At least if the SEC has anything to say about it. Dark pools have become very popular. They are the unregulated stock exchanges currently under scrutiny for potentially illegal market rigging activities.
Wall Street on Parade asked the SEC for a Form ATS that describes the operation of a dark pool, known as Apogee. The SEC did release this form for a number of dark pools, including Liquidnet, Credit Suisse Crossfinder, one run by Goldman Sachs, Sigma-X. The form simply describes the operations of the dark pools; it does not reveal trade secrets or results of examinations. The SEC told Wall Street on Parade, “we have determined to withhold records responsive to your request" without an additional reason.
Wall Street on Parade was interested in Citadel because it has been fined and/or sanctioned for market misconduct 26 times according to Financial Industry Regulatory Authority (FINRA) records. Yet, no prosecution has occurred and no one has gone to jail.
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