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MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  Credit Suisse Group AG    CSGN   CH0012138530

CREDIT SUISSE GROUP AG

(CSGN)
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Credit Suisse : in talks to settle 'dark pool' allegations: WSJ

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08/11/2015 | 02:56pm EST
The company's logo is seen at the headquarters of Swiss bank Credit Suisse at the Paradeplatz square in Zurich

(Reuters) - Credit Suisse Group AG (>> Credit Suisse Group AG) is in talks to settle allegations related to its Crossfinder "dark pool" trading venue, which could result in a fine running in the high tens of millions of dollars, the Wall Street Journal reported, citing people familiar with the matter.

(Reuters) - Credit Suisse Group AG (>> Credit Suisse Group AG) is in talks to settle allegations related to its Crossfinder "dark pool" trading venue, which could result in a fine running in the high tens of millions of dollars, the Wall Street Journal reported, citing people familiar with the matter.

Dark pools are broker-run trading venues that let investors trade shares anonymously and only make trading data available afterwards, reducing the chance of information leaking about trade orders.

The case against Credit Suisse include allegations that it facilitated unfair advantages for some traders, didn't follow rules against pricing of stocks and was not able to properly disclose how Crossfinder works to investors, the WSJ said.

The bank is in negotiations with the New York Attorney General and the Securities and Exchange Commission and a deal could come as early as the next several weeks, the paper said.

Representatives at Credit Suisse, the SEC and the New York Attorney General's office were not immediately available for comment.

The settlement under negotiations would be the biggest fine ever levied against an operator of a private trading venue, the WSJ reported, adding that talks could still fall apart.

Last year, the New York attorney general brought a lawsuit against Barclays Plc (>> Barclays PLC) accusing the bank of misleading clients in its dark pool.

In April, Barclays failed to persuade a U.S. judge to dismiss a lawsuit accusing it of defrauding shareholders about the trading platform.

Dark pools were designed to let people quietly trade shares before investors in the broader market could learn about and bet against their trades.

(Reporting by Shivam Srivastava in Bengaluru; Editing by David Holmes)

Stocks treated in this article : Credit Suisse Group AG, Barclays PLC
Stocks mentioned in the article
ChangeLast1st jan.
BARCLAYS PLC 1.34% 169.4 Delayed Quote.11.06%
CREDIT SUISSE GROUP AG 1.33% 12.99 Delayed Quote.18.70%
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Financials (CHF)
Sales 2019 21 280 M
EBIT 2019 4 683 M
Net income 2019 3 251 M
Debt 2019 89 523 M
Yield 2019 2,17%
P/E ratio 2019 10,2x
P/E ratio 2020 8,45x
EV / Sales2019 5,72x
EV / Sales2020 5,48x
Capitalization 32 134 M
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Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 14,63  CHF
Last Close Price 12,99  CHF
Spread / Highest target 54,0%
Spread / Average Target 12,6%
Spread / Lowest Target -21,8%
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Tidjane Thiam Chief Executive Officer
Urs Rohner Chairman
James Walker Chief Operating Officer
David Richard Mathers Chief Financial Officer
John Ivan Tiner Independent Non-Executive Director
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