Credit Suisse and Barclays have been fined a total of $154m by US regulators for "dark pool" trading.
The fines are split between the Securities Exchange Commission (SEC) and the State of New York. Barclays will pay a $70m fine for violating securities law and misleading investors. Credit Suisse will pay $60m, plus an additional $24.3m in disgorgement to the SEC for executing 117 illegal sub-penny orders out of its dark pool called Crossfinder.
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The fine follows an attempt from Barclays last year to have the case dismissed.
Dark pools allow investors to trade without revealing their identities on a private market. Banks used dark pools as a way to trade large amounts of shares without moving the markets, as transactions are only revealed upon completion.
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