ASIC has suggested sweeping changes to the largely-unregulated corner of the market where trading takes place away from the public exchange. These areas are referred to as "dark pools" or "dark exchanges," reflecting their lack of transparency. The regulator says the market has very little information about the "existence, nature and operation" of these trading venues. When information is available, it "varies greatly in its detail, is not necessarily made available in a timely or consistent manner and is selective in nature." "There are currently no rules in place to require crossing system operators to disclose to the market, and therefore the potential users of crossing systems key information about their facility," ASIC's report says. "This is out of step with the International Organisation of Securities Commissions" "Principles for Dark Liquidity," which gives considerable guidance on what minimum expectations should be for "dark pools."" ASIC wants to standardise disclosure practices among the operators of dark pools. It also wants operators of "dark pool" crossing systems to make enough information available on their websites so market users can understand how their orders are handled and executed. Such information would include: If high-frequency traders have access to the dark pool The identity of the operator of the dark pool Order types available in the dark pool Access criteria to the dark pool Fees for using the system where they differ to standard broking fees and commissions Monthly aggregate turnover statistics for each financial product available in the dark pool ASIC says some operators of dark pools that currently have arrangements in place that "systematically result in less favourable outcomes for particular users" may incur costs to amend their systems and policies. Dark liquidity is having an impact on market quality for some stocks, and fundamental investors are contributing less to prices as a result.