[20140827]IN10140_股权交易中的“暗池”：重要性和最新发展.pdf

CRS InsightsDark Pools In Equity Trading: Significance and Recent DevelopmentsGary Shorter, Specialist in Financial Economics (gshortercrs.loc.gov, 7-7772)Rena S. Miller, Specialist in Financial Economics (rsmillercrs.loc.gov, 7-0826)August 27, 2014 (IN10140)Dark pools are relatively recent and controversial electronic stock trading alternatives to traditionalexchanges, such as the New York Stock Exchange (NYSE), and now account for about 15% of overalltrading volume. A dark pool is a type of alternative trading system (ATS), a broker-dealer who matchesthe stock trading orders of multiple buyers and sellers outside of exchanges. Orders sent to dark poolsto buy or sell certain stocks are not publicly displayed. When they emerged in the late 1990s, thatopacity attracted the pools initial clients, institutional investors (such as pension and mutual funds),who used it to conceal large trading interests, thus helping to reduce the risk of the market movingagainst their trades. Quote concealment is a legacy of a regulation adopted by the Securities andExchange Commission (SEC) in 1998, Regulation ATS, which allowed ATSs with less than an average5% share of the trading volume to not publi