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The Securities and Futures Commission (SFC) has issued a consultation paper on regulation of alternative liquidity pools (ALPs or dark pools), available on its website www.sfc.hk. The consultation paper is open for comment until 25 April 2014.
Currently, the SFC imposes conditions on the licences of Hong Kong ALP operators on a case-by-case basis. The SFC proposes to standardise and enhance the regulatory obligations for Hong Kong ALP operators and set out those regulatory obligations in the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission.
The SFC proposals affect both ALP operators and licensed corporations that route client orders to an ALP (such as brokers and asset managers that operate a central dealing desk in Hong Kong). The SFC proposals include:
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