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.
The Metropolitan Washington Airports Authority, United Airlines and the U.S. Department of Transportation announced a landmark transformation for Washington Dulles International Airport with a capital...
Airbus Helicopters officially delivered the first NH90 Standard 2 to the French Armament General Directorate. This new variant of the NH90 TTH was designed specifically for special operations. Fr...
flydubai will host its UAE National Careers Open Day on 16 August at the flydubai Campus, inviting UAE nationals to explore rewarding careers with one of the region’s fastest-growing airlines an...
Air India, SkyDrive and Suzuki Motor Corporation signed a memorandum of understanding to conduct a joint feasibility study on the use of eVTOL aircraft for medical air logistics in India. In...