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This paper studies the workup protocol, a distinctive trading feature of the U.S. Treasury securities market that resembles a mechanism for discovering dark liquidity. We quantify its role in the price formation process and ﬁnd that the dark order ﬂow generally contains less information than its transparent counterpart. We also show that the workup protocol is used more often around volatile times, but that workup trades become less informative relative to transparent trades. Generally, the evidence suggests that the workup protocol provides a useful mechanism for liquidity trading and avoiding market volatility, and not a channel to hide private information.