Credit Suisse to Pay $6.5 Mln for Direct Market-Access Violations
Regulators on Monday fined Credit Suisse Securities $6.5 million and censured it for failing to control and have procedures for monitoring over $300 million of trading orders it allowed broker-dealers and other institutional clients to enter directly to it on U.S. securities exchanges over four years.
The U.S. unit of the Swiss bank executed over 300 billion shares for its direct market-access (DMA) clients from mid-2010 through mid-2014 without designing surveillance procedures to detect whether the orders were erroneous and potentially manipulative, the Financial Industry Regulatory Authority said in a letter of acceptance, waiver and consent signed by Credit Suisse.
