Credit Suisse will pay more than $80m to settle state and federal authorities’ allegations that it didn’t fully disclose to its clients how it operated its dark pool, according to a person familiar with the matter.
Bloomberg News reports that the bank will pay more than $50m in fines and disgorgement in what would be a record dark-pool settlement with the Securities and Exchange Commission, as well as around $30m to the New York Attorney General, said the person, who asked not to be named because the discussions are private.
Dark pools, where supply and demand is kept private and only details of executed trades are made public, account for nearly one-fifth of trading in the $23tril U.S. stock market. Credit Suisse’s Crossfinder platform is the largest alternative trading system in the U.S.
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