“The Securities and Exchange Commission is investigating a number of big “dark pools,” according to people familiar with the probes, as stock-market regulators ramp up pressure on the private trading venues.

“Investigators are exploring whether the trading systems are properly disclosing to clients how they operate, treating all investors fairly and protecting confidential client information, among other concerns, the people said.

“After years of unchecked growth in off-exchange trading, regulators are increasingly concerned that the level of activity in dark pools is harming investors. SEC Chairman Mary Jo White said in a speech Thursday that the agency is examining whether the amount of trading in dark pools and other off-exchange trading venues ‘risks seriously undermining” the quality of the U.S. stock market.'”

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