The Headhunter

SEC May Force More Disclosure About Dark Pools

The SEC Chairman Mary Schapiro, concerned that trading on private electronic markets may pose “emerging risks,” said the agency may require firms to disclose more information on their transactions, according to a Bloomberg report.

The report covers Schapiro's speech last Friday and states that if trading systems known as “dark pools” expand substantially, they may “prompt speculation and suspicion” about price fluctuations because they don’t provide enough transparency  Traders with access to the private markets’ pending orders also may gain an unfair advantage, she said.

“Given the emerging risks posed by dark pools, the commission will be taking a serious look at what regulatory actions may be warranted,” Schapiro said. She said she’s asked SEC staff to review ways to “best bring light” to dark pools.

Reuters' coverage of the speech cites Seth Merrin, CEO of electronic marketplace Liquidnet. ""If they do something that makes the dark pool light and eliminates the reasons for institutions to trade on our vehicles, that would be a disaster for a hundred million people out there..."

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