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LONDON (Alliance News) - The New York Attorney General office announced that Barclays Capital Inc. and Credit Suisse Securities (USA) LLC will pay a combined USD154.3 million to the State of New York and the SEC to settle investigations into false statements and omissions made in connection with the marketing of their respective dark pools and other high-speed electronic equities trading services.
Dark pools are private exchanges for trading securities that are not viewable by the general public and are completed outside of public stock exchanges.
Separately, The US Securities and Exchange Commission confirmed that Barclays Capital and Credit Suisse have agreed to settle separate cases finding that they violated federal securities laws while operating alternative trading systems known as dark pools and Credit Suisse's Light Pool.
The Attorney General office said that Barclays admitted to core facts set forth in the Attorney General's Complaint from June 2014 alleging misrepresentations about how it operated its dark pool, "Barclays LX," including that it misled investors and violated securities laws. Barclays will pay a penalty of USD70 million, split equally between the State of New York and the SEC, and will install an independent monitor to ensure proper operation of its electronic trading division.
Credit Suisse will pay a penalty of USD60 million split equally between the State of New York and the SEC, and will pay a further USD24.3 million in disgorgement and prejudgment interest to the SEC relating to other violations. The Attorney General and the SEC have both censured Barclays and Credit Suisse for their misconduct.
Copyright RTT News/dpa-AFX
