Financial Services Industry
Industry: Email Alert RSS FeedSEC's New Market Reg Chief Has Dark Pools in Focus.(Securities and Exchange Commission)(dark liquidity pools)(Erik Sirri)
Traders, November, 2006 by Mehta, Nina
The Securities and Exchange Commission needs to ramp up its understanding of undisplayed markets, or dark liquidity pools. It also needs to improve its insight into how these systems operate, according to Erik Sirri, the SEC's new director of the Division of Market Regulation.
The SEC must "understand how [dark pools] work and what benefit they bring to investors," Sirri said in his first public speech after joining the SEC. He spoke at an Investment Company Institute conference on the equities market in late September in New York.
Dark liquidity pools are alternative trading systems that cross orders anonymously without publishing public bids and offers. Executions occurring in these pools are priced derivatively off of public market prices....
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