The settlements between them and the US Securities and Exchange Commission and the New York state attorney general are the two largest fines ever paid in connection with cases involving dark pools. At the centre of the case are allegations that both banks misled investors in the dark pools, saying they would be protected from predatory high-frequency trading tactics.

Independent monitor

Barclays, which admits it violated securities laws, will pay a fine $70m divided equally between the SEC and New York state. It has also agreed to install an independent monitor to ensure that its dark pool, Barclays LX, operates properly in the future.

Neither admit nor deny

Credit Suisse will pay a fine of $60m split between the regulators, as well as $24.3m in disgorgement to the SEC for executing 117 million illegal sub-penny orders out of its dark pool, Crossfinder. As part of the settlement, Credit Suisse will neither admit nor deny the allegations. Sources: The Wall Street Journal; Reuters