The FCA has published its findings of a thematic review it has carried out into dark pools and broker crossing networks (TR16/5). The FCA looked at promotional activity and the identification and management of conflicts of interest by dark pool operators, as well as governance, oversight and controls. The FCA found that users of dark pools welcome the additional liquidity, the lower risk of trading information leakage and the potential pricing and costs benefits that dark pools offer. Pre-trade price transparency was not seen as a significant concern provided dark pools, which rely directly on prices occurring in the lit markets, remain relatively small compared with those lit markets.