Let’s Be Honest Here

Opinion

The first three reforms-treating actionable indications of interest (IoIs) as quotes; decreasing a dark liquidity pool's daily trading volume threshold from 5 percent to 0.25 percent, at which point access by third parties is required; and including a dark liquidity pool's identity with the posted quote to increase post-trade transparency-are designed to improve market transparency and prevent the formation of a two-tier market.

The dirty little secret is that the industry already has-and

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