Michael Bloomberg, whose business empire brought transparency to the market, has nothing against high-frequency trading and dark pools, telling CNBC's "Squawk Box" "the system isn't rigged."
"You don't have to trade there. You as an investor don't have to tell everybody what you want to do," the former New York City mayor and majority owner of Bloomberg LP said.
"You can sit there and say, 'I'm not going to tell them that I'm going to sell my stock. If somebody comes to me with a bid maybe I'll hit and maybe I won't.' The other person doesn't have the right to know that. If you are making an offering, however, you should make it to everyone and dark pools don't work that way."
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He thinks the public is "better served" thanks to the number of exchanges and dark pools available that can help investors get the best price.
Bloomberg, No. 20 on CNBC's list of top 25 most influential business leaders of the past quarter century, transformed the way data was shared on Wall Street.
He launched his financial information company in 1981 with $4 million of his $10 million severance from Salomon Brothers. His idea was to supply transparent price quotes, financial data and analytics to financial services companies.