Defendant Name: Credit Suisse Securities (USA) LLC

Defendant Type: Subsidiary of Public Company
Public Company Parent: Credit Suisse Group AG
SIC Code: 6211
CUSIP: 22540110

Initial Case Details

Legal Case Name In the Matter of Credit Suisse Securities (USA) LLC
First Document Date 31-Jan-2016
Initial Filing Format Administrative Action
File Number 3-17078
Allegation Type Broker Dealer

Violations Alleged

Securities Act
• Sec 17(a)(2)
Other
• Rules 301(b)(2), 301(b)(5)(ii)(B), 301(b)(5)(ii)(D), 301(b)(10) Regulation ATS Exchange Act; Rule 612 Regulation NMS Exchange Act

Resolutions

First Resolution Date 31-Jan-2016
Headline Total Penalty and Disgorgement $44,315,154

Related Documents:

2016-16_CS_3-17078 31-Jan-2016 Press Release--Administrative Proceeding
Barclays, Credit Suisse Charged With Dark Pool Violations; Firms Collectively Paying More Than $150 Million to Settle Cases
On January 31, 2016, the SEC announced that "Barclays Capital Inc. and Credit Suisse Securities (USA) LLC 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."
33-10013 31-Jan-2016 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933, and Sections 15(b) and 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On January 31, 2016, the SEC instituted settled administrative and cease-and-desist proceedings against Credit Suisse Securities (USA) LLC ("CSSU"). According to the SEC: "CSSU is the owner and operator of Crossfinder, an alternative trading system ('ATS') commonly referred to as a 'dark pool.' Crossfinder is not a registered national securities exchange, but is a private execution venue that accepts, matches, and executes orders to buy and sell equity securities that it receives from CSSU clients who access Crossfinder either directly or by sending orders to CSSU algorithms that are then routed to Crossfinder (collectively, 'subscribers'). Crossfinder has for several years been one of the largest, if not the largest, ATSs in the United States. As of March 31, 2015, Crossfinder was the second largest dark pool as measured by dollar volume of executions with over $316 billion for the first quarter of 2015. Crossfinder is part of CSSU's Advanced Execution Services ('AES') business. Beginning in at least April 2008, CSSU's operation of and disclosures regarding Crossfinder violated certain provisions of the federal securities laws and regulations."