Bank of America said it sent incorrect data to a U.S. regulator that made its private stock trading platform look bigger than it actually is.
Bloomberg News reports that the Financial Industry Regulatory Authority, one of the organizations that polices U.S. stock trading, yesterday for the first time published data on the size of alternative trading systems. Bank of America’s Instinct X was the biggest dark pool in the report for the week of May 12-18, just ahead of markets run by Credit Suisse and Barclays.
Bank of America made an error calculating the volume it sent to the regulator, according to Zia Ahmed, a spokesman for the bank.
In April, the bank suspended plans for a dividend increase and $4bn of share repurchases because of a mistake in its stress-test submission to the Federal Reserve.
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