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黑池交易,作为美国另类交易平台的重要分支,在美国的权益市场占有越来越重要的地位。黑池一般由证券经纪商运营,客户可以在其中不需要公开披露报价,并可参考公开市场报价对在交易所上市的股票进行交易。自从1975年美国《证券法》修改开始,~①传统交易所在证券市场中不再占有垄断地位;同时,依托于计算机技术的黑池交易平台作为一种创新的场外大宗交易模式而兴起。~②但是,这种新型交易方式在促进美国场外交易发展的同时,也暴露出令人担忧的法律风险。从2011年美国证监会第一次处罚黑池交易商开始,美国证监会已对黑池交易作出了8次处罚。2016年1月31日,美国证监会在作出“黑池交易最严厉处罚”时隔一年之后,对Credit Suisse Securities(USA)LLC和Barclays Capital Inc.作出了更为严厉的行政处罚。~③这种交易模式的非透明性给美国证券市场监管者提出了巨大挑战。
Blackpool transaction, as an important branch of alternative trading platform in the United States, occupies an increasingly important position in the U.S. equity market. Blackpool is generally run by securities brokers, where clients do not need to publicly disclose quotes and can trade stocks listed on the exchange with reference to open market quotes. Since the beginning of the revision of the Securities Law of the United States in 1975, the traditional exchanges no longer have a monopoly in the securities market. Meanwhile, the Blackpool trading platform based on computer technology has emerged as an innovative off-exchange bulk trading model. However, this new type of transaction, while promoting the development of OTC in the United States, has also exposed worrisome legal risks. From the first SEC filing of Blackpool dealers in 2011, the SEC has imposed eight penalties on Blackpool. On January 31, 2016, the Securities and Exchange Commission imposed a tougher administrative sanction on Credit Suisse Securities (USA) LLC and Barclays Capital Inc. after a year-long “blackmail strike”. (3) The non-transparency of this transaction model poses a great challenge to the securities regulator in the United States.