Dark liquidity pools have been considered a threat to exchanges, but now some of the biggest bourses are considering linking up with the pools. The exchanges, such as NYSE Euronext and Nasdaq, are trying to figure out how to connect to the anonymous trading venues, which account for as much as 12% of daily stock-trading volume in the U.S. Liquidnet, an operator of dark pools, is in talks with exchanges worldwide, including the London Stock Exchange. The LSE has not said whether it is interested.

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