Dark pools in the wild
2025-07-02

There's an interesting WSJ piece entitled "Compass Sues to Stop ‘Zillow Ban’". In short, two real estate titans are battling it out in court over what is, in many ways, a data access issue.

This is only somewhat related to the article's point, but, Compass's "private listings" remind me of dark pools in trading:

*These types of sales, called “pocket listings,” “whisper listings” or “private listings,” have long been a source of contention among brokerages, because real estate listings are precious currency. *

Compass’s practice, since the fall, has been to show many of its so-called private listings only to fellow Compass agents, hidden from Zillow or other search portals. Competitors have accused Compass of hoarding listings in the process.

Focus on customer delight

Customers don't care what's under the hood.

Focus on what matters

Apple's opportunity to skip out of the so-called AI arms race.