ATS Operators Wary of SEC Dark Liquidity Proposal
The SEC's proposal would require actionable indications of interest (IoIs) to be treated like quotes, subject to the same disclosure rules; lower the trading volume threshold for ATSes to display best-priced orders to the public from 5 percent of the trading volume to 0.25 percent; and require real-time disclosure of identities of dark pools executing trades, just as on registered exchanges.
"Do these proposals change the way dark pools interact with an order? If they are sending out IoIs, will
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