The May 6 Flash Crash has sent the Investment Company Instituteinto action. The Washington trade association wants a better handle on high-frequency trading and dark pools. Not only is the ICI asking this clandestine corner of the market for more information, but it's urging the Securities and Exchange Commission to look closer, too.

While noting that the mutual fund industry, which buys stocks in large share lots, is not "anti-high frequency trading," the association's counsel said practitioners of algorithmic trades with frequent cancellations need to provide better details on their trading activities to the SEC and by extension to institutional investors.

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