Dark Pool

News & Analysis as of

The FCA Peers Into Dark Pools

On July 21, 2016, the Financial Conduct Authority (FCA) of the United Kingdom (UK) published a thematic review: UK equity market dark pools - Role, promotion and oversight in wholesale markets. Background - The...more

Bridging the Week - July 2016 #3

CME Group Proposes New Clearing Member Category to Help Customers Avoid Pro Rata Distribution Risk in Case of FCM Insolvency: CME Group filed proposed rule changes with the Commodity Futures Trading Commission that would...more

Highlights from the SEC Speaks — 2016 Enforcement Priorities

Senior members of the Securities and Exchange Commission’s (“SEC” or “Commission”) Division of Enforcement (“Division”) addressed the defense bar on February 19, 2016, during the Practising Law Institute’s annual “SEC Speaks”...more

SEC Speaks – What to Expect in 2016

The leaders of the Securities and Exchange Commission (“SEC” or “Commission”) addressed the public on February 19-20 at the annual SEC Speaks conference in Washington, D.C. The presentations covered an array of topics, but...more

Bridging the Week - February 2016 #2

Two Broker-Dealers to Pay US $154 Million to the State of NY and the SEC to Resolve Allegations of Wrongdoing by Their Dark Pools: Barclays Capital Inc. and Credit Suisse Securities settled allegations by the Securities and...more

This Week In Securities Litigation

The Commission filed another group of settled actions under its initiative regarding municipal bond underwriters. This time a group of fourteen actions were filed. Each centered largely on claims that the underwriter failed...more

Your daily dose of financial news The Brief – 2.3.16

In what would be the largest acquisition of a foreign corporation ever, state-owned ChemChina is nearing a deal to purchase Switzerland’s Syngenta (besting US-based Monsanto’s overtures to do the same). The deal could help...more

SEC, NYAG Sanction Three Dark Pools

The SEC and the New York Attorney General announced settlements with Barclays Capital Inc. and Credit Suisse Securities (USA) LLC centered on the operation of dark pool trading venues. In the Matter of Barclays Capital Inc.,...more

Your daily dose of financial news The Brief – 2.2.16

News has emerged from China that online finance company Ezubao, a purported peer-to-peer lender, was running a Ponzi scheme that “bilked investors out of more than $7.6 billion, spent lavishly on gifts and salaries and buried...more

Your daily dose of financial news The Brief – 2.1.16

Despite an annual growth figure (2.4%) that matched 2014, 2015’s anemic Q4 economic figures (a mere .7% growth) is adding yet more fuel to the fire of those concerned about the ability of the US economy to withstand global...more

Your daily dose of financial news The Brief – 1.27.16

Chinese economic data has already been wreaking havoc on markets in 2016. So I shudder to think about the impact of the recently announced investigation by China’s anticorruption commission into the head of the country’s...more

SEC Proposes Significant Regulatory Changes for Alternative Trading Systems

On November 18, 2015, the Securities and Exchange Commission (“SEC” or “Commission”) proposed significant changes to the regulatory requirements applicable to dark pools and other alternative trading systems (“ATSs”) that...more

SEC Proposes Enhanced Transparency and Oversight of Certain Alternative Trading Systems

The proposal would subject ATSs that effect transactions in listed stocks to significant new disclosure and transparency requirements. On November 18, 2015, the US Securities and Exchange Commission (SEC) proposed rules...more

Financial Services Weekly News - November 2015 #4

Regulatory Developments - SEC Proposes Amendments to Regulation ATS to Shine a Light on Dark Pools: On Nov. 18 the SEC announced that it had issued Release No. 34-76474 proposing amendments to Regulation ATS,...more

SEC Proposes Rules Requiring Public Disclosure of Operations and Activities of Alternative Trading Systems, Broker-Dealer...

On November 18, 2015, the Securities and Exchange Commission (“SEC”) issued Release No. 34-76474 (the “Proposing Release”) in which the SEC proposed rules designed to enhance operational transparency and regulatory oversight...more

Your daily dose of financial news The Brief – 11.20.15

The US Treasury Department and IRS are joining forces to address corporate tax inversions with the introduction of new measures aimed at “curtailing companies’ ability to avoid United States tax rates if they move to...more

SEC Proposes Rules To Enhance Transparency And Oversight Of Alternative Trading Systems

The SEC announced this week its proposal to substantially overhaul the rules regarding alternative trading systems (“ATS”), often referred to as dark pools. The proposed rules would require firms operating ATSs to make...more

Our Modern Markets: SEC Enforcement Focuses On Market Structure In Response To Rapidly-Changing Equity Markets

On Monday, November 2, 2015, Andrew Ceresney, Director of the SEC’s Division of Enforcement, gave a speech at the SIFMA Compliance & Legal Society New York Regional Seminar in which he sought to address what he views as the...more

SEC Director of the Division of Enforcement Discusses Market Structure Enforcement

On November 2, 2015, the Director of the SEC Division of Enforcement Andrew Ceresney spoke at the “SIFMA Compliance & Legal Society New York Regional Seminar” and outlined the SEC’s enforcement priorities with respect to...more

Barclays Bids to Halt High-Frequency Trading Class Action in Its Tracks

A high-profile class action against Barclays over so-called high-frequency trading is heading into a key phase this month, with the court set to decide plaintiffs’ motion for class certification—a pivotal moment in the case’s...more

The Financial Report - Volume 14, No. 18 - September 2015 (Global)

Casino games are designed with a house advantage. Mathematically, the house advantage is a measure of how much the house expects to win, expressed as a percentage of the player’s wager. The house advantage is the difference...more

Corporate Investigations & White Collar Defense - September 2015

No Dog Days of August for the SEC—A Recap of a Busy Month - Why it matters: Who says there is a government slowdown in August? Not for the SEC. August 2015 turned out to be very busy indeed for the agency, which...more

Big Loss For Plaintiffs In High Frequency Trading Cases

Last week, SDNY Judge Jesse Furman issued a 51 page decision in In Re: Barclays Liquidity Cross and High Frequency Trading Litigation dismissing all of the cases consolidated under the MDL. In these cases, investor...more

Bridging the Week - August 2015 #5

Charles Schwab Fined US $2 Million by FINRA for Net Capital Deficiencies: Charles Schwab & Co. agreed to pay US $2 million to the Financial Industry Regulatory Authority to resolve allegations that it had net capital...more

With Dismissal of Another Set of Major High-Frequency Trading Suits, Litigation Risk From Providing Fast Data and Other Services...

Judge Furman of the SDNY Dismisses Claims Against Major Exchanges and Barclays, Holding That Facilitating HFT Does Not Constitute Actionable Market Manipulation - Judge Jesse Furman of the United States District Court...more

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