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| Hong Kong To Shed Light On 'Dark Pools' |
by Mary Swire, LawAndTax-News.com, Hong Kong
Monday, March 08, 2010
The Hong Kong Securities and Futures Commission is monitoring the operation of ten 'dark
pools' which it has become concerned about.
Secretary for Financial Services & the Treasury, K C Chan, told the legislative
council that a dark pool is a major category of alternative trading venues,
which allow securities to be transacted, mainly by institutional investors,
anonymously and outside traditional exchanges.
"They are opaque due to the lack of pre-trade transparency - i.e. bid/ask
prices, and the identity of the parties quoting those prices, are not displayed
- and of post-trade transparency - i.e. the details of executed trades are not
disclosed to the public,” he said. “This is to cater for the need
of institutional investors and others that seek to execute large trades in a
manner that will minimize impact on market prices."
Hong Kong's dark pools, he added, are mainly within a broker's or bank's internal
system whereby customer orders are channelled to the internal pool for matching,
or internalization, before they are routed to the exchange market. However,
it is estimated transactions executed in these dark pools in Hong Kong still
represent less than 3% of total market turnover.
K C Chan said the government is aware of the emergence of such pools, and of
the concern raised over the lack of transparency which can create a two-tiered
market, depriving the public of information about stock prices and liquidity.
The government is aware that reviews of the regulation of dark pools have been
conducted in the US and Europe, but new regulatory requirements are yet to have
been introduced. He said the government will monitor global developments on
regulating dark pools and review Hong Kong's regulations, if necessary.
A comprehensive report in our Intelligence Report series
giving a country-by-country analysis of offshore investment funds, stock exchanges
and trusts, with an analysis of the US QI regime, is available in the Lowtax
Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp
and a description of the report can be seen at
http://www.lowtaxlibrary.com/asp/description_report9.asp
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