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This Report sets out IOSCO’s principles to guide regulators, venues and general users of dark liquidity with respect to the following topic areas: pre-trade and post-trade transparency; incentives for using transparent orders; reporting to regulators; information available to market participants about dark pools and dark orders; and regulation of the development of dark pools and dark orders.
The principles establish that pre- and post-trade transparency are central to promote the efficiency of the market and the integrity of the price formation process. IOSCO recommends that regulators consider the structure of their respective markets as a whole to determine how best to implement these principles. Importantly, regulators should seek to ensure that in implementing the principles, they do so in a way that aims to maintain the efficiency of the market and the integrity of the price formation process and, where appropriate, allows for the use of dark pools and dark orders for specific needs/trades.