
Built to be examined.
Running a non-displayed venue means living inside a regulatory framework. Each obligation — reporting, surveillance, best execution, recordkeeping — has a first-class home in the system, generated from the same source of truth that matches and settles your trades.
See it run against your flow.
We work with a limited number of institutions at a time. Tell us about your desk and we’ll arrange a technical briefing with our engineering team.