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- The U.S. securities and exchange commission plans tо pull back the curtain on the dark pools
The U.S. securities and exchange commission plans tо pull back the curtain on the dark pools
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Loading...The U.S. Securities and Exchange Commission plans to vote on a proposal that would pull back the curtain on the private venues, which have faced complaints that they favor high-frequency traders over other investors. The plan would require they disclose their rules of operation, including whether some traders get preferential treatment.
The SEC’s proposal comes more than a year after Chair Mary Jo White said dark pools should provide more information about the firms that use them. Her announcement followed the publication of Michael Lewis’s book “Flash Boys,” which alleged proprietary traders used hyper-fast connections between markets to pick off investors whose orders sat in dark pools that used slower price feeds.
Тhe proposal will add some new compliance hurdles for dark pools, brokers and industry lobbyists don’t expect the SEC will propose the venues start publicly displaying every price quote they receive, as stock exchanges do.
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