EU Banks Other Than Barclays May See Dark Pool Lawsuits, CS Says
2014-06-26 09:14:02.123 GMT
By Chris Malpass
June 26 (Bloomberg) -- European banks other than Barclays
that operate dark pools may also face litiation as New York
Attorney General has been requesting information from several
sources, Credit Suisse says in note today.
* CS notes City of Providence, RI, filed class-action lawsuit
naming Barclays, Deutsche Bank, UBS
* Says June 4 CS note estimated Barclays cost of
litigation for HFT/dark pools at $163m
* Same note estimated costs of $157m for Deutsche Bank,
$187m for UBS
* Says Barclays recently ranked 2nd-largest participant in
Alternative Trading System data, UBS 3rd, Deutsche 6th
* Says June 4 note estimated litigation costs to sector at
$104b, sees upward risk to estimate
* NOTE: Barclays down as much as 6.7% today, most since
December, after NY AG says bank falsified marketing
materials to hide how extent of HFT in its dark pool
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To contact the reporter on this story:
Chris Malpass in Berlin at +49-30-70010-6234 or
cmalpass@bloomberg.net
To contact the editor responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net
2014-06-26 09:14:02.123 GMT
By Chris Malpass
June 26 (Bloomberg) -- European banks other than Barclays
that operate dark pools may also face litiation as New York
Attorney General has been requesting information from several
sources, Credit Suisse says in note today.
* CS notes City of Providence, RI, filed class-action lawsuit
naming Barclays, Deutsche Bank, UBS
* Says June 4 CS note estimated Barclays cost of
litigation for HFT/dark pools at $163m
* Same note estimated costs of $157m for Deutsche Bank,
$187m for UBS
* Says Barclays recently ranked 2nd-largest participant in
Alternative Trading System data, UBS 3rd, Deutsche 6th
* Says June 4 note estimated litigation costs to sector at
$104b, sees upward risk to estimate
* NOTE: Barclays down as much as 6.7% today, most since
December, after NY AG says bank falsified marketing
materials to hide how extent of HFT in its dark pool
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Chris Malpass in Berlin at +49-30-70010-6234 or
cmalpass@bloomberg.net
To contact the editor responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net