US experts demand clarity on dark markets

The "two-tiered" market identified by U.S. Securities and Exchange Commission (SEC) chair Mary Schapiro in an address to the Securities Industry and Financial Markets Association (Sifma) annual meeting in New York on Oct. 27 is in fact a three-tiered market and will require greater clarity from regulators around how they will define what is a light or dark market, according to executives of major trading venues and market participants who spoke at the same conference. "We want more clarity ar