For the first time, the majority of trading in U.S. stocks is consistently occurring outside the country's exchanges, primarily through dark pools. According to data compiled by Bloomberg, this off-exchange trading is on track to account for 51.8% of all traded volume for January 2025. Dark pools, which are private exchanges for trading securities, allow for transactions to occur away from public markets, raising concerns about transparency and market integrity. Analysts have noted that while dark pools may seem ominous, they can also provide advantages such as reduced slippage and decreased front running.