本研究總結了暗池對市場品質的影響，其中包括現有文獻中強調的優點和其缺點。暗池的優點包括提高整體市場的價格效率、市場流動性和市場深度。另一方面，暗池的缺點主要著重在資訊不透明度和潛在的市場操縱。本研究提出監管暗池方面的相關建議，我提出放寬以及規範暗池交易的法規，使暗池在資訊方面更加實務以及透明。最後，本研究提出了當前研究的限制，並為學者和監管單位在未來研究中需著重的未解決指標提出了建議。

This research summarizes the effects of dark pool on market quality, including the pros and cons indicated by the pervious literature. The positive impact of dark pool includes increase price efficiency, market liquidity and market depth. The negative impact of dark pools focuses on the lack of information transparency and market manipulation. This study provides the regulatory related with dark pools. I propose the regulations that release and regulate dark pool trade, making dark pools more practical and transparent about information. Finally, this study addresses the limitations of current research and unsolved metrics for scholars and regulators to work on for future research.

Aggarwal, R. K., & Wu, G. (2006). Stock market manipulations. The Journal of Business, 79(4), 1915-1953.
Bai, J., T. Philippon, and A. Savov. (2016). Have financial markets become more informative? Journal of Financial Economics 122:625–54.
Baron, M., Brogaard, J., Hagströmer, B., & Kirilenko, A. (2019). Risk and return in high-frequency trading. Journal of Financial and Quantitative Analysis, 54(3), 993-1024.
Bayona, A., Dumitrescu, A., & Manzano, C. (2023). Information and optimal trading strategies with dark pools. Economic Modelling, 126, 106376.
Boulatov, A., & George, T. J. (2013). Hidden and displayed liquidity in securities markets with informed liquidity providers. The Review of Financial Studies, 26(8), 2096-2137.
Boulton, T. J., Braga‐Alves, M. V., & Chakrabarty, B. (2022). The Effect of Reporting Opacity on Trading Opacity: New Evidence from American Depositary Receipt Trades in Dark Pools. Contemporary Accounting Research, 39(4), 2758-2789.
Brogaard, J.; B. Hagströmer; L. Nordén; and R. Riordan. “Trading Fast and Slow: Colocation and Liquidity.” Review of Financial Studies, 28 (2015), 3407–3443.
Brogaard, J., T. Hendershott, and R. Riordan. (2014). High-frequency trading and price discovery. Review of Financial Studies 27:2267–306.
Brogaard, J., & Pan, J. (2022). Dark pool trading and information acquisition. The Review of Financial Studies, 35(5), 2625-2666.
Buti, S., Rindi, B., & Werner, I. M. (2010). Diving into dark pools. Charles A. Dice Center for Research in Financial Economics.
Buti, S., Rindi, B., & Werner, I. M. (2017). Dark pool trading strategies, market quality and welfare. Journal of Financial Economics, 124(2), 244-265.
Buti, S., Rindi, B., & Werner, I. M. (2022). Diving into dark pools. Financial Management, 51(4), 961-994.
Carrion, A. (2013). Very fast money: High-frequency trading on the Nasdaq. Journal of Financial Markets, 680–711.
Comerton-Forde, C., & Putniņš, T. J. (2014). Stock price manipulation: Prevalence and determinants. Review of Finance, 18(1), 23-66.
Comerton-Forde, C., & Putniņš, T. J. (2015). Dark trading and price discovery. Journal of Financial Economics, 118(1), 70-92.
Comerton-Forde, C., Malinova, K., & Park, A. (2018). Regulating dark trading: Order flow segmentation and market quality. Journal of Financial Economics, 130(2), 347-366.
Davis, J. L., & Lightfoot, L. E. (1998). Fragmentation versus consolidation of securities trading: Evidence from the operation of Rule 19c-3. The Journal of Law and Economics, 41(1), 209-238.
Degryse, H., Van Achter, M., & Wuyts, G. (2009). Dynamic order submission strategies with competition between a dealer market and a crossing network. Journal of Financial Economics, 91(3), 319-338.
Degryse, H., De Jong, F., & Kervel, V. V. (2015). The impact of dark trading and visible fragmentation on market quality. Review of Finance, 19(4), 1587-1622.
Degryse, H., De Winne, R., Gresse, C., & Payne, R. (2021). Cross-Venue Liquidity Provision: High Frequency Trading and Ghost Liquidity.
Fama, E. F. (1970), Efficient capital markets: A review of theory and empirical work, The Journal of Finance 25(2), 383–417.
Farley, R., Kelley, E. K., & Puckett, A. (2018). Dark trading volume and market quality: A natural experiment. In 13th Annual Mid-Atlantic Research Conference in Finance (MARC) Paper.
Foley, S., & Putniņš, T. J. (2016). Should we be afraid of the dark? Dark pool trading and market quality. Journal of Financial Economics 122:456–81.
Gemmill, G. (1996). Transparency and liquidity: A study of block trades on the London Stock Exchange under different publication rules. The Journal of Finance, 51(5), 1765-1790.
Grossman, S. J., & Stiglitz, J. E. (1980). On the impossibility of informationally efficient markets. The American economic review, 70(3), 393-408.
Gresse, C. (2017). Effects of lit and dark market fragmentation on liquidity. Journal of Financial Markets 35:1–20.
Hatheway, F., A. Kwan, and H. Zhen. (2017). An empirical analysis of market segmentation on U.S. equities markets. Journal of Financial and Quantitative Analysis 52:2399–427.
Hasbrouck, J., and G. Saar. (2013). Low-latency trading. Journal of Financial Markets 16:646–79.
Hendershott, T., Mendelson, H. (2000). Crossing networks and dealer markets: competition and performance. Journal of Finance 55, 2071–2116.
IOSCO, J. (2011). Regulatory Issues Raised by the Impact of Technological Changes on Market Integrity and Efficiency. Consultation Report.
Kwan, A., Masulis, R., & McInish, T. H. (2015). Trading rules, competition for order flow and market fragmentation. Journal of Financial Economics, 115(2), 330-348.
Lee, A. J., & Chung, K. H. (2022). Hidden liquidity, market quality, and order submission strategies. Journal of Financial Markets, 61, 100739.
Madhavan, A. (1995). Consolidation, fragmentation, and the disclosure of trading information. The Review of Financial Studies, 8(3), 579-603.
Manahov, V. (2016). Front‐running scalping strategies and market manipulation: why does high‐frequency trading need stricter regulation? Financial Review, 51(3), 363-402.
Menkveld, A. (2014). High frequency traders and market structure. Financial Review 49:333–44.
Neumeier, C., Gozluklu, A., Hoffmann, P., O’Neill, P., & Suntheim, F. (2023). Banning dark pools: Venue selection and investor trading costs. Journal of Financial Markets, 100831.
Nimalendran, M., & Ray, S. (2011). Informed trading in dark pools. SSRN eLibrary.
Nimalendran, M., & Ray, S. (2014). Informational linkages between dark and lit trading venues. Journal of Financial Markets, 17, 230-261.
O'Hara, M. (2003). Presidential address: Liquidity and price discovery. The journal of Finance, 58(4), 1335-1354.
O’Hara, M. (2015). High frequency market microstructure. Journal of financial economics, 116(2), 257-270.
O'Hara, M., & Ye, M. (2011). Is market fragmentation harming market quality? Journal of Financial Economics, 100(3), 459-474.
Petrescu, M., & Wedow, M. (2017). Dark pools in European equity markets: emergence, competition and implications. ECB Occasional Paper, (193).
Reed, A. V., Samadi, M., & Sokobin, J. S. (2019). Shorting in broad daylight: Short sales and venue choice. Journal of Financial and Quantitative Analysis, Forthcoming, Kenan Institute of Private Enterprise Research Paper, (18-14), 18-27.
Securities and Exchange Commission. (2010). Concept release on equity market structure. Federal Register, 75(13), 3594.
Securities and Exchange Commission. (1997). Report on the Practice of Preferencing. Retrieved from https://www.sec.gov/news/studies/prefrep.htm
Stoll, H. R. (2006). Electronic trading in stock markets. Journal of Economic Perspectives, 20(1), 153-174.
Weaver, D. G. (2014). The trade-at rule, internalization, and market quality. Internalization, and Market Quality (April 17, 2014).
Weller, B. (2018). Does algorithmic trading deter information acquisition? Review of Financial Studies 31:2184–226.
Ye, M. (2011). A glimpse into the dark: Price formation, transaction cost and market share of the crossing network. Transaction Cost and Market Share of the Crossing Network (June 9, 2011).
Ye, M. (2012). Price manipulation, price discovery and transaction costs in the crossing network. Unpublished working paper, University of Illinois at Urbana-Champaign.
Ye, M., & Zhu, W. (2020). Strategic informed trading and dark pools. Available at SSRN 3292516.
Zhu, H. (2014). Do dark pools harm price discovery? Review of Financial Studies 27:747–89.