The UK Financial Conduct Authority published a thematic review of dark pools, finding that, although it did not observe any failure to follow regulatory obligations, it did find a “number of areas where improvement is required.” These areas included, among others, offering better transparency regarding the design and operation of dark pools; enhancing monitoring of dark pools by operators to ensure operational integrity; and better identifying and managing conflicts of interest. However, overall, FCA found that users of dark pools welcomed their liquidity, lower risk of information leakage and “the potentially beneficial impact on pricing and costs that dark pools offered.” Moreover, acknowledged FCA, “[o]perators have clearly responded to public concern and regulatory interventions by addressing business model design, promotional materials now in use, and the management of conflicts of interests around dark pools.” Dark pools are private forums for transacting securities typically owned by a single investment firm, where there typically is no pre-trade transparency because all orders are hidden as to price and volume, and are anonymous. FCA urged dark pool and broker-crossing network operators to consider its thematic review and areas of suggested improvements going forward.