Should securities markets be transparent

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Dark Trading and Price Discovery (2015, background): “However, Madhavan, Porter, and Weaver (2005) report that a similar increase in pre-trade transparency in Toronto decreased liquidity.”
Market Transparency, Liquidity Externalities, and Institutional Trading Costs in Corporate Bonds (2006, background): “Madhavan et al. (2005) examine the liquidity of the Toronto Stock Exchange when during 1990 it began to publicly disseminate its limit order book, and document increased execution costs and greater price volatility after the increase in pre-trade transparency.”
Limit order books (2010, background): “, (Boehmer et al., 2005; Madhavan et al., 2005; Mizrach, 2008)), but they have all been based on hybrid limit order markets in which (even before the change) some market participants had access to more information about the LOB than others.”