Wrist Slapped: Credit Suisse To Pay Pittance to SEC Over Dark Pool Shenanigans

Dark pools never affect me.  In the futures market, transparency is high and spotting icebergs and other ‘dark’ orders is just a matter of having the right software.  However, big banks like Credit Suisse and Barclays did enough harm with these devices to be considered unlawful.

No jail time will be served, instead a fine will be levved and the banks can go back to back-alley banking in no time.

WASHINGTON Jan 31 (Reuters) – Barclays and Credit Suisse are poised to settle federal and state charges that they misled investors in their dark pools, with Barclays admitting it broke the law and agreeing to pay $70 million, according to a person familiar with the matter.

The settlements between the banks and the Securities and Exchange Commission and New York Attorney General, which are expected to be formally announced on Monday, will mark the two largest fines ever paid in connection with cases involving dark pools.

All together, the banks are expected to pay a combined total of $154.3 million, said the source, who spoke anonymously because the deal has not yet been finalized and made public.