The SEC's Proposal For Regulating 'Dark Pools'

Law360, New York (December 10, 2009, 3:46 PM EST) -- On Nov. 13, 2009, the U.S. Securities and Exchange Commission released a proposal to amend the regulatory requirements “that apply to nonpublic trading interest in National Market System (“NMS”) stocks.”[1]

The proposal consists of three separate changes to the current regulatory scheme, generally as follows:

- treating Indications of Interest (“IOIs”) that the SEC deems to be “actionable” as firm “bids” or “offers;”

- lowering the threshold at which alternative trading systems (“ATSs”) are obligated to publicly display their quotes in the NMS consolidated quotation data...
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