Seeing in the dark

Dark pools face greater scrutiny by regulators. These off exchange trading venues, where prices are only revealed on completion should not be expected to be more transparent, argues Seth Merrin, chief executive and founder of Liquidnet, one of the world's largest dark pool operators. He explains why some pools are darker than others and those which trade for institutions rather than retail investors and in greater bulk than exchanges and at better prices should be exempt from new rules.