Wells Fargo closed its Liquidity Crosser dark-pool trading venue on Oct. 17.
The reason: lower client demand, said Elise Wilkinson, spokeswoman. “No regulatory issues were involved,” she said.
The dark pool was used by Wells Fargo’s corporate and institutional clients, Ms. Wilkinson said. Orders will be routed to other dark pools at customer request, she said.
Ms. Wilkinson would not say what the trading volume was, but added, “The Liquidity Crosser was a fairly small product within our overall suite of electronic trading tools.”
Liquidity Crosser had 34,780 trades for a total of 8.09 million shares for the week of Sept. 29, according to data from the Financial Industry Regulatory Authority. Of 41 dark pools monitored by FINRA, the venue ranked 36th for that week.