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Study Estimates Dark-Pool Volume.

A recent study by Rosenblatt Securities calculated that dark pools accounted for just 3.88 percent of U.S. consolidated equity volume in March, and 3.94 percent in February. That compares with the 15 percent or more figure often cited by analysts, pundits and industry professionals, the study adds.

The study also shows how some newcomer crossing networks-or dark pools-are winning business at the expense of older "independent" pools. Systems operated by Credit Suisse, Goldman Sachs, Level Trading and others are surpassing those run by Investment Technology Group, Pipeline Trading, Liquidnet and NYFIX.

In one example, the Boston-based broker-dealer consortium Level ...

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