WASHINGTON – A unit of the big Swiss bank UBS has agreed to pay about $14.4 million to settle U.S. civil charges of failing to give investors full information about its so-called “dark pool” trading system.
Unlike public stock exchanges, dark pools are private, off-market trading platforms. The Securities and Exchange Commission announced the settlement Thursday with UBS, Switzerland’s largest bank and a major Wall Street institution.
UBS neither admitted nor denied the allegations. UBS also was censured, bringing the possibility of a stiffer sanction if the alleged violation is repeated.
The company agreed to pay about $2.4 million in restitution and interest plus a $12 million penalty — the SEC’s largest against an alternative trading system. Alternative trading systems make stock trades for brokerage firms and other traders, competing with public stock exchanges.
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