Credit Suisse Securities

Credit Suisse Securities (USA) LLC was fined $6.5M by FINRA and multiple exchanges for supervisory violations connected to SEC Rule 15c3-5 due to orders not being subjected to post-trade supervisory reviews for potential manipulative activity.

Over the course of 4 years (2010-2014), CS’s clients, including BDs and other institutional entities, some of whom were foreign unregistered entities, executed over 300 billion shares which generated over 50,000 alerts at FINRA and the Exchanges for potential manipulative trading, including spoofing, layering, wash sales and pre-arranged trading.

Other Market Access Rule’s provisions related to the prevention of erroneous orders, the setting of credit limits and the firm’s annual review of the effectiveness of its market access controls and supervisory procedures.