<p><span>Do market participants need better ability to evaluate potential conflicts of interest of multilateral trading venues? No. Market participants are not “Cops” to regulate trading venues, the Securities and Exchange Commission (SEC) is. The public relies on market regulators and Self-Regulatory Organizations (SROs) to assure that they are not scammed in the </span><b>open market</b><span>. Such a market is called the Exchange. Otherwise, civilians are left with reading all the “small print” (Form ATS, ATS-N, ATS-R, ATS-G and other enhanced disclosures) on their own and taking risk engaging with a trading partner or counterparties. These are called </span><b>bilateral deals or multilateral trade agreements</b><span>. The trade terms and corresponding recordkeeping are subject to privacy protection. Regulators should refrain from intervening legitimate private practices.</span></p>