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ARTICLE · 25 JULY 2016

The FCA Peers Into Dark Pools

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The FCA uses thematic reviews to assess a current or emerging risk relating to an issue or product across a number of firms within a sector or market

United StatesFinance and Banking
Peter McGowan
Peter McGowan
Robert Leonard
Robert Leonard
Michael Mavrides
Michael Mavrides
Christopher Wells
Christopher Wells
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On July 21, 2016, the Financial Conduct Authority (FCA) of the United Kingdom (UK) published a thematic review:  UK equity market dark pools - Role, promotion and oversight in wholesale markets (TR 16/5) (Review): http://www.fca.org.uk/your-fca/documents/thematic-reviews/tr16-05.

Background

The FCA uses thematic reviews to assess a current or emerging risk relating to an issue or product across a number of firms within a sector or market. The Review examined (a) the promotion undertaken by dark pool operators, where the FCA sought to assess actual delivery versus promises and/or promotional materials proffered; and (b) the quality of the identification, management and disclosure of conflicts of interest by pool operators. In the Review, a 'dark pool' is defined as a trading venue with no pre-trade transparency in that all orders are hidden as to price and volume and are anonymous. This might include a broker crossing network (BCN), for example.

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