Morgan Stanley

Morgan Stanley Dark Pools



MS POOL is a real-time continuous match dark liquidity pool. It matches eligible orders at or within the best bid and offer, attempting midpoint execution or as close to midpoint as possible. MS POOL employs price/capacity/size/time matching priority, which encourages size and deemphasizes speed (rather than prioritizing time over size).

MS POOL FIX Specification
MS POOL Suspended Stock List - October 2021
MS POOL Statistics


MS RPOOL is a real-time continuous match dark liquidity pool that matches orders from SEC registered broker-dealer clients on behalf of retail customers (i.e., retail brokers), eligible institutional customers of Morgan Stanley and its affiliates, including institutional customers who are SEC registered investment advisers, pension funds, endowments and asset managers (i.e., institutional customers), and Morgan Stanley and its affiliates acting as or on behalf of eligible retail brokers or eligible institutional customers, or acting as principal. All executions in MS RPOOL occur at midpoint of the best bid and offer, providing price improvement to all orders matched in MS RPOOL. MS RPOOL also accepts conditional indications that represent a non-firm willingness to transact.

MS RPOOL FIX Specification
MS RPOOL Suspended Stock List - October 2021

MS Trajectory Cross

MS Trajectory Cross is a dark pool designed to provide matches over time intervals for orders that certain Morgan Stanley algorithms handle. Potential matches are determined based on overlapping trajectories of algorithm orders and executions will receive volume weighted average price (“VWAP”) pricing for the relevant time interval.

MS Trajectory Cross ATS-N Filling

Other Relevant Documents

Schedule A of Form BD
Schedule B of Form BD
U.S. Cash Equity Order Handling and Routing FAQs


Other Regions

User Guidelines for HK MS POOL - September 2020
User Guidelines for HK MS Trajectory Cross - February 2021
ASIC Required Public Disclosure for Australia MS POOL – September 2020