The FCA has published its study analysing two important aspects of reference prices in dark pools. The first aspect is the prevalence of trades at stale reference prices, their costs and their impact on different market participants. The second aspect is the choice of reference price. In particular, the extent to which participants are implementing best execution practices when a dark pool references a worse price than the lit market, and whether this is influenced by conflicts of interest within dark pools and participation sophistication. The study concludes that dark pools may still offer a valuable service to market participants.