本研究總結了暗池對市場品質的影響，其中包括現有文獻中強調的優點和其缺點。暗池的優點包括提高整體市場的價格效率、市場流動性和市場深度。另一方面，暗池的缺點主要著重在資訊不透明度和潛在的市場操縱。本研究提出監管暗池方面的相關建議，我提出放寬以及規範暗池交易的法規，使暗池在資訊方面更加實務以及透明。最後，本研究提出了當前研究的限制，並為學者和監管單位在未來研究中需著重的未解決指標提出了建議。

This research summarizes the effects of dark pool on market quality, including the pros and cons indicated by the pervious literature. The positive impact of dark pool includes increase price efficiency, market liquidity and market depth. The negative impact of dark pools focuses on the lack of information transparency and market manipulation. This study provides the regulatory related with dark pools. I propose the regulations that release and regulate dark pool trade, making dark pools more practical and transparent about information. Finally, this study addresses the limitations of current research and unsolved metrics for scholars and regulators to work on for future research.

中文摘要 1
Abstract 2
List of Tables 4
1. Introduction 5
2. Definitions 8
2.1 Types of dark pools 9
2.2 The difference of high-frequency trading and dark pools trading 9
3. Common high-frequency trading strategies in dark pools 11
3.1 Front-running strategy 12
3.2 Hide-not-slide strategy 12
3.3 Spoofing strategy 13
3.4 Pinging strategy 13
3.5 Iceberg orders 14
4. Market quality and dark pools 14
4.1 For price efficiency 15
4.2 For market liquidity 16
4.3 For market depth 18
4.4 For information transparency 19
4.5 For market manipulation 21
5. The regulations of dark pools 24
6. Conclusion 29
7. Limitations 31
References 34

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