A media advisory from Senator Charles Schumer’s (D-NY) office was released today announcing that he will hold a conference call with Duncan Niederauer, CEO of NYSE Euronext today at 12:30 to urge the Securities and Exchange Commission to institute a series of reforms to better regulate dark pools.

The advisory noted the following:

Schumer will release a letter he is sending to SEC Chairwoman Mary Schapiro
urging several different measures that would help ensure that dark pools
and other nonconventional trading platforms operate on a more level playing
field with the traditional stock exchanges, such as NYSE Euronext and
NASDAQ.

Schumer and Niederauer will call for the SEC to revisit the decade-old
Regulation ATS, which first allowed for non-exchanges’ entry onto the
scene. Schumer will say that these alternatives can provide healthy
competition for the exchanges, and have had significant benefits for retail
investors. But now that they play such a central role in our marketplace
they should be required to adhere to a more robust regulatory framework and
bear their fair share of the costs for maintaining a market infrastructure,
now borne disproportionately by exchanges like NYSE Euronext and NASDAQ.

The announcement will come one day before the SEC convenes an open meeting
at which it will address several issues related to the operation of dark
pools. The agency is expected to consider new rules along the lines of some
of the reforms to be suggested by Schumer and Niederauer.
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Stay tuned for an update today as Advanced Trading reporters will be on the call and will report additional news to Advancedtrading.com