This is a totally plausible theory, but I'd also point out that all dark pool trades get reported through the TRF; it's not just retail internalizers. The sprea

This is a totally plausible theory, but I'd also point out that all dark pool trades get reported through the TRF; it's not just retail internalizers. The spread on SQ is also 1 cent, which tends to lead to more dark trading.