(Reuters) – Credit Suisse Group AG (>> Credit Suisse Group AG) is in talks to settle allegations related to its Crossfinder “dark pool” trading venue, which could result in a fine running in the high tens of millions of dollars, the Wall Street Journal reported, citing people familiar with the matter.
Dark pools are broker-run trading venues that let investors trade shares anonymously and only make trading data available afterwards, reducing the chance of information leaking about trade orders.
The case against Credit Suisse include allegations that it facilitated unfair advantages for some traders, didn’t follow rules against pricing of stocks and was not able to properly disclose how Crossfinder works to investors, the WSJ said.
The bank is in negotiations with the New York Attorney General and the Securities and Exchange Commission and a deal could come as early as the next several weeks, the paper said.
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