NCLH Dark Pool Activity
Norwegian Cruise Line Holdings
Data as of Oct 23, 2026 · Source: FINRA daily short sale volume (off-exchange)
On Oct 23, 2026, FINRA reported 10.3M NCLH shares in publicly disseminated off-exchange trades (dark pools and other off-exchange venues). 4.6M of those shares (45.1%) were marked short or short-exempt, below NCLH's 30-day rolling average of 54.7% (z-score -1.72). Over the last 10 FINRA sessions (Oct 12, 2026 – Oct 23, 2026), NCLH's off-exchange short volume ratio ranged from 43.0% to 58.0% and averaged 50.6%; the latest reading is below that 10-session average.
Off-Exchange Volume
10.3M
Short Volume
4.6M
Short Volume Ratio
45.1%
30-Day Average
54.7%
z-score -1.72
Daily readings — last 10 FINRA sessions
| Date | Off-exchange shares | Short shares | Short ratio |
|---|---|---|---|
| Oct 12, 2026 | 7.7M | 4.4M | 57.1% |
| Oct 13, 2026 | 5.9M | 3.0M | 51.2% |
| Oct 14, 2026 | 6.8M | 3.5M | 51.9% |
| Oct 15, 2026 | 9.4M | 4.6M | 48.6% |
| Oct 16, 2026 | 8.2M | 4.3M | 51.6% |
| Oct 19, 2026 | 6.8M | 3.9M | 58.0% |
| Oct 20, 2026 | 9.1M | 4.4M | 48.0% |
| Oct 21, 2026 | 6.8M | 2.9M | 43.0% |
| Oct 22, 2026 | 6.4M | 3.3M | 51.4% |
| Oct 23, 2026 Latest | 10.3M | 4.6M | 45.1% |
Source: FINRA daily short sale volume (off-exchange). Ratio = ShortVolume ÷ TotalVolume for the day.
NCLH dark pool FAQ
- How much NCLH off-exchange volume did FINRA report on Oct 23, 2026?
- FINRA's daily short sale volume file reported 10.3M NCLH shares in publicly disseminated off-exchange trades on Oct 23, 2026; 4.6M of those shares (45.1%) were marked short or short-exempt.
- Is NCLH's dark pool short volume ratio unusual right now?
- As of Oct 23, 2026, NCLH's short volume ratio of 45.1% is below NCLH's 30-day rolling average of 54.7% (z-score -1.72). Meridian's dark pool model does not flag this reading as an anomaly.
- What does the dark pool short volume ratio measure?
- FINRA publishes daily short sale volume for trades reported off-exchange to its trade reporting facilities, which include dark pools and other off-exchange venues. The ratio divides FINRA's ShortVolume figure, which counts both short and short-exempt sales, by the total off-exchange shares reported for that day. It is not short interest and not a directional signal: market-maker hedging and reporting mechanics can raise it, so it is context for other signals.