European banks have criticized plans by the Committee of European Securities Regulators (CESR) to make their dark pools more transparent, Financial News reports. Banks said the rules would restrict clients’ ability to trade effectively and make the region less attractive to investors.
The CESR has suggested rule changes requiring banks, which have reached a certain size, to reapply to have dark pools. CESR is also considering the possibility of requiring investment firms to operate crossing systems or set up multi lateral trading facilities on their own. Banks operating dark pools would also have to reports their dark pool orders in real time.
