Additional actions are likely against private trading venues run by some of Wall Street’s biggest banks, the nation’s top securities regulator and New York state’s attorney general said today as they announced record settlements with two global banks over their so-called dark pools.
Bloomberg News reports that solidifying their oversight of these trading platforms, the U.S. Securities and Exchange Commission and New York Attorney General’s office announced that Barclays and Credit Suisse would pay more than $154m in all to settle allegations that they misled investors about how their venues were managed.
New York Attorney General Eric Schneiderman and the SEC’s enforcement director, Andrew Ceresney, said their agencies continue to focus on such venues, where about 20% of shares in the U.S. change hands.
'We do have ongoing investigations' into dark pools, Schneiderman said at a Manhattan news conference announcing the settlements, without providing further details. Ceresney declined to comment on any active investigations. 'This is an area where both of our institutions are focused', Ceresney said.
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