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Regulation and Compliance > Federal Regulation > FINRA

FINRA makes dark pool data public to help boost transparency

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(Bloomberg) — The Financial Industry Regulatory Authority has begun providing data indicating activity levels in all alternative trading systems, including dark pools, as part of an effort to boost transparency and investor confidence.

“FINRA’s commitment to transparency is bringing light to what was previously a dark area of the equity markets,” Steven Joachim, the industry-funded brokerage regulator’s executive vice president for transparency services, said in a statement today. “Making this information available to both the investing public and market participants provides an unprecedented view into the activity of these highly significant trading venues.”

Under the new initiative, the public will be able to see on FINRA’s website the total shares traded each week by security in each alternative trading system or dark pool. Such systems account for a significant percentage of total over-the-counter trading in exchange-listed equities in the U.S., FINRA said.

Information made public today is from reports filed for the week of May 12-18, FINRA said. Before the regulator’s move to make the information public, alternative trading system volume was publicized by market research firms using data provided voluntarily by brokerages.

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