50 SKY SHADES - World aviation news

Credit Suisse to pay $80 million to settle dark pool allegations

Download: Printable PDF Date: 15 Sep 2015 06:21 (UTC) category:
Publisher:
Credit Suisse to pay $80 million to settle dark pool allegations - Finance publisher
Tatjana Obrazcova
Source: Bloomberg

Credit Suisse Group AG will pay more than $80 million to settle allegations that it did not disclose how it operated its dark pool private share trading exchange to clients, Bloomberg reported, citing a person familiar with the matter.

The Swiss bank will pay more than $50 million in fines and disgorgement to the U.S. Securities and Exchange Commission and about $30 million to the New York Attorney General, the news agency reported.

SEC and Credit Suisse representatives declined to comment. Officials at the New York Attorney General's office did not immediately respond to a request for comment.

Dark pools are anonymous trading venues and do not display pretrade information. The anonymity is meant to help institutional investors trade large blocks of shares without the market moving against them.

The SEC has been looking into whether Credit Suisse’s Crossfinder platform, the largest alternative trading system in the United States, provided an improper advantage to high-frequency traders, among other allegations.

The New York attorney general brought a lawsuit against Barclays Plc in June 2014, accusing the British bank of misleading clients in its dark pool.

Barclays is fighting the case in court.

In August, brokerage firm Investment Technology Group Inc agreed to pay $20.3 million to settle SEC charges that it ran a secret trading desk that profited from confidential customer information in its dark pool.

In January, UBS Group AG UBSN.S agreed to pay $14.4 million to settle SEC charges related to its dark pool.





Recommended

SITA reinforces its airline operations leadership with strategic Flightscape acquisition

The acquisition marks an important step in SITA’s evolution from a provider of aviation connectivity solutions to a driver of smarter operational decision-making. By combining Flightscape’...

The best (and cheapest) ways to buy Avios points

What’s the point of buying Avios? You might think that Avios points are the frequent flyer currency of British Airways, and you’re not wrong. The airline launched the currency back in t...

FL Technics Indonesia secures EASA approval for Bali hangar, expanding European fleet maintenance capabilities

FL Technics Indonesia has successfully obtained EASA Part-145 certification for its Bali maintenance facility, authorising the company to perform maintenance on aircraft registered within the European...

HALO-Flight expands Texas Air Med fleet with additional Bell 407GXi helicopter order

HALO-Flight is set to further expand its South Texas air medical capabilities following the order of an additional Bell 407GXi announced by Bell Textron at AMTC 2026. The new aircraft will bring the o...

Android Apps development in Riga, Latvia