Over the past decade, the trend toward larger volumes of equity-market transactions taking place away from public exchanges has led to concerns about investor access and competition with the traditional exchanges. A new research report from CFA Institute examines "internalization" — internal execution of client orders within a broker/dealer system or against the broker's own account — and so-called dark pools. In this video, Rhodri Preece, CFA, director of capital markets policy at CFA Institute and author of the report Dark Pools, Internalization, and Equity Market Quality, and Jim Allen, CFA, head of capital markets policy at CFA Institute, discuss how undisplayed trading venues affect market quality, the potential impact on investors, and policy recommendations.