What Is the Regulatory Body Responsible for Overseeing Dark Pools in the US?

The primary regulatory body responsible for overseeing dark pools, which are legally defined as Alternative Trading Systems (ATS), in the US is the Securities and Exchange Commission (SEC). The SEC requires ATSs to register and comply with specific regulations under Regulation ATS, which mandates rules for operation, record-keeping, and transparency.

This oversight is crucial to ensure that dark pools maintain fair and orderly markets despite their lack of pre-trade transparency.