A Nasdaq Sureveillance Viewpoint: Seeing in the Dark

Jurisdictions such as Hong Kong, Australia and Europe, amongst others, have already passed regulatory mandates in relation to dark trading. Market participants trading in these pools and operating them, as well as Multi-lateral Trading Facilities and Alternative Trading Sites must beware. In order to meet current and pending requirements, it is imperative that firms are able to demonstrate: 

  • Compliance of dark pool regulations across client trading activity – especially for those operating a liquidity pool or crossing network
  • System integrity that the pool operates as advertised
  • Detection of mispricing or fair pricing issues for internally executed trades
  • The same compliance controls and surveillance that is required in lit trading activity 

Learn more about how your firm can be better positioned to meet dark pool regulation below:

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