Matched volume is trade volume executed at a particular venue through either open outcry or electronic means. There are routing charges that are kept by the Securities and Exchange Commission (SEC) for an electronic communication network ECN or entity handling an order.
When an order is routed to an automated exchange, and they don't have the best price, that exchange will route the order to another venue. For handling the order, the initial exchange is paid an extra handling fee.
There has been some controversy over the way non-exchange dark pools calculate and advertise their volumes. Some contend that while guidelines exist for reporting matched volumes via a designated trade reporting facility, there is no standard way of calculating them. The fear is that there could be an exaggeration of market share leading to confusion for the buy side.
- Clarity Needed On Dark Pool Volumes. Dow Jones: EFinancial News.