Daily Clips: February 1st, 2016

Barclays, Credit Suisse break the law…again: 

Barclays and Credit Suisse have settled federal and state charges that they misled investors in their dark pools, with Barclays admitting it broke the law and agreeing to pay $70 million, federal and New York state officials said on Sunday.

The settlements between the banks and the U.S. Securities and Exchange Commission and the New York state attorney general mark the two largest fines ever paid in connection with cases involving dark pools. MY NOTE: Dark pools are a private forum for trading securities. Liquidity on these markets is called dark pool liquidity.

The amount to be paid, in fines and disgorgement, is a combined total of $154.3 million.

Here’s another example of the big banks doing whatever the hell they want, with almost no penalty. I’m sure that “big” 70 million fine will make them think twice before engaging in illegal activity.

Good news for Donald:

Economists see 20% chance of US recession: 

A Financial Times survey of 51 economists, conducted in the days after the Fed’s January meeting, underscores the impact of the past month’s severe market turbulence and a string of lacklustre economic reports out of the US and China.

Nick Cassella

Comments are closed.