The war between dark pools and high-frequency traders has been raging for years. But are we about to see a new more public front open up?

Liquidnet seems to have a fired a salvo across the bow of the high-frequency industry. It has published a new survey that has found that about two-thirds of institutional investors are worried to some degree about high-frequency traders, with the concern running highest in Europe and the U.S.

Obviously, surveys are a time-honored marketing tool, and we do not begrudge Liquidnet going this route. The survey served its purpose well, as Liquidnet CEO Seth Merrin was invited onto CNBC to make clear his views. The ensuing discussion took high-frequency traders to task as a force that perpetrates strategies---such as momentum pricing strategies---that are inimical to retail investors and institutional investors alike. Merrin also noted that dark pools in general are an antidote, as one would expect.

I am surprised that dark pools have not been more aggressive in pursuing this line of defense in this season of discontent about market structure. At the same time, dark pools complaining about high-frequency trading is a bit like defense attorneys complaining about prosecutors. Deep down they must know that they benefit by the high-frequency trading boom as it makes their value proposition that much more relevant. 

For more:
- here's the survey
- here's the CNBC video

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