Dark Pools: Credit Suisse Settlement Expected to Exceed $80 Million

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InfoTech

http://www.zacks.com/stock/news/190073/credit-suisse-in-hot-water-to-settle-dark-pool-probe

According to a person familiar with the matter, Credit Suisse will compensate roughly $30 million in fines to the New York Attorney General and about $55 million to the Securities and Exchange Commission (“SEC”) for the alleged faulty practices on its platform in July 2014.

Notably, negotiations for the settlement are still ongoing and final announcement for the same is expected to be made by the end of September.
 
Leo Chu said:
Heard about that. But do u know the reason why they are fined?
More...

The fines appear to be related to inadequate disclosures about how the pool operates:

http://www.bloomberg.com/news/artic...-nearing-80-million-settlement-over-dark-pool

"Authorities’ approach in the recent settlements suggests that they are not focusing on the mechanics of dark-pool trading, or on which parties may stand to lose from activities there, according to the Healthy Markets Association, which wants to give investors a greater voice in the debate over reforming U.S. financial markets.

“The dark pool cases to date demonstrate that regulators (and the SEC in particular) are focused on treating dark pool abuses as predicated largely on inadequate disclosures, filing violations, and books and records violations, rather than on unfair practices,” said a Healthy Markets report set to be released tomorrow examining past and current investigations."
 
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