Dark pools are electronic venues where funds can buy and sell blocks of shares without publishing bids or offers. The funds value the anonymity of the dark pools and the fact that trades are not public until after their execution. In that way, their orders do not push the price of the stock away from them. Currently, they represent somewhere between 8 and 10 percent of the overall daily U.S. equity volumes, and that is growing fast.
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As the information age intensifies, secrecy becomes important. Steve Jobs of Apple recognizes this truth. Apple Computer Inc. obsessively enforces a strict secrecy policy. In early 2004, for example, Hewlett-Packard cut a deal to repackage Apple’s iPod digital music player and sell it with H-P label. Even though they were partners, Apple did not tell H-P about the new iPod models until the day before they were introduced. Apple rigidly compartmentalizes itself so that even its own employees don’t find out about coming products. It has fired and later sued workers who leaked information.