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:
33-10013
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 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."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Disgorgement
Individual:
$20,675,510.52
Shared:
Civil Penalty
Individual:
$20,000,000.00
Shared:
Pre-Judgment Interest
Individual:
$3,639,643.39
Shared:
