"Dark Pools: The Menace..." - Where is the reform?

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Dark Pools: The Menace Of Rising Opacity In Financial Markets

Over-the-counter markets for derivatives have been a subject of blame for the global crisis. This column by Venkatachalam Shunmugam, Chief Economist, Multi Commodity Exchange of India, and first published on VoxE.org argues that the rising opacity and barriers to entry in these markets have been sorely overlooked leading to dark pools, flash trading, and front-running. These unfair practices can--at any time--cripple markets. They undermine the premise of free markets and should be stopped.

While over-the-counter markets for collateralized debt obligations and credit default swaps are blamed for the financial crisis of 2007-2009, what has been overlooked is the menace of rising opacity in the exchange-traded market. This raises questions about the fundamentals of this market’s very existence, i.e. transparency and equal access to one and all in the price discovery process.

more here http://blogs.forbes.com/davos/2010/05/22/dark-pools-the-menace-of-rising-opacity-in-financial-markets/

What market disruptions might dark pools and secret, anonymous, HFT trading have on the visible markets?

Another crash?

Why do some want to keep their trading secret?