FINRA has fined and censured Credit Suisse Securities (USA), a division of the former Credit Suisse, for reporting 9,000 late trades to the self-regulatory organization’s Trade Reporting and Compliance Engine (TRACE) and for hundreds of thousands of inaccurate TRACE reports – all of which led to other complications. The Swiss banking giant Credit Suisse, beleaguered… Read More >>
Credit Suisse Securities Settles Conflicts of Interest Case
FINRA, the financial industry’s non-profit self-regulatory authority, has fined Credit Suisse Securities $9 million for “failing to comply with securities laws and rules designed to protect investors, including the Securities and Exchange Commission’s Customer Protection Rule and FINRA rules requiring firms to disclose potential conflicts of interest when issuing research reports.” In a formulation that’s… Read More >>
Credit Suisse Settles RES Charges with SEC & NYAG
The SEC reports that Credit Suisse Securities (USA) LLC will pay $10 million to settle charges, brought collaboratively by the SEC and the Office of the New York Attorney General (NYAG), alleging “material misrepresentations and omissions made in connection with its now-closed Retail Execution Services (RES) business’ handling of certain customer orders.” “Credit Suisse’s RES… Read More >>
ING & Credit Suisse Test Blockchain for Securities Lending
ING, Credit Suisse Securities (Europe) Ltd., and lending solutions provider HQLAX report that they have recently executed a live securities lending transaction valued at €25 million ($31 million) that was settled using a blockchain platform, Corda, developed by vendor R3. Called “a groundbreaking transaction,” Credit Suisse and ING officials swapped baskets of securities via the… Read More >>
Credit Suisse Securities Fined $16.5M for AML Failures
The Financial Industry Regulatory Authority (FINRA) reports that it has fined Credit Suisse Securities (USA) LLC $16.5 million for “anti-money laundering (AML), supervision and other violations.” FINRA finds, specifically, that, from January 2011 through September 2013, Credit Suisse “failed to effectively review trading for AML reporting purposes.” FINRA also finds that, from January 2011 through… Read More >>
Barclays, Credit Suisse Pay for Dark Pool Violations
Barclays Capital Inc. and Credit Suisse Securities (USA) LLC will pay a combined total of $154.3 million to the State of New York and the SEC to settle investigations into “false statements and omissions made in connection with the marketing of their respective dark pools and other high-speed electronic equities trading services,” according the office… Read More >>
U.S. Regulators Crack Down on Reporting Failures with Stiff Penalties
The CFTC and SEC are continuing their crackdown on firms large and small that fail to sufficiently file regulatory reports that have accurate and usable data that can be applied to monitoring and analyzing securities transactions as evidenced by recent actions against Deutsche Bank and Credit Suisse Securities. The CFTC has ordered Deutsche Bank to… Read More >>
