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
Document Reference:
33-10014
Document Details
Legal Case Name
In the Matter of Credit Suisse Securities (USA) LLC
Document Name
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
Document Date
31-Jan-2016
Document Format
Administrative Proceeding
Allegation Type
Broker Dealer
Document Summary
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, a registered broker-dealer, is the owner and operator of Light Pool, an alternative trading system (ATS) and electronic communications network (ECN). Light Pool, part of CSSUs Advanced Execution Services (AES) business, accepts, matches, and executes orders to buy and sell equity securities that it receives from CSSU customers who access Light Pool either directly (direct subscribers), or by sending orders to CSSU algorithms that are then routed through the AES Smart Order Router ('AES SOR') to Light Pool ('indirect subscribers'). As of June 30, 2014, Light Pool was approximately the 21st largest equities ATS (out of 42) as measured by dollar volume of executions. Since January 2011, CSSU violated certain provisions of the federal securities laws and regulations with regard to its operation of and disclosures regarding Light Pool."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Civil Penalty
Individual:
$10,000,000.00
Shared: