SAP Dark Pool Activity
SAP SE
Data as of Oct 23, 2026 · Source: FINRA daily short sale volume (off-exchange)
On Oct 23, 2026, FINRA reported 861K SAP shares in publicly disseminated off-exchange trades (dark pools and other off-exchange venues). 384K of those shares (44.6%) were marked short or short-exempt, below SAP's 30-day rolling average of 59.3% (z-score -1.04). Over the last 10 FINRA sessions (Oct 12, 2026 – Oct 23, 2026), SAP's off-exchange short volume ratio ranged from 24.9% to 74.6% and averaged 56.6%; the latest reading is below that 10-session average.
Off-Exchange Volume
861K
Short Volume
384K
Short Volume Ratio
44.6%
30-Day Average
59.3%
z-score -1.04
Daily readings — last 10 FINRA sessions
| Date | Off-exchange shares | Short shares | Short ratio |
|---|---|---|---|
| Oct 12, 2026 | 948K | 548K | 57.9% |
| Oct 13, 2026 | 805K | 579K | 71.9% |
| Oct 14, 2026 | 570K | 425K | 74.6% |
| Oct 15, 2026 | 884K | 470K | 53.1% |
| Oct 16, 2026 | 2.6M | 656K | 24.9% |
| Oct 19, 2026 | 962K | 446K | 46.3% |
| Oct 20, 2026 | 824K | 521K | 63.2% |
| Oct 21, 2026 | 2.3M | 1.4M | 60.2% |
| Oct 22, 2026 | 2.2M | 1.5M | 69.5% |
| Oct 23, 2026 Latest | 861K | 384K | 44.6% |
Source: FINRA daily short sale volume (off-exchange). Ratio = ShortVolume ÷ TotalVolume for the day.
SAP dark pool FAQ
- How much SAP off-exchange volume did FINRA report on Oct 23, 2026?
- FINRA's daily short sale volume file reported 861K SAP shares in publicly disseminated off-exchange trades on Oct 23, 2026; 384K of those shares (44.6%) were marked short or short-exempt.
- Is SAP's dark pool short volume ratio unusual right now?
- As of Oct 23, 2026, SAP's short volume ratio of 44.6% is below SAP's 30-day rolling average of 59.3% (z-score -1.04). 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.