A survey by the policy arm of the CFA Institute found that 70% of investors said dark pools are at least somewhat "problematic" for market volatility as well as price discovery. Nearly 60% of respondents said the opaque systems also are problematic for market liquidity. The report was done to see how fragmentation of European markets has affected price formation, transparency and costs. "If it appears that there is a problem, if we find out there are distortions that might have an impact on investor protection, then we might have to step in," said Eddy Wymeersch, chairman of the Committee of European Securities Regulators.

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