MS POOL is a continuous dark liquidity pool operated byMorgan Stanley.
MS POOL is intended to enhance crossing and price improvement opportunities for its clients by combining many sources of order flow into one aggregated pool of liquidity. Unlike many other dark pools operating in the United States, MS POOL does not solicit order flow from external parties by leaking information regarding current client order flow.
According to Morgan Stanley, MS POOL crosses orders at or within the National Best Bid and Offer (NBBO). It differentiates itself from other dark pools in that it does not enlist the use of indications of interest (IOIs). MS POOL also prevents the potential for gaming and manipulative trading behavior by not accepting immediate or cancel (IOC) orders.